How can you improve the value of your home?
If you’re looking to make some home improvements, you may be unsure as to which room you should focus your efforts on. Data from the Office for National Statistics has predicted that those in the UK collectively spend almost £30 billion on home improvements annually. That works out at £43 million each week!
So, you want to be confident that you’re investing your money in the right place. Check out this guide to how much home improvements can add to your home’s value before you start planning…
Building a conservatory
According to Mark Hayward, the managing director of the National Association of Estate Agents (NAEA), a conservatory might be just the home feature you need to add value to your property. He said: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
When it comes to constructing a conservatory, aim for quality. A high-quality conservatory can add as much as 5% to the home’s overall value, according to property valuation providers Yopa. However, Phil Spencer is confident that this figure could rise to 11% if the conservatory is part of a full-blown extension.
Fitting a new bathroom
Having a bathroom that doesn’t look nice or functioning well is a major down point. According to the Nationwide Building Society, a new en-suite bathroom or the creation of a second bathroom can add around 5% to a home’s overall value.
“You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain,”said Phil Spencer of TV show: Location, Location, Location, who reckons that a new bathroom will increase the value of a home by 2.9%.
Installing a new kitchen
For many people, the kitchen is a very busy and much-loved room. Phil commented: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there.”
But obviously, don’t go too wild with the amount you pay for your new kitchen. There’s not going to be very much value added to a house that’s valued at £170,000 if it’s fitted with a £25,000 kitchen. Phil claims that a new kitchen will often add 4.6% to the overall value of your house, while the Royal Institution of Chartered Surveyors (RICS) states that a new kitchen can add up to 4% to its overall value.
Making outdoor improvements
Maintaining a decent garden that people will want to spend time in is another critical part of adding value to your property. When improving the look of a garden, you should aim to ensure it is accessible. For this, consider fitting glass doors that open out into the garden and install high-quality outdoor lighting throughout.
How about decking? Apparently, this garden feature can put on up to 2% extra in property value.
Converting your top floor
The Nationwide Building Society predicts that installing a loft can add over a fifth to the overall value of your house. Homes older than 1975, as well as those featuring a loft with a maximum headroom of 2.3 metres, are ideal for loft conversion projects. Similarly, Nationwide indicates that adding a double bedroom to your property — to which the loft can be transformed into this suitable space — can add over 10% to the property’s value.
There are several strict building and fire regulations involved with building lofts, so ensure that you use the skills of a credible professional!
Repurposing your garage
Does your property boast a garage? If so, converting this space can also add value to your property and give you extra living space. According to Phil, 90% of British garages don’t house a vehicle, so would your garage be more useful as adining room, extended kitchen or bedroom? The media personality and presenter also commented that the value added can be calculated by multiplying the square footage gained by local price per square foot.
This article was created by DM Design, home design specialists which offers a bathroom showroom in Edinburgh.