According to the Federation of Master Builders (FMB) and the Home Owners Alliance (HOA), you can enhance the value of your property by almost £50,000 simply by removing an internal wall to create an open plan kitchen and dining area.
Chief executive of the FMB, Brian Berry, said the work would cost less than £3,500, take seven days to carry out, and would add £48,417 to an averagely priced home in London.
“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 said.
But what if this isn’t an option? What other projects could you invest in to significantly add value in a short amount of time? Here are some options:
- Build a garden room or outside playroom. Typical costs for this project will be in the region of £6,500, but will add an average (in Surrey) of over £35,000. A massive £28.5k profit.
- Update your kitchen. With careful planning this could cost in the region of £4,000, but could add almost £27,000 to the value of your property.
- Turn a cupboard into a downstairs toilet. With an initial outlay of just over £2,500 it could add up to £24,000 to the value of your property
- Add an en-suite bathroom. Converting part of a bedroom into a a bathroom can cost as little as £4,700, but add in excess of £14,500 to the value of your home.
- Add a driveway. If you have the space, buyers will pay more for a property with added parking space. For an investment of £2,200 you could add £13,300 to the value of your property.
- Install decking. For just under £4,000 you could add decking and lighting generating additional value of up to £9,000.
Potential returns will vary by property and location. Contact us if you’d like specific advise, before you invest the money.