How to add real value to your home
Given the nature of the UK property market, it is easy to see why home owners are keen to add as much value to their home as they possibly can. While there are many ways in which you can make your home look better or feel more comfortable, it can be harder to add genuine value. This is why it is best to listen to the property experts before investing time and money into home improvements.
As you would expect, different experts hold different opinions on what will provide most benefit when adding value to a home. This can seem frustrating to some but it means that homeowners have a number of options to choose from and they can choose an option that best suits their budget or the current condition or layout of their home.
A survey carried out by the National Association of Estate Agents offered up a number of areas where genuine value can be added to a home:
- 50% of estate agents who responded stated adding a bedroom added the most value
- 33% stated making major kitchen improvements added the best value
Other suggestions included adding a conservatory or converting a garage into a living space. A separate survey, undertaken by a leading property consultant, also suggested thesechanges while also noting that bathroom improvements and upgrading central heating can add value.
There is a wide range of possible extensions to choose from, which makes it difficult to note a price for this level of work. Extensions can range from two-storey improvements that practically double a house in size to adding a small single storey room.
A loft conversion
Given that adding an additional bedroom to your property is said to add an additional 9-10% of value to your home, converting your loft into a bedroom is a great choice for many people. If you are currently only using your loft for storage or no purpose at all, it makes sense to convert it. You need to make sure that converting your loft doesn’t impact on any other living space in your home, but if it doesn’t, you can expect to get a good return on your investment.
Again, the variances involved with loft conversions means it is difficult to state a price you should be paying for this work. A minor loft conversion can cost around £15,000 while many people will expect to pay between £20,000 and £40,000 for a larger conversion.
An additional bathroom
Having an en-suite or additional bathroom can add a lot of utility to your home and property experts predict that an additional bathroom can add 6% to the value of your home. Depending on the size of the room or the materials being used, the cost of a new bathroom can range from £2,500 to £7,000 and beyond depending on your choice of fittings and labour.
An improved kitchen
Kitchens have been consider to be a key aspect of making a home more attractive and adding value to your property of late. There has been a greater acceptance of the fact that the kitchen is the hub of family life, making it an important part of the home. Studies suggest that the average cost of a new kitchen comes in at around £8,000 but a new kitchen can add around 6% value to your home so often this can be seen as a good investment if you were considering selling the property in the coming years. A new kitchen, bathroom or extensive will help increase the level of saleability to your property too.
While a conservatory will minimise the amount of space that you have in your garden, it provides you with an additional room. This is also a very pleasurable room which means that there is a lot of benefits to be gained from adding this style of extension. You can expect a good standard of conservatory to add around 5% to the value of your home while the cost of a conservatory can be anything between £4,000 and £10,000 if not more in some cases depending on the size, shape and design.
If you are looking to upgrade the standard of central heating, you can expect to pay around £3,500 and the expected impact on value is likely to be around 5%. This may be one of the more cost-effective ways to add value to your home but it is a decision that every property will need to make. Some of these options will impact on your day to day life more than others, which means you need to think about any impact on your family or home life while work is being carried out.