Renovations to a kitchen will improve the house price by 5.5%, which could be £12,400, and adding an extension to the kitchen could add £23,750 (10.8%) to the house price.
Improvements to the bathroom, however, would only increase the house price by 2.6%, which on average is £5,882. An extension or a conversion to a bathroom will only be more beneficial than a kitchen remodel as it only adds 5.7% to the house, £12,8895.
Homeowners over the past five years, the percentage of people who have decided to improve rather than move has risen by 12%, which represents over four million UK homes, according to Hiscox.
Due to these statistics by Hiscox, Sell House Fast figured out the best ways to add value to a house. The statistics were based on the average UK house price, which is £226,234.
Robby Du Toit, managing director of Sellhousefast, said: “Homeowners making the decision to stay put and add, improve and renovate their homes instead of moving, is becoming the new trend for those looking to adapt their property to meet their ever-changing needs and evolving lifestyles.
“It is logical that many view home renovations as a more economical solution and given the uncertainty of the market due to factors such as Brexit, it certainly seems more beneficial to add value to existing dwellings.”
Other extensions or conversion could add a lot to the house price as a new basement could add £15,157 (6.7%), another bedroom could raise the house price by 11.2% (£25,338) and a conservatory could add 6% or £13,574.
Small changes like new paint can increase the house price by 3.1%, which could be £7,000. Improving the garden could be worth up £3,167 (1.4%).