What home improvements will increase the value of my home?
May 8, 2012
With many of us looking at improving rather than moving, there's plenty of interest in building your home's value for longer-term gain with judicious upgrades and installations. Well-planned and executed home improvements can lead to an increase in a property's value but botched work will do more harm than good. So do your research first and pick the right projects. Don't forget as well the impact any work done might have on your household insurance.
Extension
Building an extension is an ambitious job that will be expensive. It can also reduce outdoor space and cause disruption. However, extra interior space can be a real benefit and boost the value of your home considerably. Check that your plans are in line with the property's style and that the extension will provide usable living space. Avoid mistakes such as installing a small conservatory without thinking about its use or layout. Expect to pay upwards of around £30k, depending on your plans.
Conversions
This is a smart move in terms of return on investment as loft conversions are thought to be the best upgrade for improving a property's value. Prices start at about £8k and a good conversion can add around £15k to your home's value. Check that your loft has at least 2.5 metres in height and ask about planning permission - a good building company will manage the process for you. A typical use for a loft conversion is to provide extra bedroom space or a bathroom.
Alternatively, if you have a cellar this can also be converted. Forget digging out from underneath a building if you don't have a cellar in place, though. It's a hugely expensive and complex job, coming in at around £80k. Cellar conversions should be handled by a specialist contracting company and you should check with your council about planning permission, particularly if you live in a period building or have tenants. This type of work will affect your household insurance and you must declare it to your insurer.
Adding Space
Creating an extra bedroom can add around 11% to the price of your home and it needn't be an expensive job. Think about your home's proportions, though, as few people will want to pay for two tiny cramped bedrooms which were clearly originally one room. Single occupiers or couples will tend to prefer fewer larger rooms, although families might welcome the extra room potential. Think about your potential sales market and make an objective decision.
Outside space is important too and a garage installation can add around 11% to a home's value. It will cost from around £8k to £25k or more.
Opening Up
Open-plan living is the trend that won't go away and it appeals many buyers. It's a job for the professionals as load-bearing walls may need to come down to achieve your vision. This will affect your household insurance too and your insurer may want to see certification of structural work.
Central Heating
It's not the most creative of projects, but a new boiler and central-heating system can add 13% to a property's value, with a substantially smaller outlay (prices start at around £2k for a small boiler installation). Look for high-efficiency condensing boilers which will attract buyers with green concerns.
Modernisation
Updating a bathroom is a quick win and needn't be expensive either, as basic suites start at around £500. Consider a wet room if there isn't really space for a full bath. Similarly, a kitchen can add the 'wow' factor and research suggests that a modern fitted kitchen lies second in the 'mostly likely to add value to a property' charts. Don't spend a fortune - £10k is what most people pay. It's good practice to let your insurer know details of improvements for your household insurance, particularly where cover and accidental damage is concerned.
Don't forget to factor in costs for expert advice and support from planners and architects too. Plans for large-scale work will need to be both safe and legal and have the necessary permissions in place before the project begins. Don't scrimp on this stage, as a job well done is a job that will last and you'll be glad you invested in quality workmanship.
To find a company who may assist you further, simply click on the free links located on the right hand side of the page.
Comment on This Article:
All HTML, except <i>, <b>, <u> will require your comment to be moderated before it is publicly displayed.
If you would like your own avatar displayed, read about comment avatars.
Reader Comments
Skip to form
There are currently no comments about this article.