If the housing market is stagnant then the only way you’re going to be able to move up the property ladder in the short term is by maximising the value of your current property. Although everything from fixing structural problems to ensuring the central heating is running smoothly will ensure you can command a decent asking price, we’ve taken a look at the improvements that are likely to make the biggest difference to your bottom line.
A study conducted by the Office of National Statistics found that in the UK alone, property owners spend more than £30 billion every year on home improvements, but it’s important to consider that not all of the expenditure was recouped through a gain in the house price with spending getting up to £50 billion in the Brexit panic months of 2017. So before you start rifling through interior design catalogues, it’s important you know which projects are likely to get you the most money in the long term.
Here are our 5 top home improvements that can add value to your home and can affect the price:
Adding an extension
If you’ve got the room and can acquire planning permission, then an extension is a definite home improvement you should consider to boost your margin on selling a property. When all is said and done, the simple act of adding some square footage to your property is almost guaranteed to boost its value.
Whether you’re thinking about extending your kitchen or your dining area via a single-storey extension, or you’re thinking about an entire double extension which involves additional bedrooms, it’s important to consider the cost and return of your extension.
Most extensions will end up costing £20,000 or more, and if your house is in line with the UK average, then you can expect to gain a value of around 11%, which equates to around £33,000 on an average home. Be sure to check sold property prices locally, especially ones that have had an extension to see if the improvements are worth the monetary reward.
An extra bathroom
Plenty of prospective buyers will reject a property because it doesn’t have enough bathrooms, so if you can squeeze an extra one in, you can expect your home to jump 5% in value. Extra bathrooms and en-suites are highly in demand because they provide buyers with that extra level of simplicity and comfort.
Nailing down an exact cost for your extra bathroom can be difficult, especially if you’re not doing the work for yourself, not to mention the risk of ending up with a poor job if you fail to ensure proper tiling. An experienced surveyor will surely find out and speculate on the risk of mold exposure for future owners and thus pressure your asking price. If you’re looking to add a bathroom and get your property on the market quickly, then it’s a good idea to not go too over the top on extras such as decorative tiles, designer lighting, and exotic furnishing.
Affordable quality will still add plenty of value to your house and you can fit a decent bathroom for relatively little outlay. It’s also important to leave personal taste at the door; you may love a mint green finish, but prospective buyers could be turned off.
Go open plan
Although open plan living may not be one of the hot interior design trends anymore, it’s still highly popular with buyers, and for many house hunters who have become used to open plan living, a home with a separate kitchen and dining room simply isn’t a consideration. If your kitchen could be remodeled into a cooking and living space, then it may be worth thinking about investing around £8000 in a new black kitchen, which will typically net you a six percent gain in the value of your house.
Add a conservatory
Conservatories have been a bit up and down in terms of design trends but have found a new lease of life in recent years. To invest in your exterior is a crucial part of getting more value of it. They have always been popular with house hunters, but buyers have in the past been put off by cheap looking uPVC conservatories which have a dated feel. If you’re looking to appeal to the modern buyer, you need to think about a glass conservatory.
Although the initial cost is more, a conservatory made with quality materials is going to add more value to your house than a uPVC one. You can expect a high-quality glass conservatory to cost up to around £10,000, but it has the power to add five percent to the value of your home. Be wary though, if your conservatory minimises the outdoor space, it may actually detract from the overall value. It’s important that you strike the right balance when wondering how to build a conservatory that acts as the perfect link between inside and out.
Consider an extra bedroom
The best value to be found when it comes to home improvements is an extra bedroom, especially if it comes courtesy of a loft conversion. Depending on the size and your budget, an extra bedroom could set you back anything from £15,000 to £40,000.
Despite the large investment, there is enough evidence to suggest it pretty much always pays off. In most cases, the addition of a double bedroom is likely to add ten percent to the value. So, if you budget carefully and manage to create an extra bedroom without going over the top, you could see yourself climbing the housing ladder sooner rather than later.
February 23, 2018