Working on the Value of Your Home
Home improvements may seem like a double-edged blade — on the one hand, the idea of a brand new kitchen seems wonderful to many homeowners, but the cost? Less enticing. It’s not surprising that people are worried about the cost of home improvements. According to data from the Office for National Statistics, the UK spends an estimated £30 billion on home improvements every year. For perspective, that’s a whopping £43 million a week!
But don’t rush away to scrap all your home improvement plans just yet! DM Design, with their kitchen showroom Aberdeen location, is here to look at the value of investing in home improvements.
Pruning the plants
Take a look outdoors before you consider revamping indoors. After all, the outdoor space of a property is a key way to add to a home’s value.
The main areas of focus for improving a home’s garden are accessibility and enjoyment, both for people outside and inside the house. In terms of people inside the house appreciating the garden view, consider installing glass doors. Glass doors are a great choice; they allow easy entry into the garden, a prime view of the garden from indoors, and natural light into the house. You can also illuminate the garden with outdoor lighting, so that the night-time garden can also be appreciated.
According to Location, Location, Location presenter Phil Spencer, an easy way to add up to 2% to a home’s value is to just add decking to your outdoor space.
A loft is for living, not just for storage
If your property is lucky enough to have a loft with a maximum headroom of 2.3 metres, you might want to consider utilising it. These types of lofts, along with homes built before 1975, are ideal candidates for loft conversion projects.
It’s well worth the investment too — a loft conversion has the potential to add anything up to 21% to the overall home value, according to estimated from the Nationwide Building Society. Nationwide also says that adding a double bedroom can add over 10% to the property value, so converting your loft to a double bedroom is a good option.
Make sure that you have a professional on board to advise on a loft conversion project. Loft conversions need to meet regulations for both building and fire safety.
Consider a conservatory
Conservatories are an attractive option for adding value to your home by easily adding extra space. Regarding the fitting, managing director of the National Association of Estate Agents (NAEA) Mark Hayward, says: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
If you’re looking to meet these requirements, you’ll want to opt for a glass conservatory over a uPVC one. Property valuation providers Yopa says that a high-quality conservatory will add as much as 5% to a property’s value, but Phil Spencer reckons a conservatory that is part of a full-blown extension could add 11%.
Kitting out the kitchen
Phil also believes that a new kitchen is the most important home improvement option. Speaking to The Telegraph, the presenter said: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there.”
But keep in mind that the kitchen will only add value to the property if it is kept in line with the house’s value. For example, adding a £25,000 kitchen to a £170,000 house isn’t going to add much value overall.
With the right balance, Phil advised that a new kitchen can add around 4.6% to the overall property value. His statement is supported by The Royal Institution of Charted Surveyors (RICS), who say that a new kitchen can add around 4% to the home’s value.
Reclaiming the garage
We mentioned before how the addition of a double room can add up to 10% to a property value. So, if you don’t have a loft to change into a double bedroom, what about looking in the garage? The chances are, your garage doesn’t follow its original purpose of housing your card — Phil says around 90% of properties with a garage in the UK do not put their cars in there. The TV presenter advises that the value of converting a garage can be deduced by multiplying the square footage gain by the local price per square foot.
Instead of resigning your garage to a neglected storage space, why no change it to a bedroom or extra living space?
A better bathroom
A second bathroom or a new en-suite addition is a great way to top up your home’s value by around 5%, says the Nationwide Building Society. Who doesn’t want an en-suite for their master bedroom?
Phil, however, recommends that any bathroom renovation should be kept a simple affair, with focus on function over clutter. He says: “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain.”
Such a renovation would increase the value of a home by 2.88% in Phil’s predictions.