Some home improvement projects can be very costly so it’s important to understand if the investment is worth it. We examine some of the most expensive projects you might consider and how they will benefit your property.
Loft conversion
A loft conversion is one of the most popular ways to enhance the living space in your home. By turning unused loft space into a bedroom with an ensuite bathroom or creating a home office, you can increase your property value by around 20%. So, if you have a three bedroom house worth £650,000 you could add £130,000 to its value.
Of course, the cost of the loft conversion needs to be taken into account. Prices are typically from £40,000 £45,000 upwards depending on the type of conversion, configuration and quality of the fitting out. The extra room can transform how you live in your house and will make it a very desirable property should you ever decide to sell up.
New boiler
The cost of a new boiler will average between £2,000 and £3,500 depending on the type of installation as well as any needed modifications. This price doesn’t include the cost of labour for fitting a new boiler which will depend on many factors. However, you can expect to pay around £150-£200 per day for a boiler engineer.
An old boiler can be inefficient and need frequent repairs which can end up costing you more over the course of a couple of years than the price of a replacement. Newer boilers are also increasingly energy efficient and will help you keep your heating bills down. The benefit of having a reliable and effective heating system cannot be overstated so investing in a professionally fitted new boiler will always be to your advantage.
Ground source heat pump
With the push to use more sustainable, green energy to heat our homes, a ground source heat pump is worth considering. However, this environmentally benign system doesn’t come cheap and will set you back between £16,000 and £50,000.
The price is high because of the technology involved and the excavation needed to bury the pipework which collects the heat from the ground. A ground source heat pump needs electricity to work but it is very efficient and for every unit of electricity put into the system four units of heat are put out.
It’s worth mentioning that this type of heating works best with a wet underfloor heating system rather than radiators due to the temperature of the water which is lower than with a gas, electric or oil fired boiler.
However, it is a sustainable and very efficient system and unlike air source heat pumps that don’t work as well in winter, the heat extracted by a ground source heat pump remains consistent throughout the year.
Extensions
Whether you are intending to stay in your home or sell up at some point, an extension will be of benefit in both cases. It provides you and your family with extra living space and when you come to sell, it will typically have added value to your property.
It can often be less expensive to extend your property as your family grows rather than selling up and moving home, with all the expense that is involved. An extension allows you to create a new space that exactly meets your needs but if you are considering selling in the future, make sure the extension will add value and is a practical addition to the property.
The cost of an extension will vary depending on the type. An average side return extension can cost between £30,000 and £60,000 while a single storey rear extension averages £25,000 to £40,000. The most expensive is a double storey rear extension which can cost from £60,000 to £100,000 depending on the size, quality of finish and fitting out.
