14 Sep 14 Ways To Increase The Value Of Your Home
You may be thinking of selling your home, or you just want to make some home improvements. This article outlines some of the most effective ways to add value to your property. From improving structural issues, to adding an extension, or working off existing space, and refurbishing rooms, try some of these techniques to increase the value of your home.
You must first fix any structural issues with the property before you even consider making any cosmetic improvements or building changes. There are many structural issues your home may have, such as rising damp, unstable floor slabs, rotting timbers, cracks in walls and joints, and missing roof tiles. These will all need to be fixed before you make any more major changes to your house, as any further improvements need to be built on strong foundations.
Ensure that any maintenance issues are dealt with, such as peeling paint, leaking gutters, plumbing issues, faulty electrics, poor drainage, sticking doors, cracked and leaking windows, condensation damp, and loose tiles. Make sure the house is also sufficiently heated by adding or fixing central heating. Central heating is an essential for any home and may cost about £1,000-£3,000, but will add £5,000 to the value. You will need to regularly update any issues you encounter to make sure your home is of the highest standard it can be. These small changes all add up to increase the overall value of your home. You can find more tips on maintenance here.
3. Existing Space
Before you decide to make any sort of changes to your home, examine what can be done with what you already have. Assess your existing space and make a floorplan of any ways you can improve on the existing structure. Maximise what you already have and think about how the layout can work differently. Knock down walls for a bigger kitchen, living room or dining room to create multi-functional living spaces and make the house seem larger. Just speak to a surveyor before making any structural changes.
4. Loft Conversion
A loft conversion can cost around £20,000-£40,000, but it can add value to your house by up to 15%. Loft conversions add so much value because they provide so much more space. This space can be utilised as an extra bedroom and bathroom to increase house price. Make sure the design is in keeping with the rest of the property, and the conversion doesn’t look separate from the rest of the house. Also ensure easy access to the loft, and that there will be enough head room in the room below and the new room.
Adding a conservatory can cost anything between £5,000 and £30,000, and add up to 7% to the value of a property. A conservatory will create extra space in your home, but be careful that it doesn’t feel like an add on. Make sure it is integrated into the rest of the house’s design and space so that it extends another room or is large enough to become a room in its own right. A conservatory should also be south-facing to get its optimal use and benefit in the summer, and have central heating to gain the benefits in the winter. Also take into consideration how much garden space the conservatory will take up, and whether it’s worth the investment.
6. Basement Extension
A basement extension will create more space and make your house ultimately more sellable. However, a basement conversion or extension can be costly. You will need a structural survey, specialists to design and install the extension, and may even have to move out of the house whilst the work is taking place. A typical basement extension costs about £200 per sq foot for digging, and £100 per sq foot to fit it out, so work out whether this will be cost-effective for you.
7. Garage Conversion
A garage conversion is the easiest type of extension to undertake as little building needs to take place. If your garage is simply a place to store junk, then you may not be utilising the space effectively. Turn your garage into another room instead, and increase the amount of space in your home. You should be able to do this for between £10,000-£20,000, and turning your garage into an en-suite bedroom could increase your home’s value by around £40,000. Turning it into an extra space such as study, playroom, or even perhaps a library or cinema, could still increase its value by around 10%, at £20,000.
The kitchen has become the heart of the home. It is now a multifunctional space and an area where we cook, eat, party, socialise, and watch TV. It’s no surprise then that refurbishing the kitchen can increase your home’s value by 4.6%. Ensure that your new kitchen ideas are in keeping with rest of house – don’t install a £250,000 kitchen for a £25,000 house. You can make improvements by adding a lick of paint, fitting new worktops and cupboard doors, adding up-to-date integrated appliances, and introducing good lighting.
Adding another bathroom can increase your home’s value by 6%. The best way to do this is by turning a master bedroom into an ensuite room, and don’t replace a bedroom with a bathroom. If this is not a viable option, sprucing up existing bathrooms can add 2.88% value. Install a power shower, add new taps, and use a glass shower door instead of a curtain. Paint over tired-looking walls, lay vinyl or tiled floor, add a heated towel rail, and install an extractor fan for ventilation.
Adding an extra bedroom can add 10-15% to the value of a property. However, be aware that although there are price differences between 2, 3, 4 and 5 bedroom houses, after 5 bedrooms, you won’t see much of an increase in house price. Assess how you can do this with existing space by adding or removing walls to create enough space for a bedroom. You could also convert the loft into a bedroom or add an extension.
Creating off-street parking spaces can add value to your property, particularly in urban areas where space can be limited and parking spaces are highly desirable. Although you may need planning permission, you can create a driveway at the side or front of the house with low maintenance materials such as gravel or block paving. Adding a driveway may reduce room the size of the front garden, but it will add value of anything between 5-10% to your home.
Making a few small changes to your garden can improve your house’s ability to sell. The garden has effectively become another room in the house, so having a garden increases your property’s value in itself. To truly maximise its selling potential, refurbish and tidy your garden by clearing away litter, weeding, mowing the lawn, cutting back shrubs and adding bright plants. Make a plan and play around with different materials, creating different zones such as eating and seating areas to optimise space. Privacy is a plus point, as is installing decking and outdoor lighting.
13. Kerb Appeal
Potential buyers will judge a house and make an impression based on what they immediately see from the street. Make a good first impression by presenting the front of the house smartly. Paint the doors and window frames. Update the windows if needs be, replace the doorknobs and letterbox, and add a few neat plants to get the front garden looking up to scratch.
14. Cosmetic Touches
Last but not least, make some finishing cosmetic touches. These can add value to your home by making it look its best, and prospective buyers will be more inclined to buy if it looks stylish, as it reflects the property’s potential. Think about who is the most likely buyer or audience and target your stylings accordingly. Of course, if you’re not looking to sell, you can still add a few finishing touches to your home to make sure it is suited to your taste. Try a bit of interior styling and repaint walls, declutter and tidy the space, clean windows, and style with cushions, textiles, flowers, and accessories.
Whether you’re thinking of selling your home or you just want to make a few improvements, try some of these suggestions to add value to your house. From structural and maintenance improvements, to optimising existing space, adding an extension or conversion, and refurbishing rooms or gardens, each of these can add value to your home and make sure it is reaching its property potential.