Homeowners believe redecoration and renovation improves value

 
Homeowners believe redecoration and renovation improves value [Photo: iStock/TinaFields]

When the time comes for selling a home, property owners are always looking for little ways to make sure they get the very best price possible. And for the vast majority, one of the keys to making this a reality is to renovate and redecorate throughout the time they own a house. 

According to a new study carried out this week from the Co-op, 91 per cent of people who own a home in the UK believe that the property has increased in value since they bought it originally. And redecorating is key to this, with the average owner believing that their home is worth £14,900 more because of the work they have done on it. 

Of those who own a home in the UK, as many as 76 per cent said they had made changes to the property since moving in, and 60 per cent said that they believed this specifically had had a positive impact on the value of their home. 

Specific rooms can have different impacts on the value of properties as well when it comes to renovations. Some 56 per cent believe that the kitchen always delivers the wow factor, which means it has to be the place to do work. Second on the list was the living room, with a quarter of people seeing the value in this, and third place went to bathroom renovations.

"Our study shows that homeowners believe by investing in décor and bigger renovation works they are adding value to their homes for future years," said Caroline Hunter, head of home insurance at Co-op.

"Kitchens have long been lauded as the heart of the home and our study continues to solidify this, with over half of homeowners believing that this is the room of the house that could make, or break, a sale," she added.