A new property tool helping you add value
In a recent article in The Telegraph they announced a new property tool which helps show which home renovations will add the most value to a property, giving homeowners the chance to see whether forking out thousands of pounds for a new garage or loft conversion will pay off long-term.
Recent research from Halifax Insurance found that planning applications have risen by a quarter in the last five years, and by as much as 60pc in London.
To work out how much a lick of paint or a new bathroom could add to the value of your home, and the estimated profit once the cost of the work is deducted, you simply have to enter the property’s current value and select your budget.
The tool created by Towergate Insurance shows that someone with a home worth £500,000 and a budget of more than £15,000 could boost the value of their home by 20pc, or £100,000, by spending £15,450 on a new garage. That works out to a profit of £84,550 when they come to sell.
Improving the kitchen could add 6pc (£30,000) to the value of the home, while changing the outside decor could add around 10pc (£50,000).
Please note that the figures are estimates and professional advice from a property surveyor should be sought for those who want to know the exact added value of certain renovations.