Whether you are looking to sell or just want to increase the value of your home, certain home renovation projects can add up to 15% to the selling price of your house. Take a look at some of our top tips for adding value to your home:
Build sky high
A loft conversion can be one of the easiest ways to add an extra bedroom or study to your home. However, before you start planning how you’re going to use the space its key to ensure that there is existing access to the loft which is easily reachable. Remember you may have to strengthen the floor joists, which in turn will raise the floor level slightly, so make sure you have sufficient ceiling height to stand up in after the adjustment. A few years ago GE Money carried out a survey of 110 estate agents and the results concluded that a loft conversion adds, on average, 12.5% to the selling price of a house.
When you can’t go up, go . . . .
If you can’t extend up, then have you thought about extending down? Arguably it is the most expensive form of conversion, with an estimated cost of £300 per square foot (including digging and fittings). Therefore, unless your property is valued at £300 per square foot or more then you may not see your investment back. Renovating your basement can affect the structural load of your property, so it’s essential that you hire the right tradesman and receive the right renovation insurance agreement. However, basement conversions offer fantastic space opportunities underneath your home and will be a big selling point if you decide to move on. It’s important that you undertake a basement conversion with the aim of increasing your living space and quality of home life, and not purely for profit purposes.
Go for glazing
A conservatory can be an affordable way to extend your downstairs living space, but make sure that the style of conservatory you choose matches the rest of the house. You can enhance the open plan feeling by installing the same flooring throughout your downstairs living area, to create a flow throughout the rooms. A conservatory can cost anything from £2,000 – right through to £30,000 depending on your expectations and budget, so it’s important to be realistic with the desired effect you want to end up with. Remember you will have to account for a budget to furnish and decorate the area once a conservatory has been built too. Despite the high initial costs, a basic sized conservatory can add around 7% to the value of your home – and a large extension upwards of £15,000 can add approximately 11%.
Ditch the unused garage
Did you know that 90% of British garages don’t actually contain a car? This space would be much better used as an extended living space. If your garage sits adjacent to your house then why not turn the area into an extra living room? A spare bedroom? Or a children’s play area? Depending on how you want to use the space will directly affect the costs of the renovation project. However, you can calculate the possible value added by multiplying your existing square footage value by the square foot of your garage.
Is concrete the way forward?
If you live in a city where parking is tight and always end up in a fight with the neighbour over spaces, then re-paving your front garden can really add value to your home. Although this type of renovation can be expensive (£5,000-£20,000), it can add up to 15% to your property, especially if you’re based in an expensive urban location.
Grab a paint brush
If you are trying to sell your house, or to just generally improve the value of your home then think about painting the outside of the house. The cost can range quite dramatically depending on the size of your house, quality of paint and area in which you live, but if nothing else your house will look newer and more attractive in comparison to your neighbours.
Both kitchens and bathrooms are the two fundamental rooms in the house that can make or break a sale, so it’s important to give them a facelift before you decide to sell. Whilst remodelling the entire room can be a costly expense, just changing the floors or cupboard doors in these rooms can increase a property value by between 2 and 5%.
*Statistics sourced via: Phil Spencer for The Telegraph
**Image sourced via: Renovation Kingdom