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When thinking of doing any home improvement, it’s important to consider how much value it’ll add to the property. Typically, an extension or loft conversion will add value because it is adding another room onto the home, but to what extent depends on the property. However, others should be avoided by Britons as they may not provide a return on investment, or they may only add a fraction.
SGS Engineering recently surveyed 2,000 UK adults on how much they would pay compared to the asking price for homes with different features and compared this to the cost of installation, to unveil the home improvements which provide the best and worst return on investment.
Most people (28 percent) said they would only pay between £1,000 and £5,000 above the asking price for a home with a new, modern kitchen, despite the average installation costing £15,000.
Others said they wouldn’t fork out for “lavish” features such as swimming pools and cinema rooms which were amongst the least “worth it” home improvements.
According to the survey, 58 percent of Britons wouldn’t pay above the asking price for a home with a cinema or swimming pool.
The experts said: “A swimming pool offers the least value for money when it comes to home improvements. On average, they cost about £160,000 to install excluding groundworks, but the average person would only pay £4,000 above the asking price for a home with a pool.
“Cinema rooms cost around £15,000 to install, but most people would only pay £2,600 above the asking price for this feature.”
Converting a loft or basement can definitely provide valuable extra space, but if you’re thinking of moving home soon after, they can be costly which may not necessarily be seen in the house price.
Setting you back around £32,000, average house hunters would only pay £3,900 extra for a home with a converted basement, or £4,900 for a converted loft.
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The DIY pros added: “You’d be hard pressed to find a buyer that will cover your costs, as just one in 20 homeowners (five percent) would pay £20,000 or move above the asking price for a house with a converted loft.
“Surprisingly, a newly fitted modern kitchen may not be worth the investment if you’re looking to sell up.
“A bespoke, average sized kitchen can cost around £15,000 on average, but SGS’ survey found that on average, house hunters would only add £4,600 onto their offer for a home with this feature.”
All of these features differ depending on location but on average, Britons should steer away from these home improvements.
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The study also shared a home improvement which offers a great return on investment, and tends to be what buyers are typically looking for.
This included underfloor heating which on average, prospective buyers would pay £3,000 above the asking price for a home with underfloor heating in their bathrooms and kitchens.
Dave Gordon, general manager at SGS Engineering, said: “Electric underfloor heating is the most cost-effective option if you’re looking to prepare your property for sale.
“Electric underfloor heating can be much cheaper to install compared to traditional wet underfloor heating, as it’s less complicated and time consuming to set up.
“It can cost as little as £800 for 10m². Our research has found that electric underfloor heating is currently trending in popularity, as 14,800 people are searching Google for it every month.
“Not only this but searches for underfloor heating are up 421 percent compared to last year.”
However, with the rising cost of living, electric flooring can be extremely expensive to run, depending on the type you get and your tariff.
Instead, another home improvement which would add thousands to a property’s value is a landscaped garden, adding both to the kerb appeal of a home and the price.
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