10 ways to add value to your home
During 2017, according to the Office of National Statistics, 65% of homeowners opted to keep their house and renovate as opposed to moving. Whether you’re planning to sell your house imminently or simply know you potentially might in the future, adding value to your property may well be high on your considerations list. Adding value to your home can be in the form of larger projects such as converting garages or adding a conservatory but they can also be smaller upgrades that are more superficial such as replacing faded carpets or giving walls a fresh lick of paint.
Big ticket projects
1. Adding a bedroom
By converting your garage or loft space into an extra bedroom you could add up to 10-15% onto the value of your house, especially if they have an ensuite bathroom attached to them. National Association for Estate Agents (NAEA) Propertymark conducted a survey that showed half of estate agents thought that ‘adding a bedroom – usually a loft conversion – adds the most value’ to a home.
Note: You’ll need to apply for planning permission if you want to extend your roof space by more than 40m3 for terrace houses and 50m3 for non-terraces.
2. Bathroom updates
An entire new bathroom could add 3% onto the value of your property. If your bathroom is very dated, a new suite could be essential but by keeping things neutral, simple and good quality you’ll attract buyers if you’re looking to sell. Bathrooms can turn into a larger priced projects if you’re after a full renovation as above but, you could also do small and cheaper updates to add more value to one of the most used rooms in your house. New taps, shower heads, toilet seats and even flooring can instantly update your bathroom for a fraction of the price of a full renovation.
3. Open plan living
Living space can be worth more per square foot than bedroom space so, adding a conservatory and making your living space open plan could add at least 10% onto your property’s value. Knocking down walls to create a kitchen, living and dining room in one is a huge project but it can really reap the rewards when it comes to modern living and adding value.
4. Kitchen goals
The NAEA have also said that if you can only afford to do one room renovation in your house, choose the kitchen as it you’ll get the most use out of it yourself and it can potentially add up to 10%, similar to adding another bedroom. If you don’t personally need another bedroom or your property doesn’t need one, a kitchen could be a great investment. When renovating your kitchen, ensure that your investment is relative to your property to make sure that you are actually adding value. If you add a kitchen that is too expensive for your house, for example if you add a kitchen worth £20,000 to a £150,000 house you won’t see a return on the investment when you come to sell.
5. Add parking
Usually, adding a parking space will add around 5% to the value of your house but it could add up to £50,000 onto the value of your property in some expensive urban locations where parking is a serious premium. We’re not saying adding parking to any house will result in this level of cash injection but if you live in an area where parking isn’t available, it can be very valuable.
6. Apply for planning permission
Whether you’re interested in extending your property or not, you can apply for planning permission that can attract more buyers to your property for when you do come to sell. While you might spend £1,000 to £2,000 on a survey, design and planning processing, doing so could seriously push up your property’s value as the new buyers won’t have to go through these processes and costs themselves.
7. Be smart
Adding smart technology to a home can really be a value adder for a lot of people. Think heating that you can control with an app, integrated sound systems for each room and smart metres that can easily be installed by energy providers.
Sure, painting and decorating your home could cost a fair bit if you’re going at it full force with new paint jobs as well as potentially flooring and furniture, but it could add a lot of value onto the price of your house. Plus, it can cost a lot less if there are only small improvements to do such as changing sockets and light switches and a fresh coat of a neutral colour.
9. Fix any niggling issues
That cupboard that doesn’t quite shut properly and the creaky floorboard that you keep meaning to fix? If you aim to get these small but annoying things fixed as a priority, you’ll be happier in your home without the daily reminder of something you haven’t done and it will be more attractive to buyers. Small issues like these add up quickly in buyers’ minds and if there are too many of them it could put them off completely.
10. Curb appeal
The front of your house is the first thing that you and potential buyers will see upon approaching the property. If you do want to sell, sprucing up the front of your house is essential. First up, update your front door, this could just simply be giving it a good old clean with a pressure washer and changing the house number sign. These are very cheap updates that can make a world of difference. Repair creaky gates or rusty front railings and consider adding some greenery whilst removing any unsightly weeds. Perhaps create a bin store if your wheelie bins are kept at the front of your house to keep them out of sight.
Whether you’re investing in bigger projects or trying the more cost effective updates they can all really make a difference to how you feel about your home and how potential buyers will see it.