If you're looking to carry out improvements on your property, then it's nice to think that you're also adding value. Even if you're not thinking about moving straight away, you'll know that you're improving the opportunities when you do want to sell.
Whatever type of work you do on your home, you should always be looking to make a profit. This means that the amount it costs to complete the job should cost less than the value it adds to your property. Research carried out by Zopa, a peer to peer lending service, found that on average home improvements can increase a property's value by 10%. Some work will add more than others, so it's worth considering what your options are first.
Building a conservatory
Fitting a conservatory onto the side or back of your property has the potential to provide you with the biggest return on investment. This could be as much as 108%, with an average cost of just £5,300 to build it. The addition of a conservatory will offer you the benefit of more inside space and you generally don't require planning permission. However, this will be needed if the building takes up over half the amount of land that the original house was on.
Work on your garden
Tidying up or improving your garden can be one of the easiest and cheapest ways of adding value to your home. If you have a neat and tidy front garden it will make a great impression on potential buyers and it also brightens up the outside of your property. Homeowners who took part in the research made an average profit of £4,000 and spent around £4,550.
The exterior of your property
A damaged or unmaintained property will look unappealing in any light. The best way of keeping your home looking good is to carry out regular maintenance and not leave problems until they become major issues. It doesn't take long or a huge amount of money to fix cracked walls, paint woodwork, repair the roof or carry out a general clean up. However, it will add a significant value to your home and there is the potential to make a return on your investment of 75%.
Build an extension
Having an extension constructed is never going to be a quick or an easy solution and it certainly isn't cheap. However, this doesn't mean that it's not a profitable project to consider. Even though it costs on average £20,000 to have an extension built, you can make over 70% profit if it's done correctly. The cost of the actual extension will vary depending on the size and the number of storeys you have. It is now slightly easier to have an extension built, as there has been a relaxation of the planning rules. This enables you to have larger extensions without the need to gain approval.