There's been a marked increase in the number of homeowners who are carrying out work on their home, as opposed to moving to a new house
In fact, a study, conducted by Hiscox, has found it's increased by as much as 12 per cent over the past five years, as homeowners bide their time, and instead look into what they can do to increase the value of their current property.
If you find yourself in a similar position, and are looking for what you can do to improve your home, you could be interested to know there are some improvements that could be worth considering - particularly if you're looking to improve the return, whether it's through renting or selling.
So, what should you be looking to do to maximise your property's value?
Well, Sellhousefast.uk has looked into exactly what house improvements will add the most value. To carry out the study, Sell House Fast looked at the average price of a UK house, which stood at £226,234 (March 2019), according to the latest ONS House Price Index.
Taking this data, along with the average monetary value per type of renovation or extension, and the percentages from Hiscox's 'Renovation and Extensions report', they were able to work out the value increase each renovation led to.
Something as simple as a lick of paint all over the house was found to add up to 3.1 per cent to a home's value - this works out at more than £7,000 being added to the average UK property price.
Updating your kitchen could lead to an additional £12,442.87 (5.5 per cent), while getting a new roof means an increase of up to £7,013.25 (3.1 per cent). The bathroom is another improvement that can give you an extra 2.6 per cent, while improving the garden can also add up to £3,167.28 (1.4 per cent).
If you're looking to go a step further, there are further projects you can try that could be great for adding value to your home - for instance, a new bedroom could increase your property’s value by up to £25,338.21 (11.2 per cent), while a loft conversion and / or kitchen extension provides another £23,754.57 (10.8 per cent). On top of this, a basement conversion adds as much as £15,157.68 (6.7 per cent), a conservatory £13,574.04 (6 per cent), and a new bathroom (£12,895.34 - 5.7 per cent).
Commenting on the results was Robby Du Toit, managing director of Sellhousefast, who said: "Homeowners making the decision to stay put and add, improve and renovate their homes instead of moving, is becoming the new trend for those looking to adapt their property to meet their ever-changing needs and evolving lifestyles. It is logical that many view home renovations as a more economical solution and given the uncertainty of the market due to factors such as Brexit, it certainly seems more beneficial to add value to existing dwellings."