Garden improvements to add value to your home
The Covid-19 lockdowns reminded us of why open space is so important to our sense of well-being and it is noteworthy that as lockdowns were eased, the main requirement for people looking to move home was the need for open space.(1)
This is why the value of well kept outdoor space has begun to be measured in respect of the individual components that buyers are looking for. The garden has become a valuable asset and additional means of increasing the value of your home when it comes time to sell and move on.
Nationwide Building Society recently commissioned a survey by Censuswide into the garden improvements that add the most amount of value to a home in 2022.(2) At the top of the list was a conservatory, which on average, could increase the value of your home by almost £8,500. An office in the garden and gym room followed close behind, making up the rest of the top three garden features that could add the most value to your property. With so many of us working from home more than ever before, a lot of people are now willing to pay more for a property which allows them to work and exercise in comfort.
The survey also found that by having a home office in the garden, it could increase the value of your property by around £7,261, while a gym or studio room could increase your home’s worth by £7,124, on average.(2)
Several entertainment features, including an outdoor kitchen, outdoor entertaining or dining area, and a hot tub also made the top 10 most prized garden improvements. Having these features in your garden could increase the value of your property by up to £6,500 on average, according to the Nationwide survey.(2)
In total, the Nationwide research identified 19 garden improvements, with a vegetable patch, newly painted fences and a well-kept lawn also making the list.
Of course, neglecting your garden space could also significantly decrease the value of your home. A mouldy or dirty conservatory roof could decrease the value of your house by £6,140, with damaged garden walls next, with an average decrease in value of just under £6,000.(2) Broken guttering, cracked or damaged patios and damaged decking could cost you dearly.
Of course, in the end, with property values at an all-time high(3), demand for property is outstripping supply and the value of your property could be determined by the desire to buy as much as by the additional features that you may offer.
Article supplied by SJ Financial Solutions - Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from mortgage and protection services and set up SJ Financial Solutions to change this.
If you would like to get in touch with SJ Financial Solutions please see contact details here.
Sources
- Office for National Statistics (2021) How has lockdown changes our relationship with nature? Available at: https://www.ons.gov.uk/economy/environmentalaccounts/articles/howhaslockdownchangedourrelationshipwithnature/2021-04-26 (Accessed 26th April 2022)
- Nationwide Building Society survey with Censuswide (2022) The Garden Trends That Add The Most Value to Your Home in 2022. Extract available at https://www.roofingmegastore.co.uk/garden-trends-2022 (Accessed 25th April 2022).
- Property Data (2022) House Prices. Available at: https://propertydata.co.uk/charts/house-prices (Accessed 25th April 2022)
Published: 04 May 2022
