Last week I was spreading the word about the amazing mortgage deals that are out there at the moment, and how re-mortgaging is frequently a NO-BRAINER. Read ‘A Word on Remortgaging’ Blog here.
This week I want to tell you how you could use additional funds (if you remortgage to raise the money it may actually not end up increasing your monthly payments) to ADD VALUE to your current home.
A recent survey I’ve come across has suggested that you could add around £30,000 to the value of the average home by making certain improvements, with the best return on investment coming from adding a conservatory (108% return).
And it seems like everyone’s at it. Because not only do you add value in the long term but you can improve your living space in the short term without having to go through the hassle of moving house.
I’ve dropped in the table below from Zopa’s survey, because if you are considering making a few improvements in the future it might be worth seeing which ones may offer the best returns……..
| Home improvement | Return on investment | Profit (Median) | Average Cost |
| Conservatory | 108% | £5,750 | £5,300 |
| Garden | 88% | £4,000 | £4,550 |
| Exterior | 75% | £4,500 | £6,000 |
| Extension | 71% | £14,000 | £19,750 |
| Roof | 63% | £2,600 | £4,150 |
| Floor carpets | 50% | £2,000 | £4,000 |
| Loft | 50% | £12,000 | £24,600 |
| Kitchen | 49% | £4,750 | £9,600 |
| Bathroom | 48% | £2,350 | £4,900 |
Source: Zopa