Making significant home improvements is always a big step. We all want to make our home better, but deciding which improvements should take precedence isn’t always easy. If you’re planning to sell your property in a few years, adding features that increase its value might be the best course of action.
But which features should be at the top of your shopping list? We take a look.
A converted basement
If you have the money to convert your cellar into a comfortable living space, you can increase the market value of your home by up to 30 per cent. You won’t need to obtain planning permission, and how you use the room is up to you. However, basement conversions are often more expensive than extensions.
An extended kitchen
They say that the kitchen is the heart of the home. We are spending more time than ever in our kitchens. We don’t just cook there now — we socialise and catch up with loved ones over drinks and food. For this reason, we need more space. And more of us want to separate laundry from cooking.
Add an extension to your kitchen to create a more extensive dining or communal area, which can add value to your home. If you have the budget to add a utility room, you can increase the market value of your home by up to 15 per cent.
A converted loft
Converting your loft is a cost-effective way to add more living space to your home. And the more room there is, the more valuable your property is. An adequately extended loft with stairs, doors, windows and utilities is usually expensive. But it’s a lot cheaper than converting a basement or building an extension. Turn your loft into two extra bedrooms with en-suite facilities, and you stand to increase the value of your home by up to 15 per cent.
Precisely the same goes for a garage. Converting most garages is cheaper, as this space often already has power and a water supply.
You don’t always have to invest in significant improvements to increase the value of your home. Just by getting planning permission for substantial extensions and enhancements, you can make your property a lot more attractive to buyers. If all the legal permissions are in place, you can expect the value of your home to increase by up to 10 per cent.
Adding a conservatory is a cost-effective way to increase the value of your home. For example, a conservatory extending into your back garden can increase the value of your property by up to five per cent. But put an actual roof on it, and the value of your home can increase by up to 10 per cent if the new space is large enough.
A new bathroom
If your bathroom is tied, old-fashioned, and past its best, replacing it with something modern, functional and stylish could add up to five per cent to the value of your property. And you don’t need to fork out for the latest features and luxury fittings to unlock your home’s price potential.
Always get a realistic estimate of the renovation costs before proceeding with home improvements. If you want to increase the market value of your home, it’s only worth your while if the works cost less than the projected value increase.