How much can home improvements add to the value of your property? Which home improvements pay for themselves?

Whilst many home improvements can add a significant amount to the value of your property, some renovation or refurbishment work can actually cost you significantly more than the value that it adds. Therefore, it is always vitally important that you establish what value a project will add to your home before you start carrying out work.

The Daily Telegraph highlights a number of home improvements, which can add significant value to your home. For example, creating off-road parking can cost you as little as £650 but could earn you in excess of £10,000 if you choose to sell. Creating a landscaped, family-friendly garden can cost as little as £900 whilst adding up to £6,000 to the value of your property.

In addition, research from mortgage lender Abbey in 2009 found that cosmetic improvements such as painting and decorating can add instant value. The survey found that spending an average £1,330 on redecoration can add £3,557 to the value of your home.

Other home improvements that will either pay for themselves or add value to your home include replacing worn out or old fashioned bathroom suites, installing central heating and insulating your loft or cavity walls.

The key when undertaking home improvements is to stick closely to your budget. For example, website whatprice.co.uk found that a new kitchen adds, on average, 8 per cent to the value of a property. So, it is important that you don’t spend more than this amount on the refurbishment.

Some home improvements can actually cost more than the value that they add. According to the Royal Institute of Chartered Surveyors (RICS), installing a basement could cost you £50,000 but might only add £4,000 to the value of your home when you sell. The Abbey research found that spending an average of £22,600 on a loft conversion results in a value increase of just £13,038.

Speak to a local surveyor or estate agent to establish exactly how much value your improvements will add to your property.

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