It is possible to add almost £50,000 to the value of a home in the UK in just seven days, according to new research into what property projects are most useful for home owners.
Removing an internal wall to create an open plan kitchen and diner can add £48,417 in seven days to an averagely priced home in London while building a garden room or outside playroom for the kids can add £35,611 in 14 days to an averagely priced home in Surrey.
The research from the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA) also says that investing in kitchen improvements such as new flooring, a new worktop and new cabinet doors can add £26,838 in eight days to an averagely priced home in Dorset.
Converting a cupboard under the stairs into a downstairs toilet can add £26,708 in seven days to an averagely priced home in Surrey and converting part of a master bedroom into an en suite bathroom can add £14,525 in 11 days to an averagely priced home in London.
Meanwhile, building a new driveway can add £13,354 in nine days to an averagely priced home in Surrey and installing decking and lighting in the back garden can add £8,946 in seven days to an averagely priced home in Dorset.
According to Brian Berry, chief executive of the FMB, spending less than £3,500 on the creation of an open plan kitchen and diner is worth the effort.
‘By investing in low cost, high return projects, not only will you make your home a more pleasant place to live, you’ll also be increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum,’ he pointed out.
He added that the FMB has a free Find a Builder service and home owners can be assured that all new members of the FMB are vetted and independently inspected before they are allowed to join.
The research is encouraging news for home owners, according to Paula Higgins, chief executive of the HOA. ‘Improving your home to make it more enjoyable to live in can also give you a big financial boost when it is time to sell,’ she said.
‘There is a caveat though as if your primary aim is to increase the value of your home, you should consult the experts in order to ensure you will see a return,’ she added.
