We all like to make improvements to our property when the budget is available, but if you plan to sell in the near future would you be able to recoup your costs?  Below are a few suggestions on the value alterations typically make, so that you can judge whether to make an investment in home improvements:

• Loft Conversion - typically adds 12.5% to the selling price, more if it is a very high standard.
• Extension - this can add on average 11% to the value of your home.
• Conservatory - generally 6.7%, depending on the quality of it.
• New kitchen - on average it could increase its value by 4.6% - good kitchens and bathrooms help sell.
• Installing central heating - 3.4%.
• New bathroom - depends on the quality obviously, but generally it adds 2.88%.
• Redecorating - 2.6% on average.
• New driveway - this could add 2.2% but would definitely improve the all important ‘curb appeal’.
• Installing decking or a patio - 2%.

Above percentages were quoted in May 2010 Good Housekeeping magazine.

This is a rough guide, but importantly all and any improvements will help you get a buyer when the time comes, and you get to enjoy the additions to your home in the meantime.  A “Win Win” situation.

April 2010 Update

Here are the updated example/average property prices in Bideford, North Devon - where Cherry Picked Choices are based:

• 1 Bed Flats/Apartments = £114,971 (May ‘09)   £127,960 (July ‘09)  £112,271 in April 2010
• 2 Bed Flats/Apartments = £199,382 (May ‘09)   £193,041 (July ‘09)  £193,342 in April 2010
• 3 Bed Flats/Apartments = £359,337 (May ‘09)   £341,957 (July ‘09)  £335,133 in April 2010 
• 2 Bed Houses = £163,163 (May ‘09)   £157,261 (July ‘09)  £162,130 in April 2010
• 3 Bed Houses = £213,340 (May 2009)   £216,583 (July ‘09)  £216,243 in April 2010
• 4 Bed Houses = £360,510 (May 2009)   £352,537 (July ‘09)  £343,775 in April 2010

Two bedroomed houses have seen the best gain in price/value, whilst one bedroomed flats/apartments have seen the greatest loss.

On the ITV This Morning programme today there was an article ‘Property with Sofie Allsop’ where the following figures were quoted:

The average property price is £168,000 but in London it is £330,000.

The average property prices in London have risen by +11.9% from last year, whilst the South West has risen +9.8% (good news), with the North East dropping by -2.3%.

July 2009 Update

Four out of six categories of properties (see below) have dropped in value since May 2009.  As you’ll see, some by a little, such as 4 bedroomed houses, whilst others have taken a fairly significant drop.

On a positive note though, 1 bedroomed flats/apartments in the Bideford area have increased in value substantially, whilst 3 bedroomed houses have also seen a slight rise.

Example house prices in Bideford, North Devon - where Cherry Picked Choices are based - are as follows:

• 1 Bed Flats/Apartments = £114,971 (May 2009)   £127,960 in July 2009
• 2 Bed Flats/Apartments = £199,382 (May 2009)   £193,041 in July 2009
• 3 Bed Flats/Apartments = £359,337 (May 2009)   £341,957 in July 2009
• 2 Bed Houses = £163,163 (May 2009)   £157,261 in July 2009
• 3 Bed Houses = £213,340 (May 2009)   £216,583 in July 2009
• 4 Bed Houses = £360,510 (May 2009)   £352,537 in July 2009