A new tool, the
Property Investment Calculator enables homeowners to calculate the potential profit from a range of home improvements by simply entering their property’s current value and renovation budget.
Created by GoCompare and property expert Henry Pryor, the tool shows the home improvements that add value to a property and those that cost more than they’re worth.
The calculator estimates the added value of different home improvements and by deducting the average costs of works, gives an indicative profit or loss.
Some of the most profitable projects for homeowners seeking to increase the value of their property include installing a new boiler or central heating system, making energy saving or home security improvements or creating off-street parking. Redecorating, laying new flooring or updating a bathroom may slightly increase the value of a property however, the costs of doing so generally outweigh any potential profit.
Research commissioned by GoCompare Home Insurance found that 26% of home improvements are undertaken specifically to add value to a property with popular renovations including:
Interior redecoration (53%)
Fitting a new kitchen (42%)
Replacing flooring (38%)
Installing a new bathroom (36%)
A garden makeover (36%)
Installing new double glazing (29%)
Installing new central heating or boiler (28%)
Other works undertaken were: improving insulation (16%), knocking through rooms to create an open-plan space (16%), fitting solar panels (9%) and adding a conservatory (8%).
If you're looking to sell, getting planning permission to do the work is frequently the best investment you can make leaving the actual choice of layout, decoration and equipment to the next owner.
