Phil Spencer lists the worst things to do when buying a property
When thinking of improving the home, it is always worth considering how much value it may add to the property. Adding another room will likely add lots of value, but to what extent depends on the property. Other improvements should be avoided as they may not provide Britons with the return they were hoping for.
SGS Engineering recently surveyed 2,000 UK adults on how much they would pay compared to the asking price for homes with different features and compared this to the cost of installing that feature.
This then unveiled the home improvements which provide the best and worst return on investment. According to the survey, 28 percent said they would pay between £1,000 and £5,000 above the asking price for a property with a brand new kitchen.
However, the average installation cost of a smart new kitchen is around £15,000. Others said they wouldn’t pay for more features such as swimming pools and cinema rooms.
These home improvements were considered to be the least worth it because they wouldn’t add much to the value of a home.
The experts said: “A swimming pool offers the least value for money when it comes to home improvements.
“On average, they cost about £160,000 to install excluding groundworks, but the average person would only pay £4,000 above the asking price for a home with a pool.
“Cinema rooms cost around £15,000 to install, but most people would only pay £2,600 above the asking price for this feature.”
Popular home improvements such as converting a loft into a bedroom or converting a basement into another room can add some great space to a property.
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However, if you’re thinking of moving soon after, they can be costly which may not reflect in the house price.
Converting a loft or basement could set homeowners back a whopping £32,000 but buyers won’t fork out that much to pay for the added space.
In fact, house hunters would only pay an extra £3,900 for a home with a converted basement and £4,900 for a converted loft.
The experts added: “You’d be hard pressed to find a buyer that will cover your costs, as just one in 20 homeowners (five percent) would pay £20,000 or move above the asking price for a house with a converted loft.
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“Surprisingly, a newly fitted modern kitchen may not be worth the investment if you’re looking to sell up.
“A bespoke, average sized kitchen can cost around £15,000 on average, but SGS’ survey found that on average, house hunters would only add £4,600 onto their offer for a home with this feature.”
The study also shared a home improvement which offers a great return on investment and tends to be what buyers are typically looking for.
This included underfloor heating which is seen as a luxury in any home, with buyers paying £3,000 above the asking price for a home with it.
Dave Gordon, general manager at SGS Engineering, said: “Electric underfloor heating is the most cost-effective option if you’re looking to prepare your property for sale.
“Electric underfloor heating can be much cheaper to install compared to traditional wet underfloor heating, as it’s less complicated and time consuming to set up.
“It can cost as little as £800 for 10m². Our research has found that electric underfloor heating is currently trending in popularity, as 14,800 people are searching Google for it every month.”
There are two different types of underfloor heating which can vary in price, and many people like to place it in kitchens and bathrooms.
Another home improvement which can add significant value to a property price is a landscaped garden, adding to the kerb appeal too.
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