If you’re looking to increase the sale price of your property, home improvements can set you apart from other properties on the market. But not all home improvements are created equal. Some can add more value than others.
To help, we’ve put together this helpful infographic. If you’re looking to add value to your home, these are the 10 options that could bring you the biggest yield.
** Before undertaking any building work, be aware that there are other factors which will affect your house value. There will always be a ceiling price for homes in a particular area. Understanding this will prevent you spending money you will be unable to recoup.**
10 home improvements to add value
If you’re looking to add value to your home, these are some of the most effective ways. Be aware, that the figures and percentage gains stated here are estimates. Every property is different and the best guide on any improvements is by a market appraisal from your local David Burr office.
1. Convert your garage
Converting garage space into an en-suite bedroom could increase your home’s value by around 20% [Source: Virgin Money]
Are you using your garage to house your car? Or are you one of the 9 in 10 people who use it for other purposes. Like storing junk that you keep vowing to clear out one day?
If you have ample parking without using your garage, it could be ripe for conversion.
Often classed as permitted development, undertaking this work can add valuable square footage to your home. That space could be used to add an extra bedroom. Or a reception room such as a home office or playroom, depending on your needs.
Either way, this is a relatively straightforward way to add value.
Estimates by Virgin Money suggest a garage conversion could add £40,000 to a property’s value, for an outlay of between £10,000 – £20,000, making it an excellent investment.
2. Add living space in the loft
Add a new staircase, a large bedroom with en suite bathroom and skylights or dormer window for around £25,000 and deliver an immediate increase of at least 10% [Source: Good Housekeeping]
Adding living space by utilising misused space is the most effective way to add value to your home. Like a garage conversion, converting the loft can turn a storage area into additional living space.
Providing the pitch of the roof provides enough headroom, it can be relatively straightforward to add an extra bedroom.
There are things to bear in mind though. Supporting structures may require reinforcement and the building works can be inconvenient.
While you’ll lose valuable storage space, adding a large bedroom with an en suite can add at least 10% to your property’s value.
3. Add a conservatory
A fully glazed conservatory will merge indoors with outdoors and increase your home’s value by up to 10% [Source: Property Price Advice]
Another way to add floor space is to extend outwards. A conservatory is a wonderful space in which to sit and enjoy your garden.
It can also add up to 10% to the value of your home.
4. Fit a new kitchen
Many existing kitchens can be given a new lease of life for a modest investment [Source: Homebuilding & Renovating]
How attractive a kitchen is can make or break a house sale. Old units and appliances may not inspire. According to Virgin Money, a new kitchen and appliances can add up to 6 per cent.
Other options to make your kitchen more appealing could be expansion or creating an open plan space. End terrace and semi-detached homes often have alleys running alongside them, which can be extended into. Alternatively, knocking the kitchen through into a reception room can create a large entertaining space that is increasingly desirable to today’s homebuyer.
Providing the new kitchen fits in with the rest of the house, it can add a potential value of 5%.
5. Create additional parking
If you don’t already have parking but do have a front garden, consider paving part of it to create off-road parking [Source: The Guild of Property Professionals]
With an ever-increasing number of cars on the road, parking spaces become ever more desirable. One way to create valuable parking space may be to sacrifice an area of your front garden. Paving part of the garden can add an attractive, but low maintenance driveway.
The availability of other parking will impact the effect that adding a parking space will have, however, home insurance provider Policy Expert estimate a new parking space can add up to 5%.
6. Add a garden office
Often a garden office is considered to be Permitted Development, so there is no need for planning permission [Source: David Burr]
A garden room can be a cost-effective way of adding a new office, a playroom or a living space. Because they’re prefabricated, they can be erected quickly, and relatively mess-free.
Find out more: https://davidburr.co.uk/garden-office-loft-conversion/
7. Upgrade the bathroom
A new bathroom will certainly increase the value of your property – but it can be an expensive investment [Source: Property Price Advice]
Like the kitchen, the bathroom is an opportunity to ‘wow’ potential house buyers. Fitting a new bathroom suite can increase its visual appeal but can be expensive. Reduce the costs by keeping new sanitaryware in the same position as the old, so you can use existing fittings.
If you have space, adding a second bedroom or an en suite can add up to 5% according to the Nationwide Building Society.
8. Install eco-friendly features
An eco-friendly house can fetch up to 6% more than a standard one [Source: Ideal Home]
As well as increasing your home’s potential value, making your dwelling eco-friendly can also reduce energy bills. This can result in it becoming more appealing to potential purchasers. Simple fixes like improving insulation or double glazing can make a home more environmentally friendly.
More involved measures could be adding wind turbines or solar panels, which create energy for use in your home.
According to Ideal Home, estimates suggest eco-friendly homes can sell for 6% higher than a normal home.
9. Apply for planning permission
Yield calculations based on a bigger square footage are worthless if you can’t get it, so check whether you’re likely to get permission before putting your home on the market [Source: Property Price Advice]
If you don’t plan on doing work yourself, but want to show what could be done, having planning permission in place for building work is essential to secure the best price.
10. Convert your cellar
Transforming an existing cellar into a living or storage space can boost a property’s value by up to 30% [Source: Property Price Advice]
A bit of a curveball to end on. Basement or cellar conversions can be an excellent way of adding living space to your property. They are however expensive and may require you to move out while work is underway.
While not practical for homes without an existing basement, this could be an excellent option for older homes or where other extension work is impossible.
Looking to sell your property in East Anglia?
David Burr are professional village and country property specialists. If you have recently updated your home and are looking to get a free valuation, please contact your local office.