When it comes to renovating the home, apart from adding an extra bedroom, kitchen improvements add the most value to a property.
According to housing agents sellhousefast updating the kitchen can add the most value to a home, increasing the worth of the property by 5% to a home and a bathroom can add 2.6%.
Taking the average price of a UK home, which according to the ONS House Price Index is £226,234 in March 2019, this could add £12,442.87 and £5,884 to a house, respectively.
For consumers adding an extension or conversion, after a new bedroom which adds 11.2% on to the value of the home, a kitchen extension can add 10.8% and a bathroom conversion or extension adds 5.7%.
Storage adds the most value to a kitchen refurbishment, and the room has also been best place for smart technology in the home.
And Hiscox, reports he number of homeowners opting to improve rather than move has increased by 12% over the past five years (representing over 4 million UK households).
Managing director of Sellhousefast Robby Du Toit commented on the findings: “Homeowners making the decision to stay put and add, improve and renovate their homes instead of moving, is becoming the new trend for those looking to adapt their property to meet their ever-changing needs and evolving lifestyles.
“It is logical that many view home renovations as a more economical solution and given the uncertainty of the market, due to factors such as Brexit, it certainly seems more beneficial to add value to existing dwellings.”