Updated: Dec 28, 2020
As it’s summer and we’re past the middle of the year, you may be thinking about investing in your home. Maybe you’re considering selling up and moving somewhere bigger, or perhaps you’re looking to overhaul your home as your family grows?
Below, we’ve put together nine ways to add more value to your home this year and ensure that, whether you’re looking to sell or hold onto your asset, it’ll be worth more than it is today.
Build an extension
A medium-sized extension of 25 square metres adds an average of £59,000 to a property price, or up to £169,000 if you’re in a London borough like Richmond or Hackney.
Without doubt, extensions offer the biggest potential return on investment, but you’ll need to ensure your home doesn’t already have a ‘ceiling price’ as you might end up losing out.
You should also take into consideration the complexity of the build (for example, if you’re going to build on sloping ground, it’ll be more expensive), the inconvenience and stress, and the financial implications of extending before doing so. And if you want more bang for your buck, think about a double-storey extension to add new rooms on the ground and first floors.
Convert your loft
Loft conversions are amongst the most popular ways to unlock space and add value to your home. In fact, research shows they can increase your asking price by as much as 24.5%.
If you’ve got time, do research on properties for sale in your area; if five-bedroom homes sell for £80,000 more than four-bedroom homes and a loft conversion will cost you £20,000, it’s a worthwhile investment if you’re planning to sell or add to your family in the years ahead.
Lofts don’t have to be used for bedrooms, either. Turn your loft into an additional living room to catch up on your favourite sports; create a playroom for the kids; or a home office where you can work without the distractions of the hustle and bustle from the living room or kitchen.
Give it a makeover
When did you last give your living room a lick of paint? Start the year as you mean to go on, working with an interior designer, giving your home some much-needed TLC.
If you’re busy working or running a family, it’s easy to neglect your home and leave the same wallpaper and carpets sitting there for years on end, so freshening up those spaces and modernising them will naturally add value to your home and make it a better place to live.
But be careful. If you’re planning to sell, opt for a budget-friendly makeover and neutral tones over bright colours and expensive furniture, offering potential buyers a “blank canvas” when they walk through the door. Spend too much on design and you might not break even.
Live in an older property? Transforming your cellar into a living space, home cinema or storage room can add up to 30% to the value of your property in some cases, particularly in cities like London where space is tight. However, they’re controversial and can be risky.
If you don’t have a cellar, it’s possible to dig down to add more square footage to your home, but you’ll need to invest in excavation, structural engineering, waterproofing and more, often running into tens of thousands of pounds. Do your research before you hand over the cash to make sure a cellar conversion makes sense; it could end up costing more than it’s worth.
Add a bedroom
You can find a lot of interesting garage conversion ideas and inspiration from places like Pinterest or by searching on Google. A very popular option is to add another bedroom to the ground floor of your property.
If you’ve already got parking space outside and your garage is full of junk, apply for planning permission where necessary and add another room to your home for living and entertaining.
Garage conversions add up to 10% to the value of your home depending on its price and location, and bedrooms and additional living rooms are most attractive to potential buyers.
Apply for planning permission
One tactic to increase the value of your home without having to spend much money is to apply for planning permission - even if you’re not planning an extension! Research shows properties with planning permission are worth up to 10% more than those without, as you’re able to demonstrate your property’s potential to buyers and give them flexibility for the future.
Gardens are one of the most commonly overlooked parts of your home, with many of us making do with a lawn and some decking. Whether you’re looking to sell or you want to breathe some new life into your home, put on those gardening gloves and get creative in the New Year, adding new bushes, accessories, and furniture to transform your outdoor spaces.
With the right design, you can turn a garden into an additional living space where your family can dine, spend time together, and catch up with friends. Build a summer house or a garden office and you’ll add even more to the value of your home, offering more space for buyers.
Open up your home
Modern families love open-plan living, so consider knocking down the wall between your kitchen and living room and creating a singular open space. You’ll need to see which wall is load-bearing before tearing it down and work with a professional to ensure nothing goes wrong, but it’s usually a relatively straightforward job and can be done in a few days.
Building an open-plan living space can add up to 5% to the value of your home, so though it may be expensive and stressful (your kitchen will be out of bounds during the renovation), it’s short-term pain for potentially thousands of pounds’ worth of gain when you come to sell.
Protect your home
Choosing the right security system for your home can get you very fast down the rabbit hole. There are a lot of factors to consider and if you’ve never needed alarms before, it could be an issue to find one.
Hopefully, there are different blog posts online and articles that are very detailed on the topic.
There you have it - nine of the best ways to add more value to your home this year. If you’re looking for help, don’t hesitate to reach out today.
Give us a call on 0247 630 9918 or click here to get a quote for your project.