Loft conversions, new kitchens or bathrooms, real wood flooring and smart home wiring have been revealed amongst the top 10 most value-adding property features to invest in right now, according to new research.
A recent study, conducted by Flooring Superstore, analysed live Rightmove listings and collaborated with top property experts to unveil which home improvements have the potential to add the most value to a property.
The Rightmove research suggested that real wood floors were most likely to have a positive impact on property prices in London, Liverpool, Birmingham, Bristol and Edinburgh. The investigation also highlighted that underfloor heating can increase the overall value of a home too, with this energy efficient form of heating most likely to boost property prices in London, Edinburgh, Sheffield, Glasgow, and Birmingham.
According to industry experts, homeowners should look to invest in improvements that add to the overall footprint of their property. Creating extensions or home improvements that modernise, improve the general condition of, or add interest to – such as creating a dedicated work from home space, installing underfloor heating, or restoring original features came out on top.
The top 10 value-adding home improvements were revealed as:
- Loft conversions / extensions
- New kitchen
- Open plan living
- Restoring original features
- New bathroom
- Designated space
- New windows and doors
- Approved planning permission
- Smart home wiring
- Real wood floors
Creating a loft conversion or extension was the most likely improvement that significantly adds value. New kitchen, open plan living, restoring original features, new bathroom, designated working from home space, new windows and doors, approved planning permission, smart home wiring, real wood floors and underfloor heating were other aspects that were likely to add value.
While having a bath within the main bathroom – not just a shower – or having a working fireplace had minimal impact on the property’s value, these installations could sway a sale if in line with the personal preferences of the prospective buyers.
Installing solar panels are a potential risk due to the respective tariffs, the fact that some see them as an eye sore, and the repair/maintenance costs. If the solar panels are leased rather than owned outright, it can make a property unmortgage-able. Similarly, outstanding planning permission could potentially damage the value of a property, as it implies that there’s a problem with it.
The average potential percentage increase per home improvement revealed the following:
|RANK||HOME IMPROVEMENT||POTENTIAL IMPACT ON PROPERTY VALUE||ESTIMATED PERCENTAGE INCREASE|
|1||Loft conversions / extension||Significantly adds value||+19.38%|
|2||New kitchen||Adds value||+9.38%|
|3||Open plan living||Adds value||+8.33%|
|4||Restoring original features||Adds value||+7.38%|
|5||New bathroom||Adds value||+6.88%|
|6||Designated WFH space||Adds value||+6.33%|
|7||New windows and doors||Adds value||+4.83%|
|8||Approved planning permission||Adds value||+3.75%|
|9||Smart home wiring||Adds value||+3.67%|
|10||Real wood floors||Adds value||+3.33%|
|11||Underfloor heating||Adds value||+3.00%|
|12||Bath in bathroom (not just shower)||Neither adds nor damages||+0.67%|
|13||Solar panels||Neither adds nor damages||+0.50%|
|14||Working fireplace||Neither adds nor damages||+0.00%|
|15||Outstanding planning permission||Potentially damage value||-1.25%|
As well as improvements within the property itself, expert advice suggests that landscaping outdoor space can also be a good investment to make. A well-maintained garden has the potential to add anywhere between five to 20 per cent to a property’s value – perhaps more as lockdown has created an increased demand for outdoor space. For those looking to revamp their external areas, artificial grass is easy to maintain, weather-proof, and pet-safe, so could be a good option.
Jessica Fox, Senior Marketing Executive, at Flooring Superstore commented:
“Our research suggests that there are plenty of opportunities for homeowners to add tangible value to their properties. Real wood flooring has the potential to add up to 5 per cent to a sale price in some areas. We recognise the value of real wood flooring, which is why we have the Direct Wood Flooring brand and team of experts to advise on grades, shades, grains, trends and much more. However, if real wood is out of your budget or not practical for your lifestyle, then you can still get the premium look for less with our vinyl or EvoCore alternatives. Waterproof and scratch resistant, EvoCore is an extremely versatile range; suitable for all areas of the home. Practical, hard-wearing and easy to maintain it’s great for busy family homes too.
“For most of the top value-adding features in a home that our research revealed, flooring is an important consideration. For example, whether you’re getting an extension, new kitchen or bathroom, you need to consider functionality and style when it comes to the flooring type. On trend designs such as the popular parquet, is not only eye-catching and super stylish but instantly associated with luxury – for that all important first impression. Available in hardwood, laminate, EvoCore and vinyl designs, there’s a range suitable for every project too.
“Whichever home improvements you are looking to invest in, it’s likely that your current flooring will be disrupted, so try to take advantage of this by updating your flooring at the same time”.