Property for sale: Home improvements to gain you money - and what could LOSE you cash
HOME improvements can be difficult decisions to make. Whether or not they’ll help sell your property is often a guessing game, but a recent survey has revealed the most profitable home improvements you can make, and could lose you money.
Selling your home can be a painful and long process, with the true value of your house often being disputed.
A simple method for increasing your property’s asking price is making some home improvements to your house.
However, these renovations can sometimes be a fruitless waste of time, actually
losing you money in the process.
A recent report by GoCompare.com has identified the easy and affordable ways you can increase your potential asking price, also revealing that the added value to your property isn’t worth the initial spend.
Teaming up with property expert Henry Pryor who regularly graces UK radio shows such as BBC Breakfast and Radio 4’s Today programme, the report reveals what home improvements are actually worth your time and money.
Property for sale: How to increase your house price with home improvements
According to the findings, one of the most lucrative and rewarding home improvements you can make when selling your home is replacing your boiler.
Installing a new boiler costs around £2,000, but can actually add around £8,000 in value to your home, making you profit in the process.
Another way to make up your selling price is by installing central heating into your home.
Central heating recently topped the list in another GoCompare report identifying what potential buyers look for when viewing properties.
Setting you back around £4,250, sellers can expect to have £8,000 added to their property’s value, making a profit of £3,750.
Getty Images
Getty Images
Also topping the list for features that will sell your home fast was double glazing, home security systems and energy saving improvements, all set you make you a profit and add value to your home’s selling price.
With buyers now rating more electrical sockets over a bath tub, garage and large living room, adding more charging points to your home can add a whopping £4,000 in value to your home, costing as little as £800.
However, many aesthetic home improvements actually fell short in the list compiled by Henry Pryor.
Some of the most surprising and biggest loses from home improvements when selling are adding an extra bedroom (-£16,500), extension (-£18,000) and refitting your bathroom (-£2,250).
Commonly viewed as a simple way to add value when selling your house, it seems a lick of paint isn’t actually financially rewarding at all, losing you around £500 when selling.
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The home improvements that will gain and lose you money
Improvement Profit
New bathroom £-2,250
New kitchen £-3,000
New boiler £6,005
Central heating £3,750
Garden upgrade £500
Double glazing £-450
Extension £-18,000
Open plan living £2,250
Solar panels £-9,000
Attic conversion £-7,500
Extra bedroom £-16,500
Cellar conversion £1,562
Garage £-10,620
Paint & decorate £-500
Conservatory £500
New roof £378
New flooring £-2,200
Swimming pool £-33,000
Tennis court £-30,000
Energy saving £3,525
Security system £3,500
Home cinema £-25,500
Charging point £3,200
Parking £4,000
Wine cellar £-46,075
Wind turbine £8,000