Simple Home Improvements
Add The Most Value To A Home
31st July 2009
New research from Halifax indicates that simple, straightforward home improvements offer the highest return on investment, in terms of monetary value added to a home and minimum cost. Fuel efficiency and energy saving measures are the top performing home improvement as the 'green factor' takes hold, perceived to add two and a half times its initial outlay cost (£1,722) to the value of a home (£4,327.)
Home security measures come in at second place, followed by redecorating in third place, both perceived to add twice as much to the value of the house as their initial outlay cost. Garden improvements, the home improvement that that home owners have spent the least amount of money on during the last 12 months (£857) is ranked in fourth place, whereas a loft conversion comes in fifth. The average spend on home improvements carried out over the last 12 months is £5,344. The average value perceived to be added to a property as a result of these home improvements is £6,466, with an average return on investment of 120%.
The home improvements that respondents perceived not to recoup the actual outlay cost were laminate flooring, new carpets, improvements to the central heating system, new windows and double glazing and new fitted bedrooms. In addition, although an extension or an extra room is perceived to add the most monetary value to a home at £25,590, it is also the home improvement people are willing to pay the most money for (£19,922.)
After an extension or extra room, a loft conversion (£24,981), kitchen (£7,666), fuel efficiency and energy saving improvements (£4,327) and home security (£3,091) are the home improvements perceived to actually add the most monetary value to a home.
Stephen Noakes, commercial director at Lloyds Banking Group comments: "This research has shown that it is often the low cost, straightforward home improvements that are perceived to add the most monetary value to a home. These can be simply carried out at minimum expense and without the need for specialised tools or materials.
"Energy efficiency measures may not only entice the 'green' buyer, but will also help to reduce heating bills and improve a home's energy efficiency, a report on which is part of the Home Information Pack."
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