What are the property improvements that give the best and worst returns?
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What are the property improvements that give the best and worst returns?

According to a new tool created by  GoCompare Home Insurance, with the assistance of property expert Henry Pryor the top home improvement that adds value to your home is a new boiler and the one that has the largest negative effect in relation to the cost of the improvement is installing solar panels.  We have to say that we are sceptical about the accuracy of this tool!

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%).

The report suggests that replacing a boiler improves the energy efficiency of the home and that will add just over £9,000 to the value and only cost £2,000.  Conversely, adding solar panels costs £5,000 but lowers the value by just over £4,500 giving a net loss of £9,500.

As a property professional with over 30 years experience, I have always said that Kitchens and Bathrooms sell houses but the tool puts these two improvements as having a net deficit on the property value of £2,487 for kitchens and just under £2,000 for bathrooms.  It all depends on how far you want to go and how bad the existing kitchen and bathroom is.  Adding a wow factor greatly improves saleability and improved saleability will result in more interest and the likelihood of a better sale price.

My view is that these calculators use complicated algorithms and average data and there is no substitute for human advice from experienced professionals.  We are always happy to give free advice on what is and isn't worth doing before offering your home for sale.

Article by Simon Dee.