The average Love it Or List It home renovation costs £54,111, and despite spending such a huge amount, over a third of couples still end up moving house post-renovation.
Analysis of every episode of the Kirstie Allsopp and Phil Spencer home renovation show, by retailer Insulation Express, found 36% of homeowners featured on the show still chose to sell their home after spending tens of thousands of pounds on improvements.
But while all these renovations may seem like a wasted effort to some, they can actually make a house far more sellable and profitable.
The average renovation increases the value of the house by £63,000. Taking into account refurbishment costs, the average profit totals £13,444.
Despite good intentions to stay within a budget, often properties run into problems during the build — causing homeowners to spend more.
The research found that the average Love it or List It household spends £54,411 on home improvements, which is 18% higher than the average initial budget of £45,768.
Of the properties that do go over budget, the average predicted improvement cost was £45,597. However, renovating their house into their dream home ended up costing participants 72% more, totalling about £63,800.
A whopping 86% either knocked down walls or moved rooms around to create an open kitchen-diner space, indicating it’s the most-popular house renovation. This is followed by adding an additional bathroom or refurbishing the current bathroom, a renovation carried out in 64% of homes on Love it Or List It.
A huge 64% of Brits were persuaded to stay in their current home after refurbishing — potentially due to the average move costing £22,084 in stamp duty and estate agent fees.
After watching every single episode of Love It or List It, InsulationExpress also offered some tips for if you’re looking to consider selling your home.
Tips for selling your home
Look at adding more space to your property through a loft conversion or extension, as 64% of Brits are seeking more space in their homes.
The dining room is the least desirable feature, so think about knocking down a wall or swapping rooms to create the most popular renovation — an open kitchen-diner space.
If it’s not possible to create a large kitchen-diner space, you can still add great value by refurbishing your kitchen. The kitchen is the second most-used room, so this will be a focus for many buyers. Even if you can’t afford a whole new kitchen, you can spruce the space up by painting cupboards and replacing taps and handles.
If you’re seeking to make as few changes as possible that won’t break the bank, contemplate repainting your home and buying new furniture. One household added £20,000 to the value of their home by just making small changes.