If you want to increase the value of your home, then you need to invest in it. By spending your money on home improvements you will not only breathe new life into your property, but you can also add value to your home.
A survey by the National Association of Estate Agents last year revealed that half of the estate agents that responded ranked adding a bedroom as the best modification. Similar research looking at those who have sold properties shows that the most valuable additions are an extra bedroom, loft conversion, new bathroom and kitchen and central heating.
Before you go ahead with home improvements, you must make sure that you can afford to see them through, whether you’ve set money aside or you’re considering a remortgage.
Here, we take a look at the top five value adding home conversions.
One of the first things that your mind goes to when you talk about adding an extra room to your home is a loft conversion. Often the easiest way to do it, a loft conversion with a bedroom and a bathroom will immediately push your home into the next price bracket, adding about 9-10% to the value of your home. It can all be done from the outside too, making it one of the least disruptive ways to add an extra room.
Add a Conservatory
Adding to your living space will always add value but you need to be careful to ensure that it looks cohesive and not something just shoved on the back of your home. Choose a conservatory in the same style as your building, and try to integrate it as much as you can with your home by doing things such as installing the same flooring throughout – so it looks like it could have been there the whole time. A conservatory can add around 7%, and an extension can add 11%.
This is one of the most expensive types of conversion, but it does mean that you can, potentially, add space without having to give up any of your living or storage space. However it is a huge undertaking as you’ll have to move out of your home for several months, and it will affect the structural load of your property. You should think carefully about whether it is worth it – typically it costs £300 per square foot to do the digging and fitting out, so unless your home is worth more than this, then it won’t be worth it.
Does your garage contain a car? If it doesn’t, then it’s the perfect space to turn into living space. If your garage is connected to your home, then you could spend £10,000- £20,000 on making it look like it was never a garage in the first place. It has the potential to be an extra bedroom and bathroom, a study, a ‘mancave’, anything, which could add up to £40,000 to the value.
If you live in an area where parking is a premium, swap your garden for a driveway. You may need planning permission, and you will have to apply if you want the kerb dropped, but it could add as much as £50,000 to the value of your home.