Whether you’re fixing a leaky roof or upgrading the kitchen cabinets, any DIY or renovations done to your home should add (or at least maintain!) value. But what adds value to your home, exactly? In this article, we’re going to review the top 10 things that add value to your home, and the considerations you should make when thinking about home improvements that add value.
What’s the best way to add value to your home?
Reports from Nationwide discovered that the best way to add value to your home was simple; add more space. And they had the stats to back it up!
- Home improvements that add floor area, such as an extension or loft conversion, can add up to 25% to a property’s value
- Extending to accommodate an extra bedroom can add nearly 15% to the value of the house
- An extra bathroom adds 6% to the value of the average home
“Having more usable space is generally thought to be consistent with better quality accommodation and people appear to be prepared to pay for it. A 10% increase in floor space, other things equal, adds 5% to the price of a typical house. Adding space to create an additional double bedroom can add around 14% to the value of an existing two bedroom house.” Andrew Harvey, Senior Economist
And with the increase of people working from home and turning spare bedrooms into offices or extending into the attic, adding space to your home is certainly one of the best ways to add value to your home.
But that’s not the only way you can increase value in your property; with energy prices remaining high, people are looking for houses that are energy efficient in order to keep costs low.
“Aside from extending, other ways of making your home more attractive include making it more energy efficient. Given cost of living pressures, energy costs remain a concern for households. Further, decarbonising and adapting the UK housing stock is critical if the UK is to meet its 2050 emissions targets, especially given the housing stock accounts for c20% of the UK’s total carbon emissions.” Andrew Harvey, Senior Economist
Sustainable features like solar panels or good insulation can save buyers money on utilities and make your home more attractive when it comes time to sell (and save yourself some money in the meantime too!)
Top 10 things that add value to your home
Now that we’ve explored the best ways to add value to your home, let’s look at some actionable steps you can take. Increasing the value of your home involves a combination of strategic improvements, regular maintenance, and attention to market trends. Here are some effective ways to improve your property’s value:
1. Upgrade kitchen and bathrooms
Kitchen: Modernise appliances, install new countertops (like granite or quartz), and update cabinetry. Open-plan kitchen designs are highly sought after.
Bathrooms: Install new fixtures, add a power shower, or consider adding an en-suite bathroom. Use contemporary tiles and lighting.
A structural renovation to add space to your kitchen could add 10-15% to your home’s value. Which?
2. Add more living space
Extensions: Adding an extension can significantly increase your home’s square footage. Popular options include extending the kitchen or adding a conservatory.
Loft Conversion: Convert an unused attic into an additional bedroom or office space.
Basement Conversion: If you have a basement, converting it into a usable space can add considerable value.
3. Enhance energy efficiency
Insulation: Ensure your home is well-insulated in the loft and walls.
Double Glazing: Install double or triple glazing to improve energy efficiency and reduce noise.
Solar Panels: Consider installing solar panels to reduce energy costs and appeal to eco-conscious buyers.
Making energy saving improvements to your property could increase its value by 14 per cent on average – and up to 38 per cent in some parts of England. Gov.uk
4. Improve curb appeal
Exterior Maintenance: Repaint or clean the exterior walls, fix any cracks, and maintain the roof.
Garden: Invest in landscaping, add a patio or deck, and keep the garden well-maintained.
Front Door: Upgrade the front door to a more secure and aesthetically pleasing model.
5. Modernise interior design
Flooring: Replace worn carpets or dated flooring with modern alternatives like hardwood or laminate.
Lighting: Update lighting fixtures and consider adding dimmer switches or LED lighting for a modern touch.
A basic renovation such as full re-decoration, can elevate the value of the property by 3.1%. A heavy renovation such as an extension can add up to 11.2%. Finspace Group
6. Update plumbing and electrical systems
Plumbing: Ensure that all plumbing systems are up-to-date and free of leaks.
Electrical: Modernise the electrical wiring and add extra sockets where needed. Consider integrating smart home technology.
7. Add smart home features
Install smart thermostats, security systems, and lighting controls. These features can make your home more appealing to tech-savvy buyers, but be careful not to overspend!
8. Convert or upgrade existing spaces
Garage: Convert an unused garage into a living space or ensure it is well-maintained for parking.
Attic: Ensure the attic is insulated and potentially converted into a usable room
Adding a loft conversion can increase the value of your home by 20% typically. Unbiased.co.uk
9. Address structural issues
Fix any structural issues such as damp, subsidence, or roof damage. Buyers are often wary of homes with unresolved structural problems, and these will show up on any surveys done during the buying process.
10. Legal and planning permissions
Ensure that any extensions or major renovations have the necessary planning permissions and comply with building regulations.
Final top tips to add value to your home:
- Research your local market: Understand what features are most desirable in your area.
- Quality over quantity: Focus on high-quality finishes and materials that will stand the test of time.
- Cost-benefit analysis: Ensure that the cost of improvements is justified by the potential increase in property value – not all improvements will affect the value of your home but they might still make it more appealing to potential buyers.
By addressing structural issues, ensuring compliance with legal requirements, and seeking professional advice, you can make informed decisions that provide the best return on your investment in your home. Ultimately, a well-planned approach to home improvements can significantly boost your property’s value, but if you spend more than you make back, you’ll defeat the purpose entirely!
If you’ve been adding value to your home for the last few years, and are ready for your next venture, why not reach out to the team at Key Solutions to take the next step? We can arrange a mortgage for you, whether that’s remortgaging your existing property, or moving house.