Adding £40,000 to the Value of Your Home
According to a recent survey and study undertaken by Post Office Money, property renovations such as a new kitchen, landscaping and walk in closets can add an average of £40,000 to the value of UK home.
A complete study of property sales over the last year identified that those who have renovated were selling their properties for as much as 10% higher than comparable, un-modified homes.
Those who follow programs such as Channel 4's 'Kirstie & Phil's Love It or List It' will be aware of the improvements that moving the odd wall and extending out the back can make. Many of those who invest into their property fall in love with it all over again; this is true throughout the UK where many prefer to improve rather than move.
Some 2,000 property owners were interviewed, with interesting details coming to light. Just 5% of those surveyed made improvements with a specific view to moving, 28% wished to increase the value of their property, with the majority 59% wanting to improve the apperance of their home.
Chrysanthy Pispinis of Post Office Money said: “Over the past few years, house price growth has slowed, so homeowners have turned to other options to add value to their homes – with renovations being a clear opportunity."
Improvements can be as simple as a new kitchen, new bathroom, and the addition of an en-suite. At Hire An RV we meet many who are looking to take a tired property and renovate for form and function. Others, as in this example from December 2019, renovation includes extending the property to add more rooms and value.
In our surveying more than 80% of our customers stated that finding suitable accommodation while they made major works was at the top of their 'needs' list. We're very pleased to be able to provide a better alternative to finding digs, living in the garage, with the in-laws or spending a fortune at the local B&B.
There has been a steady increase in the UK of those who choose to improve. In just five years numbers have increased from just 3% to 15%. If you are one of the 4 million that will look to renovate in 2020 then get in touch with HARV. We can cross that big 'need' off your list.