With so much free time on your hands now courtesy of coronavirus, you may find yourself looking for ways to add a little ‘wow-factor’ to your home and, hopefully, increase its asking price.
Whether it be a new extension, a loft conversion, an outdoor renovation or a simple repaint, there are a number of effective ways to add value to your home – in both senses of the word.
While your budget and inability to leave the home may limit you at this moment in time, join us as we run through a few ideas to think about once the coronavirus pandemic is finally over.
- Extend Your Home.
According to a survey by the Nationwide Building Society, adding an extension to your property could potentially add up to 12 per cent to its market value. However, whether you can extend or not will largely depend on two key factors: first, your budget and, second, the amount of space you have available.
Single-storey extensions typically start from £30,000, while double-height extensions tend to cost upwards of £40,000. In other words, extensions are expensive so, if you don’t have the budget or space available, it may not be a viable option.
However, if you do have the budget and space available, then investing in an extension could be well worth the money. In fact, it could even offer a better return on investment if and when it comes to selling.
- Convert Your Loft.
Research suggests that, if you’re looking for value for money, converting your loft is one of the most economical home improvements you can make.
During a survey conducted by Halifax, loft conversions added up to 15 per cent to the property’s market value and were found to increase the available floor space by more than 30 per cent.
Converting a loft also costs a lot less on average than extending, ranging from £16,000 to £20,000. However, the price you pay largely depends on the amount of work involved – fitting a dormer window, for instance, can cost significantly extra.
It’s important to therefore carefully plan out any loft conversion you’re thinking about doing in advance, thinking through any potential problems you may encounter along the way.
- Update Your Bathroom.
While you may be tempted to simply renew your existing bathroom suite, research suggests this will only recoup 25 per cent of the cost involved.
Why not think about adding a second bathroom to your home instead? This is estimated to add between five and nine per cent to the value of your home and offer a much greater return on investment.
It can also be relatively inexpensive depending on the ease of installation; typically, installing new bathrooms costs between £4,000 and £5,000.
- Revamp Your Kitchen.
Another sure-fire way to add value to your home comes through replacing your kitchen with a more modern upgrade.
Old kitchens not only look drab and outdated, but they can also bring the value of your home down. Replacing it with a new one is estimated to add anywhere between four and 10 per cent to your property’s value.
Plus, since kitchen installations range widely in price, this means you can find one to suit your exact budget – whether that be £4,000 or £14,000. The key thing is to ensure that the amount you spend is proportionate to your home’s value. If you live in a £1750,000 house, for example, spending £40,000 on a new kitchen would simply be a waste of money.
- Add A Conservatory.
Adding a conservatory is a relatively simple way of adding extra living space to a house. Whether used as a home office or space for your kids to hang out, conservatories not only add practicality to your home but can increase its value too.
According to the Royal Institute of Chartered Surveyors, homes with a good conservatory should increase the property value by approximately four or five per cent. However, the same is also true the other way around; homes with bad conservatories can devalue the property price as well.
Therefore, it’s important to pay extra attention to the design, layout and cost of your conservatory. Typically, new conservatories vary in price between £15,000 and £20,000, depending on the quality of build you’re looking for.