A recent research was conducted by Go Compare, a home insurance firm, which revealed that out of all the home improvements in the United Kingdom, the most profitable are installations of central heating, new boiler, home security and energy saving. In agreement are companies like Crofts which provide installation and boiler repair services to homeowners.
The same study also shows that for homeowners who are considering upgrading their kitchen, floor or bathroom, the cost might be higher compared to the added value they will get for their property. In addition, the survey tackles the decision of some to redecorate, renovate their bathroom or put in new flooring which can add to the property’s value but the costs is still higher compared to the profit they will get in return.
GoCompare’s survey also tackles that fact that around 26 per cent of homeowners might be making the wrong decisions when it comes to home renovations. This is due to the fact that they chose a particular project thinking it will improve their property’s value but it ends up to be the wrong one thus they get a loss instead of profit.
The firm has released a handy Property Investment Calculator, which will reveal that kind of home improvements that will increase the property’s value and the ones that could lead to a loss to the homeowner’s side. Using the calculator, the homeowners will be able to determine the estimated costs of the project renovation they are planning versus the profit they will get based on the property’s added value.
The value of a property increased by 4 per cent when double-glazing, central heating and a new boiler are installed altogether. For a new kitchen, the value increases by 2 per cent while a new bathroom along with garden renovation can add 1 per cent. Beware of solar panels as its installation could lead to a loss of 2 per cent.
The survey revealed that one of the most popular projects is installation of new boilers at 28 per cent. This is evident by the number of clients Crofts handle every year. The list is topped by interior decoration with 53 per cent.