We know buyer demand has changed slightly in recent times, and it shouldn’t be a surprise to see some buyers wanting new things when looking at a home.
Space has always been crucial, but when it comes to the post-pandemic era, utility, functionality and space is even more vital. It appears as though some buyers are willing to pay more for key features.
Are property owners better off than this time last year?
The average UK house price sits at £264,244 and studies indicate the average property owner is 10.6% better off than they were this time in 2020.
A study undertaken by MoveStreets, alongside the Post Office, suggests some of the features which are set to add the largest amount of value to a home. It is no surprise to see many of these upgrades sit neatly with the post-pandemic environment.
Home gym listed as top addition
A home gym is said to add around 44% in value, and by the average value of property, that equates to £116,267.
This seems a significant rise, and not one that every property owner adding a home gym should expect to benefit from. However, it does suggest that adding a home gym space to your house can make it more appealing to buyers, and will help you generate more money when you sell your house.
It should also be noted that not all home gyms are the same. Some home gyms have had a lot of time, money, effort and planning placed into them. Some have not. Please keep this in mind if you are considering making changes to your home in the hope of adding value and attracting buyers.
Other improvements were as follows:
An extension was found to as much as £97,770 based on average property values
A walk-in wardrobe is said to add as much as 34% to the value of your home, and this equates to £89,843
A new kitchen can boost your property value by as much as £69,900
A swimming pool could add £58,000 to the value of your home
Upgrading your garden could boost the value of your property by up to £53,000
Carrying out a basement conversion at your home could increase value by up to £45,000
Converting your loft into a living space could add £28,538 to the value of your home
Installing a conservatory could boost the value of your home by £26,000
Adding or upgrading a driveway could add more than £23,000 to the property value
Adam Kamani, CEO and Co-Founder of MoveStreets, said: “There’s no doubt that the pandemic has changed the way we view our homes and what we consider a valuable addition having spent so much of the last two years within them. Any improvement that adds space is always going to appeal to buyers, however, it’s interesting to see that a space to keep fit now tops the table in terms of the most value-added.”