From new kitchens to extensions and loft conversions, home improvements help create a more comfortable and enjoyable space for you and your family. Undertaking certain projects can also help to boost the value of your home, which is ideal if you're thinking of putting it on the market.
Certain modifications can add significant value to your home; but before throwing your money at large-scale projects, you need to be sure you'll see a good return on your investment. You don't want to waste money or time carrying out unnecessary work.
So, what additions to your home are most likely to boost your its value and make you a profit? Let's take a look:
Converting your loft's one of the simplest ways to add a bedroom and bathroom to your home, and can significantly increase its market value. It requires a substantial investment, though: according to Home Building, the average cost of a loft conversion starts at £20,000 but The Guardian reports a loft conversion can increase the value of a property by around 22%. This may also require planning permission or be subject to building regulations.
Source: www.comparethemarket.com
In a Telegraph article, property expert Phil Spencer writes extending living space is always a good idea, even if it means you lose some of your garden. The cost of a conservatory can range anywhere from £5,000 to £30,000, but could add around 7% to the value of your home. Phil says "Make sure the conservatory matches the style of the rest of the house, [and don't] make it seem as if it's in any way separate."
If you focus on updating one room in your home, make it the kitchen (if it needs modernising). According to data from Which?, a new kitchen costs an average of £8,000, but could end up adding around 6% to the value of your home. Mark Hayward, managing director of the National Association of Estate Agents, told the Telegraph: "When searching for a new home to buy, house-hunters are usually looking for a useable space, an open plan kitchen and dining room is becoming a must."
It may be a big investment, but adding an extension onto your home is almost guaranteed to boost its value. Some extensions require planning permission, so you need to familiarise yourself with the rules surrounding this first. A This is Money article explains extensions cost an average of £19,750, but can generate £14,000 profit.
If you've got the space, creating an extra bathroom can increase your home's value by around 5%, explains the Telegraph. En-suites, which can cost anywhere from £2,500 to over £6,000, are in-demand as homeowners seek simplicity and comfort. You needn't fit a high-spec suite to see favourable returns; the article recommends opting for affordable quality as opposed to all-out luxury.
Around 90% of garages in Britain don't contain a car, making them a "wasted asset," writes Phil Spencer. Transforming your garage into additional living space costs an estimated £10,000. To calculate the value added, multiply square footage by local price per square foot.
This one's only suitable for homes located in areas where parking is at a premium — i.e. if you live out in the countryside, it's probably best to keep your front garden. But if you live in a city, you could add a staggering £50,000 to the value of your home for an initial investment of £10,000-£20,000. Again, you may need planning permission to convert your front garden, so do your research first.
Don't have the time carry out major home improvements? Simply making small changes to your home can help it to achieve the maximum value when it goes on the market. These tweaks include:
If you're thinking of carrying out any major home improvements, certain changes can have an effect on your home insurance premium, so make sure you notify your provider first.
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