Whether you’re preparing to sell in the near future, or want to add value to your home for the long term then check out these ideas for increasing the worth of your property.
Build a Conservatory
Generally speaking a conservatory is a quick and relatively cheap way to add value to a home, and can increase the value by around 7 per cent or approximately £12,000 – £30,000 for a properly built extension which acts as a large and comfortable extra room. Planning permission isn’t typically needed either, and a conservatory also acts as a good first impression and front piece to a home.
Loft Conversion
According to research from the Nationwide Building Society, a loft conversion will add around £37,000 to your home’s value. A basic loft conversion should cost around £15,000, so represents a good investment. Your loft will need to be at least 2.3 metres in height (centrally) so Victorian or houses built in the 1930s are ideal due to their high roof pitches. Planning permission isn’t normally required but always worth making sure.
Redecorate
Thorough redecoration is a must if you intend to put your property on the market. New carpets and a complete re-paint will transform the interior and make the house look bright and fresh. However, keep colours neutral, and with the trend for wooden flooring still one of the top ten most desirable features in a home, it’s really worth checking underneath your carpets for floorboards.
Open Out
Today’s buyers really want space, so a collection of small fussy rooms isn’t a selling point. Add value to your home by knocking down internal walls to create flow, and add light and space. Do be sure to check that walls you intend to demolish are not structural first though. If budget allows, you can also add skylights and glass doors for even more light and to create an impression of space.
Upgrade the Kitchen
Unfortunately, a brand new spanking kitchen costs around £15,000 to install and adds only of about £4500 to your home’s value. However, buyers consider the kitchen the most important room in the house, so a new kitchen will make your home more sellable.
Improve the Bathroom
The costs of installing a beautiful bathroom can outweigh the value added to your home, but again, a statement bathroom is a prized feature in a property. Go for a clean minimalist design using the best quality fittings you can afford and base ideas on a luxury spa. You’ll not only enjoy it, but have added an immensely desirable feature for when it comes to sell.
Re-Develop
If part of your home could be developed for rental purposes; a granny flat or extra wing for example, then you’ll not only be increasing the value but able to accrue extra income. Redevelopment can however cost a significant amount, so you may need extra funds for the investment. You could consider either an unsecured personal loan or bridging loan from a bridging finance specialist, or through extending your existing mortgage.
By Harry Price
Harry Price is a freelance writer and artist from the south coast. He lives with his wife and 3 dogs, using his scenic surrounding for inspiration.