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Home > Money Blog > Advice > Ways to Add Value to Your Home

Ways to Add Value to Your Home

Ways to add value to your home

There isn’t a way to make an accurate prediction or guarantee how much your home may be worth over the next five to ten years. However, some changes can be made to your home that could improve its relative value more than others. If you plan to work your way up the property ladder, it will help to know how to maximise the resale value of your current property.

In many ways, adding value to your home is about making the most of space, whether that means a larger addition like an extension, or simply sprucing up the property with a fresh lick of paint. However, when making these home improvements you should remain aware of the ‘ceiling price’, or the maximum sale amount, of properties on your street. This means any attempts of adding value probably shouldn’t be over-ambitious in terms of cost.

Another thing to consider is the legalities of your improvements, especially with extensions or conversions. Find out if you will require planning permission and any of the associated costs before undertaking any work. It can be easy to do online at the Government website. This initial research of the process can help avoid losing vast quantities of money investing in large-scale developments, only to find out they must be undone halfway through the proceedings.

Whether you plan to put your home on the market or you want to make some improvements that could benefit you now or in the future if you do decide to sell, it is worth considering the value of your property. If you are a homeowner and plan to make some home improvements or add value to your property then you may consider a Home Improvement Loan in order to cover initial costs.

So, with that in mind, here are some suggestions that could add value to your home!

Extensions & Conservatories

Although it may not be true in all cases, more often than not when considering adding value to a property, size can make a big difference. Extensions are valuable in terms of increasing your floor space and they can be a long-term way to improve your home and potentially increase its market value. A functional extension should make it more comfortable for you to live in as the years go by rather than your family outgrowing the property.

You may also consider a modern conservatory in order to add valuable square footage to your home. Conservatories are no longer just suitable for the summer months and now can be integrated with the rest of your home in a range of styles and sizes.

Loft & Basement conversions

Loft conversions can be an excellent way to increase your living space. It may be possible to add value to your home by creating another bedroom, bathroom or even both.

You should always consider head height if you are converting a storage space into a habitable room you may need to reinforce or strengthen the floor joists which can raise the floor level. If your ceiling requires insulating it may also affect the standing room available. The space on your landing should also be thought about when planning a loft conversion as this is where the new room will be accessed and ideally you want this to look as subtle as possible. You should also research and consider any fire safety or building regulations that may apply.

Basement conversions have become an increasingly popular way to add space and value to a home, especially townhouses. However, a basement conversion is a big commitment as it will alter the structural load of the building and therefore careful thought and planning is required before making any decisions.

Turn your garage in to a living space

Although a garage can be a selling point of a home, if you don’t use your garage to park your vehicle in or to store mechanical/DIY tools then it may be worth transforming it into living space. This can completely transform the size of your home by adding an extra room. Increasing the floor space could also increase the value in comparison to other homes on your street.  This home improvement is typically less disruptive than other forms of conversion, as it makes good use of existing, under used space. However, you should still consider any building regulations and contact a structural engineer to assess your foundations.

Fit a new Kitchen

If you are working with a budget when looking to add value to your home then you may want to first focus on the kitchen. As the hub of the home, it can make a great selling point of your home and can be a real deal breaker for potential buyers.

If you are redecorating or fitting a new kitchen as a way to add value before selling your home then you should try and keep it both neutral and practical in design. As always, make sure the improvements make financial sense and the cost of work is in line with the value of the home. It may be worth carrying out smaller upgrades like new cabinets or installing more modern appliances rather than completely refitting the kitchen.

Replace Windows & install a new boiler

As well as improving the aesthetic appeal of your home, replacing your windows will also create a warmer and quieter home. However, you should aim to keep the new windows consistent with the style and age of the property.

If the boiler in your home is old then it is likely that potential buyers and agents will notice. Ideally, you should have a new boiler fitted that is under warranty and this modernisation may add value to your property or at least make it more appealing to buyers as they will not need to update as soon as they buy. It may also be worth setting up smart meters, that enable you to keep track of your heating use and therefore help you to potentially reduce your household bills, or other energy efficient technology when improving your home. EPC ratings are viewed by potential buyers so trying to make your home eco-friendlier can only be a good thing.

Update your Bathroom

After the kitchen, the bathroom or bathrooms in your home are probably the best rooms to improve in terms of adding value. It is possible to make your bathroom more appealing to potential buyers without stretching your budget too far.

Your bathroom may not be in need of a new shower unit or toilet so it may be worth making some minor improvements. Updating details like changing the taps to a more modern, or stylish design could make a great difference to the room as could a new shower screen, towel rail and storage space.

Make the most of your garden

One way to potentially add value to your property is to install glass doors looking out to the garden from your living room or kitchen for example. This makes a brighter living space you can benefit from and may attract potential buyers. As well as bringing the garden into the home It can improve the practicality of your home and make it easier to entertain in the summer months.

In inner city areas, garden space can be limited so it is important to make the most out of the outdoor space you may have. You may not have a garden but why not put up some window boxes on your window sill? It can be important to make a good first impression when putting your house on the market and by making the most of every square foot of your property means you are likely to add value.

Pave a driveway

In cities or busy urban locations parking can be expensive or difficult to find, so you may want to swap a lawn for a driveway. It is worth considering whether you should sacrifice your garden space but it may be a practical option and appeal to potential buyers.

Spruce up the front & carry out small repairs

First impressions are important when it comes to the competitive property market so it is important to not neglect the outside appearance of the front of your property. In order to appeal more to viewers your home may need a fresh lick of paint where it has become tired over the years or maybe a new front door. There are smaller jobs to consider too, like cleaning the windows, unblocking the drain, weeding the path or sandblasting the driveway. As a whole, the efforts and improvements to the outside of your home make a real difference and a house that has great ‘curb appeal’ may be likely to meet its asking price.

You should try to apply this proactive approach to the small repairs inside your home too. It is important not to forget about little jobs or issues you may have grown to live with and have left unfinished when selling your home as small issues like broken light fittings or peeling wallpaper are likely to be noticed by viewers.

Bonus Tip: Hang mirrors in the hall

Hanging mirrors either side of the hallway can be a clever and cost-effective way to make a house feel larger. Although this bonus tip will not directly increase the value of your home, it will provide the illusion of space and therefore create a great first impression for viewers. However, make sure you clear the hallway first of anything that may be clutter in the space e.g. put any bikes in the shed, fold down any prams and use effective storage for shoes and coats.

 

 

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