It is accepted, in the majority of circumstances, values of homes can be increased by creating an additional bedroom via a loft conversion or a home office via a garage conversion. Building extensions, fitted kitchens, en suite bathrooms and conservatories can also improve the value of a home in these difficult market conditions.
In fact, according to Douglas & Gordon estate agents, improving the kitchen is the most cost effective home improvement project that can be undertaken. It is suggested that a kitchen extension and refurbishment may cost around £45,000 but will probably add double that figure to the value of the home. Adding a new bedroom can raise the sale price of an average home by up to £150,000.
However, there are more adventurous ways to improve the sale price of a typical home. Although relatively inexpensive houses will not normally benefit financially from large scale home improvements, those that are on the more lucrative side of average will be capable of attaining the so-called ‘wow factor’. Indeed, more showy home improvements tend to focus on improving the entertainment value of a home. According to Knight Frank’s surveyors, a well-constructed and maintained indoor swimming pool can increase the value of a home by a massive £300,000, although outdoor pools are sometimes considered a liability.
A tennis court can add close to £300,000 value to the home, whilst home gymnasiums and home cinemas can add anything from around £30,000 to up to £600,000. The vast difference in value for gyms and cinemas can be attributed to the variable sizes of properties and the subjective opinion of the potential buyers as to how important these facilities are * nevertheless, it is argued that the gym is the better way to go for homeowners, as cinemas are at risk of becoming technologically outmoded in no time at all.