Homeowners can increase the value of their property by around £50,000 by creating an open plan kitchen and dining area and by removing an internal wall to allow for a more spacious interior.
According to research recently carried out by the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA), homeowners in London can spend £3,500 on home improvement work and reap the benefits of almost £50,000 in returns for the ‘average-priced home’.
For homeowners who are looking to sell and advance up the property ladder, it appears that a little home improvement work such as opening up the kitchen/dining room area can result in healthy returns for the seller.
Home sellers will always want to maximise the market value of their property, and this will give them, as a property buyer, greater purchasing power.
Chief Executive of the FMB, Brian Berry, said: “If you’re looking to move up the property ladder, it’s obviously in your best interests to increase the value of your home as much as possible.”
“By investing in low-cost, high-return projects, not only will you make your home a more pleasant place to live, you’ll also be increasing its value significantly. Better still, these projects take no time at all so the hassle factor will be kept to an absolute minimum.”
However, homeowners are advised to choose their home improvement project carefully. Not all home improvement projects are expected to add as much value as the kitchen/dining area project, and the amount of value likely to be added to a property can also depend on the area you live in and what property buyers in your area might be looking for.
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