Buy-to-let landlords looking to make renovations to their investment property will be interested to learn of the top-ten list of improvements made in the last five years.
A new report from GoCompare Home Insurance has indicated that a new bathroom is the UK’s most popular home improvement, with 39% of those making renovations in the last 5 years doing work in this room.
New kitchens came in second place with 38%, while a new boiler of central heating system made up the top three with 34%.
The full-list of most popular home-improvements carried out in the last 5 years are:
|1||Installed a new bathroom||39%|
|2||Fitted a new kitchen||38%|
|3||Installed a new boiler or central heating system||34%|
|4||A garden make-over||26%|
|5||Installed double glazing||26%|
|6||Built an extension||17%|
|7||Knocked through rooms||12%|
|8||Fitted solar panels||12%|
|9||Created an attic conversion||10%|
|10||Added an extra bedroom||9%|
However, the survey also revealed that 41% of property owners carrying out work on their accommodation did so without informing their insurer. This could potentially cause their policy to be invalid, so it is imperative that investors check with their landlord insurance provider before starting any renovations.
Matt Sanders, home insurance spokesperson for GoCompare, noted: ‘While you don’t need to inform your insurer about routine decorating or maintenance, you should inform your provider if you’re planning on carrying out any major building or renovation work, otherwise you could risk invalidating your policy.’
‘Another important thing to note is that most home insurance policies don’t cover tradesmen or their work, so you should always check that they have their own insurance in place. It’s also sensible to check that any tradesmen you employ are qualified to carry out the work and registered with a recognised governing body.’
‘Remember, after completion of the work, you may need to increase your sum insured to reflect any increase in the rebuilding costs of your property and any increase in the value of your possessions,’ he added.