Top ways to add value to your home
We have pulled together our top tips to help add value to your home. Your house is probably the most expensive thing you’ll ever buy and your best investment. Renovating your home creates more space and gives your house a fresh look and feel, but you need to make sure you get the best return on your investment, too. A basement investment for instance, is very costly to do and rarely adds value to a property. We would recommend that you make the most of what you already have to create more space.
Starting from the top – Loft Conversion
Loft conversions are a fantastic way to increase the value of your home and utilise the space that you have. On average, they can cost around £23,700, and are expected to provide an added value of 13 per cent, according to property expert Phil Spencer. Unused areas such as the loft become functional and stunning, adding approximately 20% to the value of your home.
Modernise your kitchen
The two rooms that benefit most from small renovations tend to be the kitchen and bathroom. Zopa stated that a new or renovated kitchen produce a return of 51 per cent to your investment. This means that if you were to spend £17,000 on your kitchen, then you would add 10 per cent to the value of your house. Replace outdated fixtures and fittings and colour-coordinate them as best you can to add a sleek and modern feel to your kitchen.
Scrub it clean – Bathrooms
Your bathroom should be pristine, shining and bright. Any sealants and tiles should be well-scrubbed to remove water-marks or mould that might have built up over time; this can cost as little as £5 from DIY stores such as B&Q. New taps can cost around £50, depending on the style. Shower curtains could be replaced by a glass door for around £200. White walls, tiles and ceilings give a clean, fresh and modern look to your bathroom; silver furnishings complement and add to this effect. The Telegraph estimates that a new bathroom can put 2.88 per cent onto the value of your home.
Don’t forget the garden
A garden does not need to be large to be attractive. Transform or revamp your garden to serve as a reception room for guests to add value to your home. Decking or a patio is worth the investment, creating an extra room for entertainment in the summer. This Is Money.co.uk said that renovating your garden will cost an average of £4,550 and is likely give a return of 88 per cent on your investment. These figures will heavily depend on the size of your garden and the work that you want to do. Nevertheless, you can rest assured knowing that renovating your garden is likely to add a lot of value to your home.
Let there be light – add a conservatory
If you have a large garden, you might want to think about adding a conservatory to blend into the style of your home. Depending on the size, a conservatory is often covered under ‘permitted development’, so you don’t need to get planning permission. This makes it a popular choice for homeowners looking to add space and value to their property. The Telegraph found that the average UK home is worth around five per cent more after adding a conservatory. Research has also found conservatories yield a 108 per cent return on investment.
Somewhere to park
Twenty years ago, homeowners were expected to have one car. Today, 23 per cent of households have two cars and seven per cent have three or more, states Saga. In 2017, 37.5 million vehicles were registered on the roads of Great Britain, according to Gov.UK. If you live in an area where parking is at a premium, off road parking can add value to your home. Before beginning any work, ask for permission from your local authority for your area; you may need to cover the cost of creating a dropped kerb too, which may be around £1,000 +VAT.
Finally, if you’re looking to sell….
A bit of DIY goes a long way – fix problems and paint the rooms
Before putting your home on the market, it is vital to fix any structural problems. This prevents buyers from using issues as leverage to reduce the asking price. For instance, if a buyer thinks that they will have to replace or fix the roof. Buyers will be enthusiastic about your property if they see that they do not need to spend more money fixing the property once it is bought.
Paint the rooms
Freshly painted rooms in neutral tones look clean and modern. If you are thinking of selling, this gives the potential buyer a fresh canvas. The soft tones can give the appearance that the space is larger than it is. Emphasise this effect by replacing heavy drapes with vertical blinds or shutters to let light in. Don’t forget to take out as much furniture as possible from the room and tape over plug sockets and skirting boards to produce clean lines.
For more interior design tips, why not see our top tips to decorate your home.
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