Study reveals which home improvements offer the best return on investment
PUBLISHED: 10:30 23 July 2019 | UPDATED: 17:34 23 July 2019
A shortage of supply combined with an uncertain political climate means that many homeowners are choosing to improve rather than move – but how much value are they really adding?
It's a bit of a mixed bag according to a new study, which places loft conversions at the top of the 'value-added' pile.
According to self-storage firm Safestore, creating a useable room in the loft can add more than 10.8 per cent to the value of a property - but it will usually cost a hefty £30-50,000 to create.
It's the same story for new kitchens, which typically boost a home's value by 8.2 per cent - but come at a cost of £10-25,000.
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The best return on investment comes from adding a new boiler or heating system, with an average expenditure of just £1,300 boosting a home's value by 1.9 per cent.
Safestore reached its conclusions by comparing the estimated value increase a renovation can provide with the typical amount a homeowner would first be required to invest.
With an average cost of £4,500, a new bathroom adds 4.5 per cent, while the £5,000 spent on a new roof can add 3.1 per cent.
Eco-friendly additions such as solar panels are at the bottom of the pile where return on investment is concerned, with £4-6,000 bringing an increase in value of just 0.5 per cent.
Transforming a storage or garage area offers similarly low returns of only 0.7 per cent for an average expenditure of £4,995-7,500.