This research from Royal London is quite useful for home insurers, looking to persuade their customers to upgrade their Buildings and Contents;
With more time spent inside than ever before, over the past 18 months, it may come as no surprise that home upgrades and improvements are now top of many homeowners’ agenda. One of the reasons why people take out equity from their house is for home improvements. From adding new kitchens to converting unused loft space, there are many upgrades that can be made to make the most of the place we call home.
These changes may be invaluable to our day to day lives, but it’s no secret they can also increase the monetary value of a property too – but which upgrades add the most value? A new report by Royal London reveals which upgrades will increase your home’s value the most in 2021 (along with the real reason we renovate), according to UK homeowners.
THE VALUE OF HOME IMPROVEMENTS
Royal London asked homeowners in the UK how much more they would offer on their next home if the property had certain improvements.
The report reveals adding a new kitchen and a bathroom to a house will add the most value, in 2021. Royal London also asked homeowners in the UK how much more they would offer on their next home if the property had certain improvements. The report reveals adding a new kitchen and a bathroom to a house will add the most value, in 2021.
WHAT HOME IMPROVEMENTS DO BRITS MAKE WITHIN THE FIRST TWO YEARS OF OWNING A PROPERTY?
The report also asked UK homeowners what home improvements they have made within the first two years of living in their property. Nearly half (48%) of homeowners invested in a new kitchen within the first 24 months of ownership, while 39% improved their bathrooms. Landscaping the garden or adding things like new doors was also high on the list. The common perception is that adding a conservatory to enjoy more room is a dream for many, but that only just crept into the top ten at position number 10 – maybe people prefer to extend the kitchen outwards and use bi-folding doors instead?