Keep DIY simple to add value to your home

If you are looking to add monetary value to your home at minimal cost, you should be thinking about improving energy efficiency rather than shelling out on an extension, because simple home improvements offer the highest return on investment, according to new research from Halifax.

In a survey of 1,000 homeowners, Halifax found that the average perceived return on investment of home improvements is 120%. The average spend on home improvements is £5,344 with the perceived value added currently averaging at £6,466.

Fuel efficiency and energy saving measures are the top performing home improvement, perceived to add two and a half times (251%) its initial outlay cost (£1,722) to the value of a home (£4,327.)

Home security measures (241%) come in at second place, followed by redecorating (226%) in third place. Garden improvements (163%) appear in fourth place, whereas a loft conversion (158%) comes in fifth.

Although an extension or an extra room is perceived to add the most monetary value to a home at £25,590, it is also the home improvement people are willing to pay the most money for (£19,922.) Therefore, it did not fall within the top five home improvements showing the best return on investment.

Among the other home improvements that home owners feel do not recoup the initial cost: laminate flooring, new carpets, improvements to the central heating system, new windows and double glazing and new fitted bedrooms.

Stephen Noakes, commercial director at Lloyds Banking Group said:

“This research has shown that it is often the low cost, straightforward home improvements that are perceived to add the most monetary value to a home. These can be simply carried out at minimum expense and without the need for specialised tools or materials.”

“Energy efficiency measures may not only entice the ‘green’ buyer, but will also help to reduce heating bills and improve a home’s energy efficiency, a report on which is part of the Home Information Pack.”

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