When thinking about making home improvements, it makes sense to consider what will add the most value to your property.
Is money better spent on an extra bathroom, or might it be more worthwhile sorting out a loft conversion instead?
Before you start working on your home, find out what will pay-off best financially in the long run so you can get the best price for your property.
1% – Solar Panels: Solar panels take advantage of a powerful yet free energy source – the sun. In a single hour the sun transmits more energy to the earth’s surface than the world uses in a year. You should ensure that your home is as energy-efficient as it can be before considering installing solar panels.
1% – Extra Bathroom: An extra bathroom can be a decent selling point on a property with the demand for an-suites fuelling this trend. According to Movewithus an extra bathroom could add 6 per cent to your property value. Depending on the type of tiles, fixtures and fittings you want, data from website; TradeAdvisors shows a new bathroom could cost from £2,500 to more than £6,000.
1% – Extra Parking Space: Adding a parking space to your home, or utilising existing parking space, is hailed by property experts as one of the single most important ways you can add to your property’s worth. With parking firms trying to glean as much in parking fines from residents as they can get away with, and some boroughs taking away free Sunday parking, families and potential homeowners would rather secure a property with a permanent parking space than become embroiled in any of the nationwide parking scandals.
5% – Conservatory: A conservatory provides an extra room in your house, but means giving up some garden space. If it is under a certain size, you won’t need planning permission and could do it under permitted development. A conservatory can be a good way f delivering extra space for less or getting some open plan living. However be aware you may have to abide by rules on doors closing off areas. According to Movewithus your conservatory could boost your property value by 5 percent but expect to pay between £4,000 and £10,000.
5% – Swimming Pool (Removal): Swimming pools are one of those things that may be nice to enjoy at your friend’s or neighbour’s house, but that can be a hassle to have in your own home. Many potential homebuyers view swimming pools as dangerous, expensive to maintain and a lawsuit waiting to happen. Families with young children in particular may turn down an otherwise perfect house because of a pool (and the fear of a child going in the pool unsupervised). In fact, a would-be-buyer’s offer may be contingent on the home seller dismantling an aboveground pool or filling in an in-ground pool.
5% – New Kitchen: A kitchen is often the focal point of a home and can reflect on the owner’s tastes and personality. It may be the first thing a buyer looks to replace, so if you can provide a ready-made, attractive space, buyers may be willing to pay more to save themselves the hassle of arranging a new kitchen. The big change in recent years has been the trend for open plan kitchen, dining and living spaces. Research by consumer watchdog Which? shows a new kitchen costs on average £8,000 but could add around 6 percent to the value of your property according to Movewithus.
5% – En-Suite: An en-suite facility need not occupy a great deal of space and requires only a toilet, a small basin and a shower enclosure to create an additional bathroom that is both stylish and functional. Even a window, although preferable, is not essential if the scheme incorporates light colours, reflective surfaces and adequate lighting and ventilation. If you are considering creating an en-suite bathroom, space will often be a limiting factor and both layout and product selection will need to be considered carefully. Adding a small simple en-suite is likely to cost between £4,000 and £5,000.
10% – Loft Conversions & Extra Bedroom: Adding an extra bedroom can add around 9 to 10 percent to the value of your home, according to Movewithus and the NAEA, particularly if it’s a loft conversion. It is important to not eat into living space to do it but if there is room to expand into your loft you could get a decent return – and some much needed extra space. Depending on the size and the location of your property you should expect to pay £15,000 for a small loft conversion or £25,000 to £40,000 for a big one. You will need to inform your home insurer of any changes.