New research, conducted by leading range cooker retailers Leisure, reveals the locations in which renovating your home can add the most value and highlights the interior renovations homeowners are carrying out the most. You can view the full findings here.
It is often said that we make a house a home by what we do to it. Regardless of what you’re working with, spending some time and effort (and a little cash) on styling your home makes the world of difference. This is no secret to homeowners, who are said to have spent an estimated £295 billion collectively renovating their homes in the past five years. But just how much value do our efforts add to our homes when it comes to selling up?
With space always at a premium, it’s not surprising that an extension can add value to your home, but what is surprising is how much value it can add depending on where you live. In the City of London, homes are valued at an average of £285,566 per m², meaning an extension could add serious equity. Compare this with Stockton-on-Tees where homes sell for around £1,681 per m² and it’s clear that not all extensions are created equal.
Across the North East, homes sell for an average of £1,922 per m², making this the region with the cheapest housing prices in the UK. Good news for first-time buyers but perhaps not so great news for people looking to increase the value of their home by adding an extension. In the North East, it’s wiser to focus on making home improvements to the kitchen and bathroom as well as carrying out internal structural work to create open-plan living spaces. Peter Davey, Director of James Anderson Estate Agents explains further:
“To help maximise the value of your property open plan living, kitchen renovations and luxury bathrooms are the best improvements to make in order to increase the value of your home. These areas have the most value per square metre and are most in-demand for homeowners.
Creating an open plan kitchen/family room is what many homeowners are after when renovating their property as they are the heart of the home.”