Are you thinking of building an extension or buying a new kitchen to help boost the value of your home? Well, you better think again. Research published this week suggests the vast majority of home improvements are now unlikely to add more value to your home than the cost of the upgrade in the first place. The study by Abbey, which questioned 100 estate agents, indicates that the only financially worthwhile home improvement is a lick of paint.
Here is the cost of 10 common home improvements and the value that they will add.
Type of home improvement | Average value added | Average cost of improvement | Net value added | |
Extension | £13,568 | £33,800 | -£23,232 | |
New kitchen | £4,894 | £18,700 | -£13,806 | |
Conservatory | £6,236 | £20,000 | -£13,764 | |
Solar panels | £1,028 | £12,500 | -£11,472 | |
Loft conversion | £13,038 | £22,600 | -£9,562 | |
Garage | £7,971 | £14,000 | -£6,029 | |
New bathroom | £2,892 | £7,700 | -£4,808 | |
New windows | £3,092 | £6,700 | -£3,608 | |
Landscape garden | £2,060 | £2,500 | -£440 | |
Painting and decorating | £3,557 | £1,330 | +£2,227 |
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