With the UK housing market in its current state, home improvement prospects are always in vogue. Homeowners are now choosing to invest in their existing properties. Keep reading for some of the most cost-effective ways to add value to your property.
An attic conversion can be one of the fastest ways to increase the value of your home. Loft conversions in the UK cost an average of £20,000 to £30,000 but tend to increase the value of your property by an average of £20,000. With the average house costing a difference of £90,000 when moving from a three to four bedroom home, the prospect of a loft conversion is actually a very cost-effective way to add extra space to your home without moving out.
Increasing the floor space in any home is another key way to increase your home’s value. An average one-storey extension will cost around £23,000 and £76,000 for two floors. The added value can vary depending on the room created. Adding a bedroom for example can increase your property value by an average of 12%. Adding a second bathroom can also add a further 6% value. In most cases, if you increase your floor space by 30 square meters, you are likely to increase the average value of your home by 23%.
The second bathroom is another favorite for homeowners trying to maximize the value of their home. Typically an additional bathroom will add an average of 6% to the value of the home. So it’s worth considering that more value could be added elsewhere on the property. That said, it may be enough to convince potential buyers to stay in your property over others.
Conservatories are ideal for homeowners looking to quickly add value to their home. In most cases they don’t require planning permissions making them a more attractive option than full extensions. The average conservatory can add 7% to your home’s value and will likely cost anywhere from £5,000 to £30,000, making it cheaper than a full extension, while adding the same amount of value. It is important to remember to make the conservatory feel part of the home so it may be an option to invest in some matching conservatory furniture to match the rest of the property.
The kitchen is also an area where improvements can be made and ultimately add value to the property. It is important to concentrate on Sinks, Refrigerators and Stoves to ensure they are up-to-date and of the same value as other properties. An outdated kitchen can actually lower the value of your property. A new kitchen can add an average 4.6% value to your home and can also be an important factor for potential buyers when looking at your home.
It’s important not to forget about the exterior when adding value to a property. This can be a huge selling point for your property, so it’s worth spending a little time making sure your garden is tidy and perhaps investing in some garden benches and outdoor furniture. It’s important to remember that potential buyers may not be looking for a high-maintenance garden, so whenever possible, keep your garden simple and uncluttered which will help showcase your garden to potential buyers.
Ed Sloane is MD of Home Life Direct – UK based online furniture retailer, specializing in conservatory furniture and garden furniture