Is it worth it?

Britain’s DIY stores are doing a booming business thanks to inspiring home make-over TV programmes. If every presenter was to be believed, all home improvement projects add value. Not necessarily, say estate agents at Knight Frank, who caution that the cost of the project may not always be fully re-couped.

Project | Cost | Average payback
Adding central heating | circa £5,000 | 100%
Minor kitchen refurbishment | £3,000 - £5,500 | 95%
Major kitchen refurbishment | £10,000 - £30,000 | 95%
Add en-suite bathroom | £10,000 - £15,000 | 92%
Refurbish bathroom | £5,000 - £10,000 | 77%
Add fireplace | £1,500 - £3,000 | 75%
Build deck/roof terrace | £5,000 - £10,000 | 73%
Replace windows | £15,000 - £20,000 | 65%
Renovate garden | £2,000 - £15,000 | 30% - 60%
Install swimming pool | £25,000 and up | 44%
Finish basement | £70,000 and up | 15%

Source: Knight Frank

“While many home improvements can certainly add to the sale-ability of a property, the cost of the project won’t necessarily add to the asking price,” cautions Knight Frank Partner, Tom Tangney. “Before starting on any major project, carefully consider the value it will add, especially if you are considering selling within the next 18 months.

Tom Tangney continues, “Home improvements must also be appropriate to the market: a deck is going to be a desirable feature in Clapham but may look out of place in parts of Chelsea. A Smallbone kitchen will definitely be worth the cost for a house in St. John’s Wood but you’re unlikely to re-coup the cost in Hackney. Most importantly, a bad DIY project will always detract from the re-sale value. Anything that looks unprofessional, such as a badly fitted kitchen or uneven plastering, will get buyers wondering and asking questions.”

Keep in mind that it may not be necessary to undergo major refurbishment at all. Renovating a garden using a top landscape designer will cost a fortune and is unlikely to add significantly to the value of most homes. However, a modest tidy-up by a professional gardener will almost certainly make the property easier to sell.