As National Home Improvement Month begins, NAEA Propertymark has revealed that UK homeowners spent a total of £41 billion doing up their homes over the last five years. This adds up to a whopping average of £1,875 each.
House prices and stamp duty are making it increasingly difficult to move up the ladder, so many are choosing to improve rather than move.
Researchers found that nearly three in four (73 per cent) homeowners have made improvements to their properties over the past five years. The most popular changes are redecorating (73 per cent), landscaping the garden (54 per cent), adding new flooring (39 per cent) and refreshing the bathroom (31 per cent).
The cost of home improvements
One in ten homeowners who have made improvements, did so because the cost of moving was too high. However, home improvements don’t come cheap; adding a new kitchen sets doer uppers back by £5,016 on average, installing a conservatory in search of a warm garden refuge typically costs homeowners £4,310 and extending into the loft or basement comes with a £3,244 price tag attached.
Home improvement motivation
The majority (61 per cent) of those who have made home improvements did so to improve the look of their home. For a quarter (25 per cent) they thought doing up their property would be a good investment and add value. A further one in four (24 per cent) bought a doer-upper on purpose, with the intention of making improvements, whereas one in eight (13 per cent) needed to create more space.
With the cost of living on the rise, not all homeowners can undertake the improvements they want to immediately. Two fifths (39 per cent) of UK homeowners want to redecorate in the future, and a quarter (28 per cent) wish they could add a new kitchen. Some have more ambitious aspirations; six per cent want to build home-gym, a further six per cent want a home cinema and four per cent hope to install a swimming pool one day.3
Mark Hayward, Chief Executive, NAEA Propertymark, says:
“There are many reasons why homeowners are improving their property – whether it’s because they have realised the value and sale potential it can add, or they cannot afford to move and are looking to make the most of what they’ve already got.
“Your house will almost certainly be more attractive to buyers with some general sprucing up and cleaning, and improvements that create a sense of space, privacy and give a great first impression will increase saleability. If you’re making improvements to add value to your home, it’s important to not over-personalise the décor so it appeals to future buyers, and will allow them to adapt the property to fit their own needs.
“If you’re looking to sell your home soon and need advice on how to maximise saleability, then a Propertymark Protected agent will be able to guide you through the process, and help you ensure your property ticks all the right boxes for potential buyers.”
Not all home improvements will add to the resale value of a property, so we asked NAEA Propertymark to name the home improvement tips which are likely to increase the value of a home. Here’s what they suggest homeowners prioritise on:
- Redecorating and easy upgrades
Redecorating is the most popular home improvement and giving your home a lick or paint and doing some general maintenance can be done at a very low cost. Fresh paint in modern colours can go a long way to giving your home a new lease of life, so do not be afraid to pick up the paintbrush.
- Makeover the kitchen
Kitchens are often the focus for many buyers so it may be the first thing they look to replace if they can’t imagine living in yours. Painting units or replacing cupboard handles or doors are a cheaper way of refreshing kitchens, and buyers may be willing to pay more to save themselves the hassle of buying a new kitchen.
- Adding or updating a bathroom
In the bathroom, re-grouting, eliminating all lime scale and replacing taps are a good option. Bathrooms need to be fresh and clean, so paint the walls a neutral shade, and ideally replace a shower curtain with a new one or a simple glass screen.
- Garden appeal
An attractive, tidy, well-designed garden can add a great deal of value to a property. It is essential to trim borders, clear pathways and cut back any overgrown trees or bushes. The garden should feel like an extra space for entertaining or relaxing, rather than an expanse of grass.
- Double glaze the windows
Noisy roads can impact the value of a property. Double glazing will keep the home warm and keep the noise out, even if it’s near a main road.
- Opening up space
Opening up living space is becoming more and more popular, particularly for the kitchen and dining room. Combining the two into one large room creates a sociable space, great for the whole family to enjoy. Remember the practicalities with this though, as many consumers still like the ‘front room philosophy’ that can be used for special occasions or to be used for privacy by the adults.
- Replace doors
First impressions count. The front door of your home can say a lot about the rest of the house to viewers seeing it for the first time. If you cannot afford to replace the door, make sure it looks new by giving it a power wash or a fresh lick of paint.
- Converting the loft
A loft conversion is a more expensive improvement yet probably gives back the best value for money. Most lofts can be easily converted and expanding the house upwards offers homeowners an extra bedroom for growing families or a space for extra storage. Remember to seek planning permission before undertaking this work though!
- Be energy efficient
Fitting your home with energy efficient appliances can add value to your home by promising to knock the costs of bills. With a huge variety of new products on the market for this, it’s increasingly becoming a key feature for new homes.
- Create a driveway
In some areas of the country, the ability to park close to your front door comes at a huge premium and therefore, if you have the room to add off-street parking, you are sure to increase value.