Whether you’re planning to move house or simply want to make the most of your home, making home improvements can help to increase the value of your home.
Renovations and home improvements that add space and make the property more energy efficient are excellent ways to make your home more comfortable to live in and increase its value.
Add space to add value
Space is now considered to be more important to buyers than the location of the property, according to a survey carried out by ratedpeople.com. Extending your home is a great option if you’re short on space and also want to add value to your property. A loft conversion or conservatory or adding extra bedroom can all add space and value. Look at house prices in your local area to get an idea of how much value an extension will add to your property.
Some properties can have what’s called a ‘ceiling price’, which is determined by things like transport links, plot size and neighbourhood area. The value of your home won’t rise above this level regardless of how many home improvements you make, so if your motive for the extension is to add value, find out if your property has reached this limit before you spend money on the work. For example putting a £25,000 kitchen in house worth £80,000 is not going to increase the value of the house by £25,000.
If you are looking at extending into your garden, remember that many buyers look for outside space when searching for a new home. If you replace your garden with building, you can put some buyers off.
Renewing the kitchen or bathroom
A new kitchen or bathroom can add significantly to the value of your home. These are often most important rooms in the house, and their condition can make or break a potential buyer’s decision. A well designed kitchen or bathroom fitted with modern, efficient appliances that make the most of the space can add anything from five to twenty per cent to the price of your property.
If your home is in a good condition, a quick and easy way to increase the value of your property is to redecorate. If you are looking to sell your property, it’s also a good chance to be neutral with your redecoration, making it more appealing to potential buyers.
However you choose to improve your home, ensure you research the cost before you begin the work. Finding out how much you’ll have to spend can help to put it in perspective if your main aim is to increase the cost of your property.