Those areas that increase the value the most are improvements which add to the overall space of a property. The average cost of a loft conversion is £11,500, but it can add 12.5% to the value of a house. A cellar conversion, with an average price tag of £20,000, increases it by 20%. A slightly cheaper option is to build a conservatory: for an average cost of £6,000 you could add 6.7% to the value of your home.
Completely refitting kitchens and bathrooms can be a costly job. However, by remodelling them you can still add value to a home and get the desired affect. Instead of a complete bathroom renovation which on average costs £3,000 why not give the room an uplift by re-grouting and perhaps fitting a designer sink. The average cost of fitting a brand new kitchen is £6,300, whilst for some this may be too expensive there are cheaper alternatives available. New cupboard handles, light fittings and plug sockets are just a few little touches that can really revamp your kitchen.
There are other simple and less costly improvements you can make that will still increase the value of a property. Just by redecorating with a fresh coat of paint and some accessories, you will add 2.6% to the value of a home for an average cost of £990. Any outdoor space is attractive to buyers and improving this by installing decking would cost you around £600, but increases the property's value by 2%. This is the same amount that new flooring will add to the price of your home.
The Evolution Money Infographics also focuses on improvements homeowners can make that will save them money on their energy bills. Solar panels would cost on average £6,500 to install, but could help to cover a property's energy bills. Double glazing is a popular option and for a cost of around £5,000, consumers could save £461 on their bills each year. By fitting water-conservation devices, £200 a year could be saved as it will reduce your water consumption by a third.
Evolution Money specialise in providing loans to homeowners. If you are looking to get a loan for some home improvements then Evolution Money could help, they don't just focus on your credit rating or the amount of equity you have in your home. Instead, they can provide a secured loan solution that fits with your personal circumstances and financial situation.
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- Darren Harbrecht-Parker
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- Evolution Money
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