7 Home Improvements That Add Value to Your Home
Home improvements are a fantastic way of unlocking your home’s potential and they can sometimes add value to your home too. Home improvements are often a balancing act between creating a home that’s right for you and maximising your return.
There are varying opinions on which home improvements will give you the best return on your investment. Bear in mind that there isn’t a one size fits all approach that will guarantee you increase your home’s value. What will add value depends on your property, the local market, when you plan to sell your home and buyer preferences.
Read on to learn seven home improvements that can increase your home’s value and which properties they are best suited to.
1. Loft Conversion
Loft conversions are a fantastic way to add extra space to your home. Adding more space to your property will increase what your home is worth.
A loft conversion is an excellent option for urban homes when a large lateral extension isn’t possible or wouldn’t pass planning approval. However, depending on the property and its location, extending outwards may be a more practical way to add value. This is generally the case for properties with plenty of garden space in more rural areas.
A loft conversion can convert up to 50 cubic metres of loft space without planning permission, making this a quicker and more cost-effective option. Ambitious conversions that extend or alter the roof’s structure will still require planning permission.
Referencing recent studies, a loft conversion with a double bedroom and en-suite bathroom added to a three-bed, one-bathroom house can add 20-24% to its value, depending on location.
2. Off-Street Parking
The UK has approximately 32 million cars on the road, which is growing yearly. With this consistent growth, there’s no surprise that parking has become a desirable feature of any home.
A house without a parking space or driveway can put off some prospective buyers, especially if street parking nearby is limited. There are many benefits to off-street parking, like getting your children in and out of the car, dropping off groceries, electric vehicle charging and securing cheaper car insurance. This convenience makes a home more desirable and off-street parking can add up to 10% to your property.
Whilst most properties will benefit from off-street parking, studies indicate that homes in prime city locations will benefit the most due to greater demand and restrictions.
When creating off-street parking, most people look to convert their front garden into a parking spot. To convert your garden into off-street parking, you will need planning permission from your local council. Your planning permission will dictate the type of off-street parking allowed and whether you can drop the kerb.
3. New Kitchen
Creating a brand new kitchen design is a fantastic way to improve your home and add significant value to your property, so how much value does a new kitchen add?
Studies indicate that a significant kitchen redesign can add up to 15% to your property value. To add the most value, it’s essential to redesign the existing kitchen to complement the property and follow a desirable layout.
To add value, your kitchen redesign needs more than just a style change or a fresh coat of paint. You can’t underestimate the value of a good design to add value to your home. Creating a good kitchen layout doesn’t always require an extension or removing walls. However, the kitchens that do this are often the designs that add the most value to a property.
In addition, sustainability and energy efficiency are fundamental to prospective buyers, so keep this in mind when designing your kitchen. Choose sustainable materials and appliances that are energy efficient.
4. Garage Conversion
So many garages in the UK end up full of clutter and old possessions, but what if your garage could be turned into a more usable space? If your property has ample off-street parking, a garage conversion is a fantastic way to add space and value.
One of the benefits of converting a garage is that it doesn’t require planning permission. Garage conversions are ‘permitted development’.
A garage conversion is a great way to add extra floor space to your property and can add up to 15%. A garage conversion can add a bedroom or home office or even expand the size of your kitchen and living space.
5. A Cellar or Basement Conversion
Cellar or basement conversions are ideal for urban properties, terraces, and homes without space for a traditional extension. Like loft conversions, a basement conversion can increase the property’s value by 10% to 15%. However, it’s important to note that basement conversions are more expensive, often costing twice as much as converting a loft or garage. Due to the higher cost per square meter, these conversions are typically reserved for properties in pricey urban areas.
6. Open-plan Living Space
Transforming multiple smaller rooms into a more open or broken-plan space can be a wise financial decision. A Nationwide study suggests that open-plan living spaces can potentially increasing your property value by up to 5%. Open-plan areas enhance the flow and spaciousness of a home, creating a sense of roominess without the need for an extension.
Open-plan spaces align well with modern interior styles and offer greater flexibility. They remain popular, but it’s essential to consider the preferences of your target market and the overall layout and design of your property. It’s important to note that not all buyers prioritise open-plan spaces, so it’s about choosing what’s suitable for your property and your potential buyer.
Creating a large, versatile space is ideal for families and multifunctional living. Multi-functional areas are still preferred over several smaller rooms, making open-plan living valuable to prospective buyers. According to Nationwide research, increasing your floor space by just 10% can boost your property’s value by 5%. Of course, the impact depends on the specific open-plan improvement chosen and careful planning from the outset.
7. A New Bathroom
Adding value to your home with a new bathroom can be a worthwhile investment. However, the rest of the house must be in good condition to maximise the impact of a new bathroom.
Redesigning the layout of your bathroom and making changes to pipes and plumbing can be costly. Nevertheless, replacing the sink and toilet or upgrading the bath and shower can make a significant difference without breaking the bank.
Retiling is a relatively straightforward DIY task, making it cost-effective. Upgrading lighting fixtures and adding a vanity unit can also significantly enhance your bathroom’s appearance. Renovating your bathroom is likely to add 4% to 5% towards the overall value of your home.
Are you planning any home improvements with a new kitchen, bedroom or study? Arrange a visit to our Berkshire showroom for a FREE consultation to get advice from a designer. Click below to book.
