There is a saying that ‘you get what you pay for’. When it comes to your home or property that is a very true statement. If you are looking to make improvements to your home, it’s important to fully understand what you are getting for your money AND what to spend the money on to increase your home’s value.
Make no bones about it, costs for home improvements have, literally, gone through the roof. Forget an increase of 5 or 10%. On average you are going to pay 25% MORE this year on any home improvements than you did last year.
Materials like steel which is needed for framework has gone up by 45% and concrete reinforcing bars, used to keep extensions from falling down, have gone up by a staggering 61%.
Where to spend money to add value to your home
The good news is that you can still add value to your house by choosing the right home improvements.
You just need to view the changes through the eyes of the prospective buyer. There is no point shelling out thousands on a new kitchen or bathroom you like, as the new owners may simply come in, rip it all out and change your stunning new white bath set for something more to their taste.
So, whether you are looking to increase the value of your home for sale, or you simply want to make changes to you home that make it a better place to live now, and return profits for you later, here are some top tips to add thousands to your home.
Look inside to make money from your home
Beauty is on the inside and, when it comes to your home, it truly is. If you make the right changes to the room you currently have, you can increase the value of your home by up to 20%.
Convert a room into a bedroom
The Covid pandemic had many of us working from home. This meant that spare bedroom became the only room in the house where you put on some clothes to attend work zoom calls.
It’s time to turn that room back in to a bedroom! The number of bedrooms your property has will always be more valuable to a purchaser (you could make it dual purpose if you like and have the room serve as a guest room with some office space.)
An extra bedroom in your home can increase its value by 20%. That’s an extra £51,000 on the average price of a house.
Watch your profits go up with a loft conversion
If you don’t have rooms to convert into bedrooms, or you really do need that home office, it’s time to look up. A loft conversion can also add 20% to the value of your home (but don’t forget to make sure all the regulations are in order if you plan to sell it as a bedroom.)
Open up to a bigger profit on your home
A cosy home is all well and good to keep you feeling warm through the winter months but what people are looking for these days is open plan living areas. House-hunters are keen to get their hands on homes that feel modern and light with large spaces that combine living area and kitchen.
Doing something as simple as knocking down a wall to create a bigger space can increase your property price by 15% or £38,000 in real terms.
Spend a penny and make thousands with a new loo
Do you have storage room under your stairs that has no value except for piling up everything you are trying to hide from guests? Adding an extra bathroom, or downstairs loo, could be the number one thing you could do to your home to add value (we won’t mention number twos!)
Adding an extra bathroom can increase your property value by as much as 5% or £13,000.
Add thousands to your home with a garden makeover
Months of sunshine. Flowers and plants that grow with little effort as you sip on a gin and tonic. A typical British summer scene. Ok, let’s get back to reality!
An attractive and well-designed garden has massive appeal for prospective buyers. It can be off-putting if they turn up for a viewing of a home in suburbia and feel as if they have been transported to the dark heart of the Amazon jungle.
A well-kept garden, that has been planned with care, gives your home instant appeal and might just be the clincher when it comes to the buyer putting in an offer.
If you are thinking of updating your garden to grow the sale value of your home, there are a few things worth considering:
- Provide some privacy
- Create distinct areas
- Design the perfect pathway
- Impress with a patio
Provide some privacy
Not all of us are lucky to have a home surrounded by open fields with only the odd horse popping its head over the garden fence. Many of us have neighbours very close by who may be prone to have a nose.
You can create privacy by raising your boundary fences or walls up to 2m without needing planning permission. You can also invest in some stylish screens that keep out prying eyes and look amazing.
Create distinct garden areas to make a distinct difference in house value
Think about the type of garden you would like to see when you turn up to look at a new home. Do you see a fine patch of green grass you can use for relaxing (or a game of football)? Maybe an area for a barbeque where you can entertain and show off your culinary skills? How about some nice borders to add some colour to your garden every season of the year?
Take steps to make money from your home
The feel of grass on bare feet may be lovely buy nobody likes slipping and sliding on wet grass when the rain, wind, and snow of the winter months kick in. Build in a new pathway that keeps feet dry and is designed to lead the eye around your garden.
You will value your patio
A well-designed patio will make your property the house that people can really see themselves living in. There is a huge range of stones, materials, and colours to choose from to match any home including porcelain. It’s durable and resistant to staining, moss, algae, and lichen growth – which means it will always look amazing when prospective buyers pop around!
A parking space can add up to 13% to your property
There are currently 32.5 million cars registered in the UK. Current statistics show that, on average, households have 1.2 cars. These figures give a very clear indication that there is a real need for a space to park a car, or two, at your home.
A front garden is a lovely ideal but, with more cars on our roads, the demand for off road parking is at a premium. According to Direct Line, a parking space can typically add 5% to a property, and as much as 13% in built up areas like London.
Increase Home Value with a New Driveway
So how do you create a valuable parking space at your home? The answer is with a new driveway. Another great investment that will raise your house price.
A well designed driveway has all the practical benefits you need and will also increase the ‘kerb appeal’ of your property. There really is nothing more tempting to a buyer than arriving in their car, popping their head out of the window, and seeing a stunning driveway. First impressions count (in monetary value also!)
According to home improvement review site Checkatrade, a new driveway has the potential to add between 5% and 10% to your home’s value. In London, where the average home now has a value of £667.000 that quates to a an extra £65,000.
Value your home and others will too
At the end of the day, you must live in your home so try to find a balance between enhancements that will put a smile on your face and improvement works that will add value to your house (another reason to smile!)
Just remember, if you are going to spend tens of thousands out of your own pocket, then really do have a good look around for the best deals. Scour the internet for the best prices on materials, compare building companies and don’t be afraid to ask for discounts. The more you can save on building costs, the more you will increase your profits.