Owning a home means that there is a good chance you’re constantly considering what additions and improvements you could make to your most valuable asset.
If you are currently pondering your next project, then the new research from Zopa may be of help to you as they looked into which improvements add the most value and which are the most popular amongst homeowners.
In a survey of 1,550 homeowners throughout the UK who had recently taken out a home improvement loan, Zopa found the loft conversion to be the most valuable home improvement, adding a huge 13% to the property’s value on average and giving 70% return on investment for those looking to sell their property.
What may come as a surprise is that although it is the most valuable improvement, only 2% of homeowners have chosen a loft conversion, however, it is also one of the more expensive options, at an average cost of just under £24,000.
The most popular improvement, according to the survey was a renovated kitchen, with a quarter of survey participants opting for shiny and new cooking area.
A new kitchen sets homeowners back by over £17,000 on average and adds 10% to the property's value with a 51% return on investment for sellers. In comparison to the other improvements, it is on the more affordable end of the scale and shows a sizeable return, so it is no surprise that it is the most popular choice.
The full results of the research can be found below.
Zopa CEO, Jaidev Janardana, said, “Home improvements can be a cost-effective way for homeowners to add value to a property for the long-term. Taking out a personal loan instead of remortgaging or using an expensive credit card, could be a smart choice for homeowners who want to spread the cost of a home improvement project over a number of years through an affordable monthly repayment, and who prefer a quick and simple online application process.”
