For others, it’s the life-changing prospect of remodelling and refurbishing their home that excites them.  Within reason, they are prepared to pay more for this than any expected gain in value.

Here is a selection of factors which might affect your decision to invest in improving your home:

circumstances compel you to make changes: growing children can no longer share a bedroom; the fabric of the property is deteriorating;  you need a more maintenance-friendly home as you get older;

you love the location but your home is dated; you’d rather spend on your current property than move;

you’ve been inspired by interiors photos online, you have the funds to renovate your home and want to get on with it;

Much of the investment is portable (like new furniture) to take with you if you move eventually.

… or not to invest:

you won’t see a significant increase in property value;

the property’s location doesn’t warrant further investment; you’d rather move;

you don’t have sufficient funds to achieve your plans.

In the extreme, you could knock down your home and start again!  Originally, these clients planned to purchase a detached property and extend it to accommodate their growing family. Then, they decided to demolish most of it and replace it with a modern house. They considered this to be the best, long term investment.

Here we present three cases, each with a different motive for renovation.  The first is a phased project to accommodate a change in family circumstances. The second explores a client’s dilemma between moving, or staying put.  The third examines a client’s decision whether or not to purchase a property in the first place. Indicative prices exclude VAT estimated at 2023 prices (unless otherwise stated).

The loft conversion (no dormer or en-suite) would cost around £56000 in 2023.  This added a fourth bedroom doubling as a home office. Looking at the difference between three and four bedroom properties in the same street, the conversion more than paid for itself. So purely in monetary terms, you could say that this loft conversion was worth the investment.

But there’s more to it than that. The family can put up guests, saving on hotel bills. The home office offers a saving over renting a premises. So the investment in this simple loft conversion has paid for itself many times over, whilst adding value to family life.

This basement conversion would cost around £98 000 at 2023 prices. It provided a small home theatre, significant peripheral storage and a laundry. The basement wouldn’t return a commensurate increase in property value, given that neighbouring Edwardian houses are very similar and benefit equally from nearby schools, amenities, parks and distance to Bath. A house-buyer may pay a small premium for the extra living space, but well  short of the money spent on the conversion.

This project was never about the return on investment – it would give growing teenagers their own space and gaming area away from the adults.  And the laundry saves spreading underpants around the house to dry – you can’t put a price on that!

Clients often ask us how best to use their old dining room once they’ve invested in a kitchen-diner. This home office would cost around £9000 at 2023 prices. Fitted furniture won’t add to the value of the property, but it is functional and makes great use of the space.

We carried out a feasibility study for him based on our cost records from past renovations.  This included exterior works to the roof, garden and patio, as well as interior remodelling.

Considering his options, our client decided to invest in his existing home. This amounted to £170 000 at 2023 prices, of which £40 000 was allotted to portable items (TV, sound system and new furniture that he could take with him).  So a net cost of £130 000 on interiors, the fabric of the home and its grounds.  The client calculated that it was worth investing this sum in his home to remain in an area he loved, rather than sink money into relocating.