Is improving your home still worth it? The renovations that can leave you up to £55,000 out of pocket… and the ones that add value
Home improvements may once have paid off handsomely when it came time to sell, but many homeowners are now disappointed to find their expensive new kitchen or loft conversion is failing to add value.
So which renovations are still a shrewd investment, and which are most likely to be a waste of money?
Here, industry experts share the five most expensive mistakes homeowners make – plus a few that are still worth your investment.
Swimming pool
Lose: £55,000
Pools have sky-high heating and maintenance costs and, while an average pool costs £35,000 to build, it can knock off £20,000 from the asking price
Nothing symbolises luxury more than having a swimming pool in your backyard. It may be the star feature of an Italian villa or French chateau, but it loses its appeal in Britain, where scorching days to use it are typically numbered.
Pools also present a safety risk for young families, and have sky-high heating and maintenance costs.
Estate agent Benham & Reeves names swimming pools as the only home improvement where you are almost certainly not going to add value. While an average pool costs £35,000 to build, it can knock off £20,000 from the asking price.
Marc von Grundherr, of the London-based estate agent, says: ‘Some love a pool – but it is a Marmite purchase and far too many buyers will not.’
Garage
Lose: £46,000
Garages are meant to house cars – but this is an out of date notion.
Martyn Baum, owner of Reed & Baum Estate Agents in Loughborough, Leicestershire, says: ‘The days when vehicles needed protecting from the weather to avoid rust are long gone – as are the weekends when owners tinkered with the car.
‘Most are happy to park outside on the driveway or street.
‘Nowadays garages are more likely be used as a storage space – and add little value.’
The cost of building a single garage with a pitched roof averages £46,000, according to the website BuildPartner. But even if you spend more to turn it into a gym, cinema or games room, it is still unlikely to turn the heads of most buyers, according to Jeremy Fine, a partner at estate agent Godfrey & Barr in north-west London.
He adds: ‘People don’t want personalised lifestyles rammed down their throats.’
Loft conversion
Lose: £45,000
A loft conversion may boost a property’s value by up to 20 per cent, but there is a risk you won’t recoup all the money you put in to it, warns Grundherr.
He says: ‘It might boost a property price by £10,000 – but in some cases nothing at all.’
The reason loft conversions are becoming unviable is that building costs have jumped by 20 per cent since 2020, according to UK Finance.
Benham & Reeves says a typical loft conversion might cost £45,000. But how much it will add to the value of your home will depend on how large the loft space is, the design quality and whether you install both a bedroom and a bathroom.
Kitchen refit
Lose: £20,000
‘We have had instances where top-of-the-range kitchens have been ripped out and replaced on the day of completion,’ says Martyn Baum, owner of Reed & Baum Estate Agents
Although a new kitchen can have ‘wow factor’ and turn a prospective buyer’s head, it is also a financial black hole.
Baum says: ‘It is great to have an open-plan kitchen – but be wary of going too far on the specifications.
‘You can spend a fortune on fancy tap systems that offer everything from cold and boiling water to fizzy drinks, but not everyone wants this.
‘Be wary of too much bling. Gold taps might impress US President Donald Trump, but not a buyer.’
He adds: ‘Work surfaces are another expensive minefield, where a high-end marble top is not always wanted. We have had instances where top-of-the-range kitchens have been ripped out and replaced on the day of completion.’
Estate agent Fine recommends keeping the kitchen clean and simple – though it might still be worth budgeting to replace obvious dated pine cupboards with plain units.
Conservatory
Lose: £15,000
The conservatory was a great selling point around the turn of the millennium, but a couple of decades later and it is a seriously outdated feature.
Grundherr says: ‘Conservatories have fallen right out of fashion and are simply not worth the cost if you want to add value to a home or make it easier to sell.’
Fine says that buyers are put off by the image of a conservatory being a place where elderly people potter around.
A conservatory typically costs £25,000 to build, according to MyBuilder, and should add £10,000 to a house price as it creates an extra room.
Grundherr adds: ‘Conservatories have been and gone. If you have already had one installed, you might consider putting brick walls on the sides and calling it a garden room.’
The reason loft conversions are becoming unviable is that building costs have jumped by 20 per cent since 2020, according to UK Finance
…And the cheap wins that could add £25,000 to its value
Home security
Cost: £2,000
Crime is of major concern for prospective buyers. Fine says: ‘Buyers want a property they can move into where they feel totally safe straight away.’
Homes are 300 per cent less likely to be targeted by burglars if they have CCTV cameras installed, according to security firm ADT.
Budget £2,000 for a system with outside cameras, with motion detectors, on the front and back door, as well as a doorbell camera, all hooked to an alarm and phone app. Fine believes such security can add £25,000 to a home’s value.
Ditch granny’s annexe
Cost: Nothing
With younger family members struggling to afford their own place, many are staying at home well into their 20s.
‘We don’t use the term granny annexe any more, but prefer the term multi-generational living,’ says Baum.
Annexes can cost £90,000 to build, according to website Checkatrade, but add £100,000 to a home’s value if marketed to suit everyone.
Redecoration
Cost: £2,500
First impressions are what encourages a buyer to put in a bid or walk away – and peeling paint on the outside of windows and a tired front door can be deal breakers.
Grundherr says: ‘Kerb appeal is one of the most effective ways to strengthen a buyer’s first impression – and the right home improvements add genuine value.
‘As you walk up the footpath your eye will be drawn not just to the paintwork on the windows, but the state of the gutters and any weeds.’
And a fresh lick of paint throughout the house is money well spent.
This quick spruce up can add 3 per cent to a home value, according to finance broker Finspace – a typical £10,000.
Eye-catching gadgets
Cost: £500
One of the biggest clinchers for a purchase is the master bedroom, according to Fine.
And he believes that well-designed gimmicks – such as a £500 remote-control mechanism operated from your bed via a smartphone app to open and close a set of electric blinds – are the kind of gadget to grab attention. It creates a talking point so a home can stand out and hopefully sell for more.
