Home improvements – what adds value and what doesn’t?
Home improvements – what adds value and what doesn’t?
Whether you’re happy to do a spot of DIY or prefer to get the professionals in, we all love putting a personal touch on our homes. But, while some home improvements will add value to your home, others can actually take thousands off its value.
It’s your home, so whatever makes you happy on the home décor front goes. But if you’re looking for inspiration for your next project, we’ve rounded up five that can add value – and five that definitely won’t.
Five home improvements that add value to your home
- Adding an extra room
Whether it’s a loft, cellar or garage conversion, or you’re adding an extension, an extra bedroom, office or utility room can add to your home’s value and appeal. Property website Zoopla puts a figure of 15%(1) on the increase an average home’s value will see through a loft or garage conversion.
- A new kitchen
Kitchens are the hub of the home, so it can be worth transforming yours. You don’t even need to go for a total refit to benefit – replacing or painting cupboard doors or updating the tiling can give your kitchen a fresh look.
- Off-street parking
If you live somewhere where it’s impossible to find parking, turning some of your garden into a parking spot may be worth exploring. You’ll need to speak to your council about getting your curb dropped – and there’s usually a fee as well as a charge for the work – but it can add value and save the frustration of trying to find a space.
- Going open-plan
After years of home improvement programmes telling us to rip out walls, it’s little wonder we all love open-plan living. Combining the kitchen with the living and dining room can suit modern lifestyles, and can also bring more light into the home. Speak to a professional first, especially if you’re taking out a load-bearing wall. Also consider that if your home is grade listed, this may not be possible.
- Painting and decorating
You don’t need to spend a fortune or make structural changes to your home to push up its value. Simple changes like decorating or getting new carpets or flooring can change the feel of your home and add value.
Five home improvements that do not add value
- Turning a bedroom into an office
Many of us are working from home more now so it might make sense to have a permanent office set up in the spare bedroom. If you do, make sure it’s easy to convert it back into a bedroom or you could slash thousands off your home’s value.
- Luxury wallpapers and paint
You may love the design or the luxurious feel, but if you’re looking to move on, prospective buyers won’t care how much you paid for your paint or wallpaper.
- Losing the downstairs loo
Even if you only use it to store your junk, it’s not worth ripping out the downstairs loo to make extra space. We’ve grown accustomed to them and they can be really handy when visitors come round.
- Themed bathrooms
Recreating a mermaid’s underwater palace or giving your toilet a Game of Thrones makeover might appeal to you but it could have prospective buyers running for the door. Unless you’re planning to live there forever, go neutral and stylish. Remember all those avocado bath suites!
- Adding a pond
Watching the wildlife in your pond may sound like a dream, but to anyone with small children, a pond is a nightmare. If you really want one, go for something shallow or built-up. These can be safer and easier to remove.
Home improvements and your insurance
If you are planning major home improvements, speak to your home insurer. It’s unlikely that your home insurance will cover you for loss or damage caused by a major DIY project and you may want to consider additional self-build insurance.
Where you’re getting the professionals in to do the work, it should be less of an issue. They should have insurance in case they cause any damage while working in your home, so check this is in place.
It’s also worth letting your insurer know what work you’re planning as it may change your home insurance requirements. Some expensive kitchen appliances or an extension can mean you need to update your cover, and also let them know if your home will be unoccupied during the work as this could impact your cover. If left unoccupied for long enough (generally 30 days), you may need to consider taking out unoccupied property insurance.
Whether you’re inspired to embark on a new home improvement project, or you’ve decided it’s time to lose the avocado bathroom, Co-op Insurance can help you protect your home. Visit our website to find out more about our home insurance and to get a quote.
Co-op Home Insurance is offered through Co-op Insurance Services Limited (CISL) and provided by a select panel of insurers. CISL is authorised and regulated by the Financial Conduct Authority and appears on the Financial Services Register under number 779364
