If you’re considering moving house in the near future, you want to make your money back — and home improvements can help you achieve this. After all, 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.
Installing a new kitchen
“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” commented Phil Spencer, presenter of Location, Location, Location.
Look at both the price bracket of your entire home as well as the kitchen when it comes to any transformations. 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.
If you find the right balance, installing a new kitchen can add an estimated 4.6% to the value of your property. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to four per cent to its overall value.
Installing a new bathroom
From a bespoke bathroom to an added en-suite, the Nationwide Building Society have found that this renovation can actually add 5% to the worth of the property which is something that homeowners should be considering if room permits.
Although this can add so much to the value of your home, you don’t have to go over the top when it comes to design — Phil Spencer advised homeowners to keep it simple. He points out: “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.”
Investments for your loft
If your home was built before 1975 or had a headroom of a maximum 2.3 metres — this will be perfect when it comes to converting. The Nationwide Building Society estimates that a loft conversion may be able to add up to 21 per cent onto the overall value of a home, while 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 per cent to the property’s value.
With a lot of regulations in place, you must be familiar with the process of loft conversions to ensure that you’re meeting the requirements set out. In addition an additional consideration will be how much this work cost. This will depend on multiple factors but use this In-Depth Guide to Loft Conversion Prices to give you an idea of how much this type of work should cost.
Altering your garage
By adding a double bedroom to your home, you can add up to 10% to the value of your home according to Nationwide. If a loft conversion doesn’t work for your property, or you are looking for another room to convert, consider transforming a garage.
Research carried out found that 90% of garages in Britain do not have a car in them — and this is a waste of space which could be used for something else. In general, the British media personality and television presenter, Phil Spencer, says that the value added can be calculated by multiplying the square footage gained by local price per square foot.
Constructing a conservatory
Mark Hayward, the Managing Director of National Association of Estate Agents commented: “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.”
With there being a lot of materials on the market, homeowners should stick to glass and not uPVC when it comes to the build. A high-quality conservatory can add as much as five per cent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 per cent will be added to the value if the conservatory is part of a full-blown extension.
Changing your garden
Before deciding on whether to have a conservatory or not, you must consider how much space of your garden this is going to take up. This is because a property’s outdoor space can also add substantial value.
When switching up your garden, make sure that it remains accessible and can still be enjoyed by your family. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
Decking is also an easy option when it comes to garden alterations and can even add up to 2% to the homes worth.