Are you curious about which summer features are most likely to boost your property’s value by up to £9,000 and which surprising addition might leave you out of pocket by up to £34,000? Read on… New research has uncovered the summer additions that are worth every penny being most likely to add value to your property and which property enhancements are best left on the drawing board due to the cost of installation far exceeding the financial gain. Join us as we review the data.
Balcony or terrace: +£9,069 in added value
Adding a balcony or terrace is the most profitable summer property feature investors should add according to the research due to their installation potentially increasing your property’s value by 5 per cent, or £14,069, based on the average UK house price of £281,373. This addition not only appeals to potential buyers but also attracts tenants seeking outdoor space for leisure and relaxation. The installation of a balcony or terrace costs around £5,000, resulting in an actual added value of £9,069.
Bi-fold doors: +£8,869
Bi-folding doors, known for creating a seamless indoor-outdoor entrance, add 5 per cent to a property’s market value. Despite costing an average of £5,200 to install, the actual value they can add is £8,869. So, worth the investment.
Landscaped garden: +£8,712
A well-landscaped garden can add 4.5 per cent or £12,662 to your property’s value, with an average investment of £3,950. The cost versus reward of this property feature translates to an actual added value of £8,712. An attractive garden will also enhance its curb appeal when marketing to buyers or tenants.
Patio or decking: +£7,749
Installing a patio or decking can increase your property value by 4.3 per cent or £12,099. With a cost of £4,350 and an actual added value of £7,749, property investors should consider adding this feature to increase their return on investment while also appealing to tenants and buyers looking for a property with a versatile outdoor space.
Conservatories vs. summer houses
Interestingly, the research found that conservatories boost property prices by 6 per cent (£16,882) if tastefully done, and cost around £10,250 to install, resulting in an actual added value of £6,632. In contrast, a summer house, adds 5 per cent (£14,069) to a property’s value but costs £14,000 to build, offering a meagre £69 in added value. Conservatories provide year-round use and additional living space within the property making them more attractive to buyers and tenants.
Other value-adding features
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- Outdoor Garden Bar: +£5,316 (£2,000 to install)
- BBQ or Fire Pit Area: +£2,201 (£1,175 to install)
- Hot Tub: +£1,446 (£6,995 to install)
Additional features that can cost you money
As well as the summer house mentioned above, another property addition to avoid is a swimming pool. While a swimming pool may increase your property’s value by £12,662 (4.5%), the high installation cost of £47,500 on average means you could be out of pocket by £34,838 and is therefore best avoided unless you are installing a pool for personal enjoyment, as it doesn’t provide a worthwhile return on investment.
Adam Day, Head of eXp UK, which conducted the research, advises investors to consider both the cost and the value added when planning renovation projects: “When it comes to adding value to your home, it’s always important to consider the cost of implementing a project, the value it’s perceived to add, and if it’s worth undertaking once you’ve balanced the two against each other. In some cases, notable improvements to your home will require substantial budgets, but there are plenty of smaller projects that can be done for a few thousand pounds that will yield a good return. Of course, if such improvements are being made for your own enjoyment, then the value added is less of a worry, but it always pays to have an idea before you get started.”
So, the upshot of this research is that by evaluating the cost versus the value added by installing each feature, you can make informed decisions about enhancing your property.
