A new survey released by GoCompare has found that 14% of homeowners are currently considering some kind of home renovation project. The survey also found that 5% of homeowners were planning to extend their current home rather than move to a new one. Extensions also feature heavily on people’s wish lists for home improvements with only a new kitchen coming higher as the most desired renovation project.
|Home renovation wish list|
|1||A new kitchen||36%|
|2||Build an extension||34%|
|3||Install a new bathroom||33%|
|4||A garden make-over||24%|
|6||Install a new boiler or central heating system||17%|
|7||Knock through rooms to create an open plan space||16%|
|8||Fit double glazing||10%|
|9||Add an extra bedroom||10%|
|10||Install solar panels||7%|
However, the home renovation projects that people most want don’t always make the most financial sense. A survey conducted by HSBC in 2012 found that a new kitchen was only the 7th best way to increase the value of a property with extensions, conservatories and loft conversions all adding dramatically more value. While the exact value different projects would add to a home varied across the country the most profitable home renovation projects in London were:
|Renovation Project||Value Added|
This is perhaps not surprising in that the top value adding projects were also the ones that would add the most additional space to a house. They are also the renovation projects which are likely to cost the most.
As anyone who has ever had a kitchen fitted will know a home value increase of £9,000 could easily be wiped out by the cost of doing the work. So it is always important when planning a home renovation project to balance the potential increase in value against the costs of having the work done in the first place.
If you are a landlord renting out property then renovation projects like a new kitchen or bathroom may allow you to ask for a higher monthly rent which will pay back the extra expense over time. In these situations any increase in the overall property value will just be a bonus on top.
Of course home renovation projects are not always just about adding value. It may be that a growing family needs more space but doesn’t want to have to move children out of the catchment area of the local school. Or it can simply be that an old and tired bathroom or kitchen doesn’t fit with the rest of your property or is becoming a pain to maintain. Having renovation work done on your home can sometimes just be about making it nicer and making yourself happier.
Bling Work carry our home renovation projects for private home owners, landlords and housing associations. We are based in Greenwich but work all over London. To find out more about the work we do visit our projects page or give us a call on 0800 460 605