Hammonds Furniture has conducted a survey with 2,000 adults in the UK to pinpoint what makes a home ‘most valuable’ in the nation’s eyes when scouting for new properties. The research delved into homeowner spending intentions on a multitude of home improvement endeavours aimed at bolstering property value.
They also sought insights from Thomas Goodman, the property and construction specialist at MyJobQuote.co.uk, to discern the actual costs associated with popular domestic upgrades. From sprucing up the kitchen to revamping the bedroom, a range of rooms require care to capture buyer interest.
Hammonds Fitted Furniture’s interior design expert, Melissa Denham, commented: “Our survey shows that in many cases, money-conscious Brits estimate that home renovations would set them back more than what they actually cost which is good news for those looking to make changes.”
She also advised: “When looking to make home improvements, however big or small, it is important to ensure you get the most out of your investment by doing your research first.”
New kitchen
When it comes to kitchens, a new one is on the wish list of the vast majority. Over two-thirds (72 percent) are ready to invest in kitchen renovations, reports the Express.
Nevertheless, it appears many significantly overestimate the associated costs. The average amount Brits would fork out for a spanking new kitchen stands at £21,500.
Yet, about one in five (22 percent) would shell out over £35,000, and close to one in six (15 percent) are willing to spend upward of £50,000.
A new kitchen need not be a wallet-emptying endeavour. Goodman highlights that a straightforward small kitchen can be fitted for around £2,500, while larger ones with additional cabinetry may start at £6,000.
Only the installation of top-end appliances should push costs above £10,000, he added. Goodman emphasised that spending on a new kitchen ought to be less than 10% of the property’s overall value, as recouping such an investment upon sale is doubtful.
With the average UK house price at approximately £285,000, the cost of an average kitchen should cap at £28,500.
Bathroom improvements
When it comes to bathrooms, they’re also high on the list for those looking to renovate, with 69% of survey participants inclined to improve this area. On average, individuals are willing to dedicate about £18,750 to bathroom overhauls.
Yet, Goodman asserts the true cost should be significantly below this figure. According to him, “On average you can expect to pay around £4,000 for a new bathroom. If you go for a basic suite, this cost will be nearer £2,750 to £3,000. But if you’re going for a spa-like finish with luxury fittings, then you can easily pay over £7,000 for your bathroom.”
Solar panels
The interest in solar panels is picking up too, with almost half of the public (48%) contemplating the idea of installing them on their residences. While the typical individual would earmark over £16,000 for solar panels, and 19% would consider parting with upwards of £35,000, such significant spend might not be necessary.
Goodman has provided advice on the varying costs of solar panels, depending on their type. He notes that while monocrystalline panels can set you back between £5,000 and £6,000 for a 3kW system, a more powerful 5kW setup could cost between £7,500 and £9,000.
Conversely, Goodman points out that polycrystalline panels come with a lower initial price tag but tend to be less efficient. For those looking for a more aesthetically pleasing option, he suggests considering solar tiles, which may cost in the region of £12,000, not accounting for any preliminary roof repairs that might be necessary.
Regarding savings, Goodman mentions that they depend on various factors including the number and type of panels installed, the system’s overall power output in kilowatts, and household energy consumption. Generally, the annual savings range from £135 to £360, according to him.
Windows
When it comes to home improvements, specifically windows and doors upgrades, he reveals that more than half of Brits (60 percent) are considering this investment, willing to spend over £17,500 on average. However, Goodman suggests that replacing windows needn’t be so costly: “The average house tends to have between eight and 12 windows. So, installing triple glazing is likely to cost between £3,700 and £5,700,” he says.
The benefit of such investment isn’t just aesthetic, as Goodman explains, particularly in the case of detached houses with single glazed windows, where upgrading to triple glazing could cut down on energy bills by £235.
He also noted that several factors could influence this price, including the material and colour of the frames, as well as the accessibility of the windows. With UK estimates for a new front door ranging from £1,245 to £4,000, homeowners should be able to make some savings compared to their initial predictions.