For many people, their home is their greatest asset; it’s not just a place to live, but also an investment for the future. That’s why it’s important to make an effort to raise the value of your property.
I’ve just moved home, and my head is buzzing with ideas of how to renevate the parts of the property that need modification. There are many things you can do during the time you’re living in your current home to bring up the value. Here are some of the best value adding decisions you can make.
1. Spruce up the kitchen
If you want to start with something smaller, consider having the kitchen renovated, or fitting an entirely new one. A nice, spacious, functional kitchen can be a big factor in the minds of many potential buyers, and could sway their decision.
The Regional Director of the Property Explorer points out that “The Royal Institute of Chartered Surveyors estimates you can raise the value of your home by around 4% just by fitting a new kitchen. Make sure to fit one in a neutral style that will appeal to most potential buyers.”
2. Add an extension
For those who want to make a bolder move (and who can get the planning permission), think about enlarging your house with an extension. You can normally get a single story extension built for around £30k.
Building society, Nationwide says that you can expect to add about 5% extra value to your home if you build an extension to the ground floor. Choosing bifold doors, and adding an extra bedroom can bring the property value up by a whopping 12%.
Be careful not to encroach too much on the property’s outdoor spaces with the extension, or you could end up hurting the look by making the property seem unbalanced. Potential buyers will care about the outdoor spaces too.
3. Add another bathroom
Another option on the less major side is to consider adding an en suite or an entirely new bathroom. Be careful not to lose a double bedroom in the process, as that could reduce the value of the property.
A well added bathroom can raise your property’s value by 5% according to Nationwide. If you don’t want to go to the trouble of adding a whole new room, simply renovating the bathroom—putting in new taps and so on—can add value to your home. But bear in mind that this will probably cost more than the value it adds.
4. Get a loft conversion
A lot of homeowners have a large loft space that they either don’t use or leave for the storage of a small amount of items. Consider making the most of your loft space by converting it into another bedroom. You should be able to do this if your home was built before 1975 and has a decent amount of vertical space in the loft.
This is a very cost effective way to add value to your home. A double bedroom with ensuite conversion will cost you around £35k, and can add around 21% extra value to the property.
Loft conversions don’t need the same kind of extensive planning permission as an extension, but they do need to meet planning regulations, so seek advice from a professional before organising your conversion.
5. Build a conservatory
Easier than building a full extension, a conservatory adds extra space to your house while providing an entirely new feature, and can raise the value by as much as 15%. It’s another very cost effective option.
Go for a design that matches the rest of the house and doesn’t encroach upon too much of the garden. Also, check with local planning authorities before you start building, as certain conservatories can require planning permission.
Grow your investment
Whether your budget is small or large, your ambitions modest or sky-high, there are tried and tested ways for you to add value to your property and make the most of your biggest investment.