- A property insurance company has created a clever tool
- Calculates which home renovations will bring you the biggest profit
- Based on your budget, average price increases, and renovation costs
When it comes to home renovations, sometimes it takes money to make money but some projects are much more lucrative than others.
With house prices constantly in a state of flux, home renovations are frequently being offered up as a way to quickly increase the value of your home before selling.
However, which renovations bring the most profit, and do the costs outweigh the benefits?
To help homeowners, a property insurance company has created a clever tool that will calculate which home renovations will bring you the biggest profit – and it may surprise you.
The tool allows you to input your house value to see which renovations are worth it based on your budget, average price increases, and renovation costs.
While adding a garage can boost your house price by around 20 percent and a loft will add an estimated 15 percent to your home’s value, a roof only adds 3 percent, while decking only adds 2 percent.
Discussing why some renovations make more profit than others, Claire Gardner, Marketing, Towergate Property Insurance, who created the tool, said: ‘Changing needs and lifestyle patterns mean that some renovations will inevitably outperform others in terms of potential profits.
‘In what feels like an ever-shrinking world, more square footage will normally always come out on top. The same goes for money-saving energy measures.
‘The demands for more environmentally friendly technologies has also led to increased potential profits.’