Many home improvements can cost more than the value they add according to new research by buying agent Henry Pryor and GoCompare Home insurance.
Improvements such as new flooring and replacing kitchens and bathrooms (the most popular home improvements) are unlikely to yield a profit for many homeowners. At £7,000 the average cost of a new kitchen, is twice as expensive as the estimated value it adds to a property.
In comparison, energy improvements, such as a new boiler or central heating system, can increase the price of a property by close to 4%, the equivalent to just over £9,000. A new boiler costs around £2,000, providing the householder with a net profit of close to £7,000.
While a fresh coat of paint may add little to the value of a property, such improvements undoubtedly encourage prospective buyers through the door.
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