What’s more, they believe that the property is significantly more valuable, predicting their home is worth an average of £33,125 more than when they bought it.
According to the study of 1,000 homeowners, almost a third (31%) bought the property with an eye on how much money they could eventually make from it.
Location also played an important part, with 34% buying in an already desirable area, while another third (32%) targeted areas which had been classed as ‘up and coming’.
The study also found that homeowners were likely to have updated the property in some way since they bought it. Around three quarters (76%) have made changes since they moved in, and of these 60% argue the renovation works have helped increase the value of the property. On average the renovation work has cost more than £18,000.
How much value homeowners think they’ve added – by region
|Region||% who believe their home has increased in value||Average amount they believe it has increased|
|East and East Anglia||96%||£33,565|
|Yorkshire & The Humber||89%||£23,859|
The most popular improvements
The study found that three quarters (73%) of homeowners have decorated every room in the property, while 67% have fitted a new kitchen, 65% have fitted a new bathroom and 64% have replaced the windows.
Other popular work includes re-carpeting the house, installing a new boiler and renovating the garden.
Caroline Hunter, head of home insurance at Co-op, said: “Kitchens have long been lauded as the heart of the home and our study continues to solidify this, with over half of homeowners believing that this is the room of the house that could make, or break, a sale.”
“Whilst they are a big draw for prospective buyers, they can be expensive, therefore it’s important to revisit your home insurance policy to ensure you have the right level of cover in place during the building works, to protect you from additional risks during the work. Don’t assume your builder will have insurance in place that covers you in every eventuality.”