Several months of double-digit house price growth has benefited homeowners looking to sell. However, if you want to boost the asking price of your home even further, it’s important to understand which projects will add the most value once you’ve factored in the cost of the job itself.

Most valuable projects

Loft conversions can add valuable space to a property and, according to research*, can also boost a home’s value by as much as 20%. Based on an average property price of £255,000, this is an increase of almost £51,000 and once the work costs of around £33,000 are factored in, could leave you more than £17,000 in profit.

For a simpler project, a downstairs toilet can add 5% – or £12,731 – in value. With a cost of £3,000, that’s a profit of £9,731. Similarly, a new kitchen could add £14,000 in value and could leave you £6,000 in profit once costs of £8,000 have been factored in.

Other projects that add value once work costs are accounted for include an extensive lick of paint (£4,993), a new boiler or central heating (£2,463), a new roof (£2,393), a conservatory (£2,206), a new bathroom (£1,195) and double glazing (£1,389).

What to avoid

Homeowners should be wary of projects such as fitting solar panels, as these can add around £1,273 in value, but the average fitting cost is £2,727.

Figures for all improvements vary widely according to the size, type and location of property, so it’s advisable to get estimates and valuations.

*GetAgent, 2021

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.

Get in touch

Are you thinking about borrowing money on your mortgage to make home improvements? Or are you ready to move and require a new mortgage? Please talk to our IFA for mortgage advice. We see clients across Sussex and Kent, including Eastbourne, Uckfield, Lewes, Brighton, Tunbridge Wells, Ashford, Hastings, Hailsham, Bexhill, Newhaven, Seaford, Crowborough and further afield. Please contact us to arrange a free initial mortgage review.

Clifford Osborne are Independent Financial Advisors (IFA) based in Eastbourne, East Sussex, offering mortgage adviceearly retirement advicepension advice and more. We’d be delighted to help you.

Please read our VoucherFor reviews here.

It is important to take professional advice before making any decision relating to your personal finances. Information within this blog is based on our current understanding of taxation and can be subject to change in future.

It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK; please ask for details. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.

The information contained within the blog is for information purposes only and does not constitute financial advice.

The purpose of the blog is to provide technical and general guidance and should not be interpreted as a personal recommendation or advice.