A good spruce up or some home improvements can give your home a new lease of life, but which ones are likely to add more value? You may not be intending to sell your home right now, but if you’re planning on some home improvements it’s always useful to know just how they’ll impact further down the line.
There are lots of things that might make your home look fresher and even increase saleability, but which ones exactly are going to add those all important £s to your property value?
Here are the top 5 things home improvements that should add value to your property.
Note the use of the word should. Whilst it’s pretty much guaranteed that these improvements will add value, they will only do so within a certain price range for your locality. Some areas will have a ceiling; an upper price limit at which a property will sell and no matter what improvements are made, it would be hard to sell higher than that top figure. That’s not to say you couldn’t try – you may get lucky, just always consider all things when deciding whether to start major renovations. If you’re not sure what the ceiling price is for properties in your area sites like Zoopla can help.
An extension to existing floor space is always likely to add value. The size and type of extension will determine just how much value is added. However, always consider the cost versus the increase in value, especially if you are planning to sell in the future. If your extension is likely to cost £30,000 but will only increase the value of your home by £20,000 is it really worth doing? If this is your forever home and you want that extra bit of space and luxury, then in all likelihood the answer will be yes. But if this is a step along the way and you’re considering moving again in the future, you may want to rethink the size or specification.
An extra bedroom can add 5 – 10% on a property value. And if you can convert the loft space instead of eating into existing living space, that’s all the better. In some cases you may not even need planning permission, but always check and ensure you get the correct permissions, otherwise you may fall foul of building regulations and not be able to list your conversion as a room on any future sale.
Extra bathrooms are a great asset. We live in a society where an en-suite bathroom attached to the main bedroom is increasingly becoming the norm. If you can add an en-suite bathroom or a second bathroom it will not only increase the value but also the saleability of your property.
The kitchen is the heart of most homes and will often reflect your own personal taste. It is also one of the first things a potential buyer will look to replace, especially if it’s looking a little tired or dated. If you can present a buyer with an up to date attractive kitchen, they may well be prepared to pay a little more to avoid having to do it themselves.
An extra downstairs room that can bring the garden into the home as another one of those great assets to have. It may not add as much to the value of your home as some other projects bit it will add value and that all important saleability. As with loft conversions, under permitted development rules you may not need planning permission, but always check. Having paid a substantial amount to put up a conservatory, you do not want to be faced with an order telling you it must come down!
There are lots of other things that can and will add value to your property. Bringing plumbing and wiring up to date is always a good thing, especially in older properties. With children living at home longer, many families now have more than 1 car. Providing additional off road parking is likely to add value and it may well be worth sacrificing that front garden for parking spaces. Putting in double glazing and updating windows and doors to lower maintenance UPVC is also a popular way to increase value. The current trend is for more open plan living so reconfiguring rooms by removing partitions can be a great way to maximise space and make things feel more open.
When making improvements, you must always remember to weigh up the cost of the improvement against the increase in your property value. There is little point is spending tens of thousands on something if it is only going to add a very small amount to the overall value of your home. The exception to this rule would be as mentioned before; if you’ve found your forever home, have no intention of ever moving and want that little bit of luxury then ultimately the end value of the property may not be a factor when considering home improvements.
Whatever you’re planning to do, it’s always essential you check with your local planning office about the permissions needed, especially if you live in a conservation area or an area of outstanding national beauty. Often in these areas those standard planning rules do not apply and additional permissions are needed.
When embarking on a major renovation project don’t forget to think about your furniture, household belongings and carpets. Dust, rubble and workmen and their tools coming in and out can cause all sorts of problems. Self storage units are a great, low cost way to keep all your items secure and out of harm’s way while any work is being completed.
If you’re in Gloucester, Bristol or Stroud and have a renovation or home improvement project that requires you to store your household furniture short term, get in touch
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