Move iQ: How to maximise your property’s value
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Adding eco-friendly improvements to a home is a great way to not only help protect the environment but add value to a home too. With energy bills higher than ever, homeowners and prospective buyers are becoming more savvy when it comes to a home’s EPC rating and energy efficiency. Now, research by estate and lettings agent, Barrows and Forrester, has shared which “eco-friendly” home improvements can add the most value to a home, and why installing solar panels could lose homeowners money.
Solar panels are a great way to improve the carbon footprint of a home, however, it seems they don’t add that much value to a home.
According to the experts, installation costs on average around £5,875 while the value added is estimated to be £1,916.
This means homeowners could lose £3,959 if they were to install them.
However, solar panels can dramatically reduce utility bills and can be more beneficial for homeowners who plan to live in a property for an extended period of time.
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Estimated cost: £5,875
Estimated added value: £1,916
Added value minus cost: -£3,959
Upgrading a property’s insulation, specifically solid wall insulation, can improve a home’s efficiency while reducing energy usage.
Installation costs an estimated £2,750 but it can boost property value by three percent.
This means homeowners could boost the value of their home by £8,213 based on the average UK house price of £273,762.
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The eco-friendly home improvement makes is the most profitable eco-friendly upgrade available to homeowners when it comes to adding value to their home.
Estimated cost: £2,750
Estimated added value: £8,213
Added value minus cost: £5,463
Electric car charging port
Many homes are yet to have EV charging points which means it can be a property value booster.
Installation costs around £800, and can add around 1.5 percent to a home’s value which equates to £3,306.
Estimated cost: £800
Estimated added value: £4,106
Added value minus cost: £3,306
A boiler upgrade is notoriously expensive, costing around £2,500.
However, the increased efficiency and longevity that a new boiler provides adds around 1.9 percent to the home’s value, adding £2,701 in value.
Estimated cost: £2,500
Estimated added value: £5,201
Added value minus cost: £2,701
Tankless water system
Replacing a traditional tank system with a tankless one costs around £1,275 but adds 1.2 percent to the property’s value.
This can boost property value by £1,984.
Estimated cost: £1,275
Estimated added value: £3,259
Added value minus cost: £1,984
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Fitting double-glazed windows throughout the home costs an estimated £6,575.
However, it is essential in creating an energy efficient home.
Adding double glazing can also add three percent to the value of a property.
Measured against the cost, this brings an added value of £1,638.
Estimated cost: £6,575
Estimated added value: £8,213
Added value minus cost: £1,638
Installing LED lighting can increase the efficiency of a home and cost homeowners less in energy bills in the long run.
Estimated cost: £300
Estimated added value: £1,369
Added value minus cost: £1,069
Addressing any faults or weaknesses with the roof is costly but will ensure heat is not being lost through the roof.
Estimated cost: £7,500
Estimated added value: £8,487
Added value minus cost: £987
Managing Director of Barrows and Forrester, James Forrester, said “eco-friendly” home upgrades can reduce the costs of running a home.
Mr Forrester said this is something that has become more important due to the “spiralling cost of living”.
He added: “But they don’t just reduce the day to day costs associated with our homes, they can also add value for such a time that you do come to sell.
“In addition to the financial benefits they bring to the home, they can also help us make a positive change with regards to the environment and this eco-friendly conscience is something we are seeing more and more from the modern-day homebuyer.”
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