Find out what are the top ten ways you can improve the quality of life that are also the most profitable home improvements.
For homeowners unable to move, the best way to improve the quality of your life is to invest in your home and research from Halifax reveals a loft conversion is the valuable improvement you could make.
If you are an aspiring remortgage buyer, you can release capital from your home to convert your loft adding an average £11,020 for the greatest return on investment.
The cost of the investment may be greater than the value added as a loft conversion costs an average £22,200 although it may make it more attractive to first time buyers looking for space.
Going green adds great value
Improvements on average add £4,806 to the value of your home and going green by fitting a living roof where you grow plants and vegetation is the second most lucrative investment adding £8,676.
This research from Halifax lists the top 10 most valuable home improvements you can make to your home in March 2020.
| Improvements | Value added |
|---|---|
| Loft conversion | £11,020 |
| Living roof | £8,676 |
| Bi-folding doors | £5,256 |
| Garage conversion | £4,847 |
| Restore period features | £4,731 |
| Extension | £4,129 |
| Under-floor heating | £3,961 |
| Add/remove garage | £2,610 |
| Sound insulation | £2,512 |
| Stair/chair lift | £2,224 |
Rather than downsizing the older equity release buyers can access money using a lifetime mortgage to improve the quality of life, for Bi-folding doors or extension increasing the value of their property.
Russell Galley Managing Director at Halifax said, while upgrading our homes is simply a labour of love for many of us, others invest in renovation to increase value and maximise selling potential.
The most popular upgrades for homeowners in the last three years have been bathrooms completed by 38%, kitchens by 34% and a new central heating boiler by 34%.
If you are planning on selling your property you should make sure you fix any problems first as the main turn-offs for home movers is water damage and the need for structural work.
Most profitable changes you can make
You can spend a great deal improving your home without recouping all the costs and the most profitable change is installing bi-folding doors adding £5,256 and an impressive 56% profit.
If you have a garden then 27% of homeowners decide to landscape, improving the quality of the outdoor space and comes second with a 43% profit on an initial investment of £4,030.
To improve their rental incomes, buy-to-let landlords can focus on the changes to attract the best type of tenants in their local area, increasing the value of their property investments.
Social media can be a source of inspiration for homeowners with 38% for those 18-34 years old influenced to make changes, 22% of those aged 35-44 and only 7% of those aged 55-64.
The traditional home improvement TV programmes make a bigger difference with 41% aged 18-34 taking action to improve their home, 27% of those aged 35-44 and for the 55-64 age group only 8% were influenced.
What are your next steps?
Talk to our London City Mortgage brokers for advice if you remortgage your existing home and want the best mortgage deal or release capital, buying your first home, moving home or a buy-to-let investor.
Start with a free mortgage quote or call us and we can take your details. Learn more by using the equity release mortgage calculator, mortgage cost calculators, and property value tracker chart.
For older homeowners releasing equity from your property, our LCM mortgage advisers can recommend the lifetime mortgage, accessing wealth to reduce inheritance tax owed by your beneficiaries or pay for care at home.
