Which Home Improvements Add the Most Value to Your Property Re February 17, 2020

Which Home Improvements Add the Most Value to Your Property

Home Renovation

There are many options to pursue if you’re looking to increase the value of your property, but not all options are cost-effective. If you want to maximise the value of a property prior to selling then you may find some of the improvements on this list quite surprising, especially the number one best investment to increase your property value.

In this post we’re looking at the best investments you can make to give you the best return on spend for your property. Whilst adding a conservatory or a kitchen extension may make your house more desirable in the eyes of buyers, you may not see a return on investment, not just financially but in terms of disruption and the hassle of dealing with builders that never turn up when they say they will.

It’s not always the most glamorous improvements that actually add the most value to your property. What if we were to tell you that the single most effective home improvement comes in updating your boiler? Strange but true. An average combi boiler costs between £1499 – £2499 (at least with WarmZilla it does), but it adds an impressive £8000 on average to a property’s value.

You wouldn’t think it would be at the top of a buyer’s wishlist, but having a new boiler that will last 10-15 years is actually very desirable for new buyers who don’t want to be spending out after an already expensive move. Money will be tight and if there is any going spare it will go on making the home their own.

Structural issues

Before looking to add value to your home by adding new technology or putting in extensions and conservatories, make sure the property is structurally sound. If there is any subsidence or structural irregularities, get them fixed. They will be picked up in a survey and you will have wasted your time and the buyer’s time.

If your property has structural issues then there is little point in getting on with internal cosmetic changes that will be undermined. Getting ceilings replastered only to have them crack because your property has subsidence just means you’ll be paying for jobs twice.

This also applies to jobs like making sure your roof is intact and the tiling is sound. If you have a leak then there is no point decorating the upper bedrooms because damp will soon come through.

What improvements are best avoided?

Again, looking at what will give you the best return on your spend, there are certain jobs that are best avoided as they will leave you out of pocket.

Updating your kitchens and/or bathrooms will leave you out of pocket. The average cost to install a new kitchen is around £7,000 but it only adds £4,000 to property value. Not only will it leave you £3,000 down but you may not have the same taste as a potential buyer. Whilst you may think a high gloss red kitchen might be ‘the business’ you may horrify potential buyers.

We would advise that unless your kitchen is in a dilapidated state that will totally put people off buying then there are probably better things you could be spending your money on.

Adding an extension may also seem like a good idea but on average, an extension will leave you £18k out of pocket and the job is usually long and disruptive. You may also need to get planning permission and deal with your local council.

The absolute worst investment you can make is on a wine cellar, making a staggering £46k loss and adding a disappointing £0 onto a property’s value.

Another one to avoid is a swimming pool, which adds a slight value of £2k to your property but costs a juicy £35k to install. There are also the maintenance costs to consider, not everyone would appreciate the hassle and running costs of keeping a swimming pool going.

Best investments to make on your property

According to a study done by GoCompare the best investments to increase the value of your property are a new boiler, central heating, and off-street parking, in that order.

Based on an outlay of £2,000 for a new boiler, you can expect to see an additional £8,000 added to your property price – a £6,000 profit. Central heating upgrades cost an average of £4,250 and add £8,000.

Another good investment to make is off-street parking, costing on average £2,000 and adding £6,000 value. Providing you have the space available to create off-street parking this is definitely one worth considering as the initial outlay is much lower than many potential investments and the disruption takes place outside of your home, no messy builders for you.

You’re better off improving facilities in your home if you’re planning on selling rather than improving cosmetic appeal which is very subjective and may put more people off than you may appeal to. Always ensure you choose a trusted estate agent with years of experience that will be able to advise you on the best investments to make on a new property.

New boiler installation

This brings us on to the number one investment – the much-unappreciated boiler. Not only does a new boiler bring a financial benefit in terms of investment but it gives a financial benefit in energy bill savings. 

A new boiler adds security and peace of mind for you and any potential buyer. Most people purchase a new boiler when their old one breaks down and it’s becoming more expensive to fix, most people don’t choose to buy a new boiler. If you’ve replaced the boiler in your property then any potential buyer likely won’t have to worry about it for the next decade at least.

Modern boilers come with a fairly lengthy guarantee of between 2-12 years, giving new buyers added peace of mind that even if something does go wrong it will be covered by the warranty or guarantee.

WarmZilla offers a very reasonably priced Ideal boiler starting at £1,499 with a decent 5-year guarantee. We also offer Worcester Bosch boilers with your choice of a 5 or 10-year guarantee. You can get an instant fixed price online quote in a couple of minutes with our online survey.

Potential buyers take into account the age of a boiler in a property and won’t want the added risk of an ageing boiler and the additional spend of a fairly expensive item after an already expensive move.

Increased energy efficiency

In addition to the security of having a boiler under guarantee and the knowledge you won’t need to replace for a good while, there is also the added bonus of increased energy efficiency.

Swapping an old back boiler to a modern condensing boiler can see you increase your energy efficiency by 30-50%. This can lead to savings of up to £315 a year if you’re replacing an older boiler.

Often, when replacing an older boiler, other heating upgrades are also included. With every boiler sold by WarmZilla, we include a smart thermostat. A clever gadget that allows you to control your heating from your smartphone/tablet/alexa. This can lead to further savings as you have more control over your heating.

Some smart thermostats, such as the Nest Learning Thermostat, even learn your behaviour – when you’re home, what rooms you use at what time, and they can adjust the heating automatically based on their learning to help save you money and to make sure your heating is on when you need it.

WarmZilla also offers thermostatic radiator valves as an optional extra when purchasing your boiler. They sound fancy but their function is quite simple. They replace the traditional radiator valves on radiators for valves with a temperature dial, so you gain more control over your heating. If one room is always hot, you can turn the temperature down on your radiators to save on heating.

If one room is usually empty, like a dining room, then you can turn the heating off in that room until it’s being used.

Other ways to add value

So we know that replacing a boiler is the best investment, but what other things can be done to add value? There are plenty of other things that can be done, many of them by DIY enthusiasts or just motivated individuals.

It’s worth looking at certain cosmetic improvements such as increasing the curb appeal of your property by ensuring it’s freshly painted and that the garden is well-tended. First impressions count!

If you live in an older property then there is a decent chance that it could benefit from rewiring. Rewiring offers the same kind of benefit as replacing your central heating system, it’s a pain and nobody wants the hassle of dealing with it. It can be disruptive and messy with floorboards coming up and year’s worth of dust circulating. For this reason, it’s best to get any rewiring done before you start any cosmetic changes.

Converting your loft space is always a good way to add value, whether it’s creating an additional bedroom if the space allows it or just increasing the storage space in your home.

It’s worth taking care of all those ‘little jobs’ that you’ve been meaning to take a look at if you’re thinking about selling. Things like replacing mouldy sealant in your bathrooms, doors that don’t close, peeling paint, dripping taps, loose/broken tiles, cracks in the plaster, and squeaky floorboards. These jobs don’t take too long to fix and can give any potential buyers a much better impression.

Conclusion

Start with the structure of a property, if it’s structurally sound then you can think about what improvements you can make to add value. If it isn’t then sort out any structural issues first.

Buying a new boiler may not have been your first thought when looking to add value to a home but it is top of the list when it comes to return on investment. Get a fixed price quote from WarmZilla in minutes. We also offer boiler finance, so you can spread the costs to affordable monthly payments, in many cases less than you would be paying for boiler cover.

Avoid tennis courts and swimming pools unless you have money to burn, and stick to the more practical items if you want to add value to your property. Stick to a neutral colour palette and avoid decorating a property with what you like but try and keep it generic so that people will see a way of adding their own personal touches.

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