How To Add Value To Your Property
Whether you’re seriously considering putting your home on the market or just want to add some value to your property in case you end up selling it in the future, we have a few tips for both higher and lower budgets.
Convert The Loft
The truth is, converting the loft of your property is one of the most expensive forms of renovation that can be undertaken. However, it can increase the value of your home massively – especially if it’s turned into a bedroom.
But just how much does the price go up?
Research by Nationwide has found that a loft conversion can increase the value of a property by 20 per cent. This is particularly beneficial if your property is valued at a higher price. For example, if your property is valued at £250,000, a loft conversion can increase this figure by £50,000.
Nevertheless, before you do anything it’s important to know if you’re actually able to have a loft conversion. PropertyPriceAdvice suggests a simple way of doing this – stand in the centre of your loft and measure the headroom. If you have at least 7 feet of space, you should be a able to convert the loft. You can get in contact with a builder or architect to double check this for you if you’re still unsure.
If you do this and find a loft conversion may be an option for you, start doing some research to find some loft conversion companies or builders to help you with this.
Renovate The Kitchen
For many households, the kitchen is the heart of the home. This is where they will eat, do homework, bake together with the kids, or just sit and chat when they get home from work.
It’s for this reason that you should try and renovate your kitchen if it’s looking like it needs a little TLC.
The average cost for a kitchen renovation is somewhere around £5,000 to to £25,000. However, be aware that this may vary.
If you’d like to up your game…
Then take an extra step and look in to not only renovating your kitchen, by making it into an open plan kitchen, living and dining area. This may be more expensive, however the demand for this type of plan could mean that your home will sell more quickly for a good price. Well worth the investment.
Get An Extension
Prices for extensions vary depending on how large the project is. It goes without saying that the larger the project the higher the price attached to it will be. This price varies according to factors such as the number of storeys and the size of the extension. It may be £10,000 or it may be £40,000.
Yet, a tasteful extension that adds to the house rather than distracts from it can increase the value of your home by about £40,000 according to Nationwide. Similar to loft conversions, this investment is especially beneficial if your home has been valued at a higher price.
Nonetheless, that’s not to say that you shouldn’t get an extension if your home has been priced at a lower figure – an extension would still add around £20,000 to the value, however you’re less likely to make as much of a profit.
Remember to get planning permission before starting your extension.
Build A Conservatory
Usually priced between £4,000 to £15,000, a conservatory is one of the cheaper ways to increase value, especially for homes that have been valued at a lower price.
Conservatories can add a few square feet to a property, which are compulsory in most cases for adding value to your home.
However, don’t make the conservatory so big that it eats into the garden space, as a good garden is desirable to buyers and may help even further to sell the house.
Always have a conservatory facing south to ensure that it gains more heat than it loses.
When it comes to renovations and conversions, don’t go overboard.
It’s easy to believe that undertaking countless renovation projects will add tons of value to your home. However, there is still a ceiling price; that is, there will come a point where any renovations you make will fail to add any value to your property.
You can still make renovations, but remember to do so carefully so you don’t waste money.
Naturally, fully price of fully renovating areas of a property can pile up and get very expensive.
Nevertheless, there are still things you can do to increase the price tag on your property without breaking the bank.
Upgrade The Kitchen
The kitchen is the most valuable room in a house. Rather than renovate the kitchen entirely (or if your home just doesn’t need the whole thing renovating), you can always make smaller changes to increase property value. These include:
- Replacing the sink or microwave if needed.
- Reface cabinets rather than replacing them. This is more cost effective and still increases the value of the property.
- Replace cabinet and drawer handles that have seen better days.
- Make sure all appliances work properly.
- Get new taps fitted if they are needed.
Add A Bedroom
If you have a spare room in your house that could be used as a bedroom but isn’t, then buy a bed and wardrobe and turn it into a bedroom! This can increase the value of your home more than if it was just another room – the price can go up by 11 per cent, to be exact. Not only does it add value, it’s also ten times cheaper than undertaking a loft conversion.
If you don’t have a spare room to turn into a bedroom, you might be able to make one.
If you have a particularly large room in your house, then you might consider creating another bedroom by dividing that space with a wall. Don’t forget to add a window, bed and wardrobe if you choose to do this.
Make Small Changes To The bathroom
Renovating a bathroom can get very expensive and it’s perfectly understandable to not want to fully change the whole room.
However, there are a few more cost effective things you can do which will make the room look as fresh as possible as well as adding a great deal of impact along with adding value.
- Add a new floor. Retiling is a good thing to do here.
- Paint the walls. Neutral colours, particularly off-white, work well in a bathroom.
- Make sure there’s a shower rather than a bath. This is a must for most buyers and can increase value.
- Replace the vanity unit if necessary. This can make a bathroom look better maintained and well put together.
- Update smaller things like towel racks, taps and lighting. Make sure lighting is bright.
Clean The Carpets
How clean your carpets are can actually impact the value of your property. If they’re looking particularly worse for wear, you might choose to get them cleaned professionally throughout the house.
Another route you might choose to go down is replacing the carpets entirely with wooden floors.
Why? There are a few reasons for this…
Firstly, dirt is less likely to stick to them and they’re not as much hassle to clean as carpets. This makes them more desirable to buyers as well as increasing value.
Secondly, wooden floors are better for people with allergies or asthma. This is because the allergens found in carpets are less likely to be found in wooden floors.
Finally, it’s easier to compromise. If you still want something more cosy on the floor, rugs are the solution.
It doesn’t matter whether you choose engineered wooden flooring or real wooden flooring – either works.
Consider The Exterior
Believe it or not, good kerb appeal can increase the value of your property. It’s the first thing the buyer will see, so make the exterior look as presentable as possible.
You can do this by repainting deteriorating bricks, doors and windows, removing weeds from the driveway or repairing anything that needs it.
But it’s not just the front of the house you should consider. A well put-together garden also increases the price of the property. Getting rid of any weeds like you would in the front garden, getting some flowers and fixing any broken lighting are just some of the things you could do.
If you make the right investments for the size and requirements of your property, then you will not be disappointed when it comes to having it valued. Not only can these changes increase the value of your home, but they can enhance the enjoyment for you and your family as well.