June 25, 2018
- Many home improvements can cost more than the value they add according to new research by buying agent Henry Pryor and GoCompare Home insurance.
- Improvements such as new flooring and replacing kitchens and bathrooms (the most popular home improvements) are unlikely to yield a profit for many homeowners. At £7,000 the average cost of a new kitchen is twice as expensive as the estimated value it adds to a property.
- In comparison, energy improvements, such as a new boiler or central heating system, can increase the price of a property by close to 4%, the equivalent to just over £9,000. A new boiler costs around £2,000, providing the householder with a net profit of close to £7,000.
- While a fresh coat of paint may add little to the value of a property, such improvements undoubtedly encourage prospective buyers through the door.