Research from NAEA Propertymark has found that that UK homeowners have spent a total of £48 billion on home improvements over the last five years.
With ever-increasing house prices and high moving costs, many British property owners are choosing to spend their money on their existing property, rather than sell up and move on.
Estate agency professional body, NAEA Propertymark say that 98 percent of us have made home improvements over the last five years, spending an average of £8,000 each.
Most popular improvements
Top of the list of improvements comes decorating, carried out by 72 percent. 42 percent installed new flooring, 40 percent landscaped the garden and 34 percent refreshed the bathroom.
Other works included new doors, kitchen, windows, adding decking or a patio, creating a driveway or parking space and adding a conservatory.
Average home improvement costs
A new kitchen is one of the most expensive choices, with people spending an average of just over £5,000. A conservatory came in at £4,310, a basement or loft conversion was £3,244 and new windows £2,543.
Cheaper improvements include decorating, at an average cost of £889, garden landscaping at £794 and new flooring at a little over £1,000.
Best improvements to add value to your home
If you want to increase the value of your property or make it more saleable, think about what your buyer will be looking for.
Clean, modern decoration will help them visualise themselves in your house. A new or fresh kitchen is always a big draw, particularly as it is where people tend to spend plenty of time. A spotless bathroom, tidy garden and off-street parking give a good impression, and for instant kerb appeal you could consider a smart new front door.
NAEA Propertymark Chief Executive, Mark Hayward, said: “Homeowners are renovating and improving their properties for various reasons. Our needs are constantly changing and by investing money into our homes, we can really make the most of what we’ve got. Alternatively, improvements can add value and saleability to a home that’s going onto the market.
“If you’re making improvements to add value to your home, it’s important to not over-personalise the décor so it appeals to future buyers; they need to be able to see themselves living in your home. If you’re looking to sell, a Propertymark Protected agent will be able to guide you through the process and help ensure your property ticks all the right boxes for potential buyers.”
If you’re thinking of buying or selling a home, speak to one of our expert property lawyers on 0333 305 5189 or email us at info@lpropertylawyers.co.uk
