Investing in home improvement can add value to your property
Recent research carried-out by the team here at Loan.co.uk has found that home improvement is one of the top reasons why we take out a second mortgage.
Investing in our homes is a trend we expect to continue in the coming months, as we as UK consumers benefit from low inflation, considerably reduced oil prices and an increase in confidence in job stability.
All these factors lead to increased confidence to spend money on the things that matter to us, such as creating an improved living environment.
Through our customer engagement programme we have found that what we all want is a transparent experience that allows us to make informed choices on our spending decisions.
With this in mind, we have launched a home improvement tool on our website, which allows you to quickly reference the average amount you could add to the value of your house through renovation.
For example, did you know that, on average, adding a conservatory would increase the value of your home by seven per cent, while a new kitchen adds an average of 4.6 per cent to the value?
Noting the estimated increase to the value of your property compared to the average spend is also useful when considering putting your house on the market, allowing you to see how much your property would be worth by adding an extension or new bedroom, for example.
Of course, if you are looking to sell your house, it is important to seek professional advice by discussing the changes with your estate agent, a chartered surveyor or your solicitor.
For those of you looking to make improvements to your home especially if you intend to remain in it for the foreseeable future, spending £5,000 on a conservatory may appear like a large outlay, but when you consider the lifestyle and wellbeing benefits, as well as the average seven per cent increase in value, it’s certainly an investment worth taking into consideration.