At Williams of Petersfield, we are always interested in how to add value to a home, and how property can be improved upon.
A study undertaken by MoveStreets, alongside the Post Office, suggests some of the features which are set to add the largest amount of value to a home. It is no surprise to see many of these upgrades sit neatly with the post-pandemic environment.
Home gym is viewed as top addition
A home gym is said to add around 44% in value, and by the average value of property, that equates to £116,267.
This seems a significant rise, and not one that every property owner adding a home gym should expect to benefit from. However, it does suggest that adding a home gym space to your house can make it more appealing to buyers, and will help you generate more money when you sell your house.
Mind you, it is important to note that not all home gyms are of the same standard or calibre. There are some home gyms of a very high standard, and others which are not too inspired. As long as the people using the gym get some form of exercise and activity, it is a good gym, but this doesn’t mean all gyms will add value to a property.
The same can be said for any change made around the home. A swimming pool or extension needs to be a suitable addition to a property, and it needs to be of good quality. If you need advice on what sort of changes you need to make to your property, get in touch, and we will be more than happy to assist you.
Other improvements were as follows:
- An extension was found to as much as £97,770 based on average property values
- A walk-in wardrobe is said to add as much as 34% to the value of your home, and this equates to £89,843
- A new kitchen can boost your property value by as much as £69,900
- A swimming pool could add £58,000 to the value of your home
- Upgrading your garden could boost the value of your property by up to £53,000
- Carrying out a basement conversion at your home could increase value by up to £45,000
- Converting your loft into a living space could add £28,538 to the value of your home
- Installing a conservatory could boost the value of your home by £26,000
- Adding or upgrading a driveway could add more than £23,000 to the property value
Adam Kamani, CEO and Co-Founder of MoveStreets, said: “There’s no doubt that the pandemic has changed the way we view our homes and what we consider a valuable addition having spent so much of the last two years within them. Any improvement that adds space is always going to appeal to buyers, however, it’s interesting to see that a space to keep fit now tops the table in terms of the most value-added.”
At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.