Are you are looking to buy a property or planning a renovation. Ensure you consider these 15 ways to add value to your home.
Home improvements can make your home a lot more comfortable and efficient if you’ve just moved in. It can also make your place feel brand new and refreshing. But even more importantly, it will make your property more valuable and easier to sell.
But you’ll want to approach this with caution so you don’t end up throwing money at projects that most potential buyers would see as useless. They may not even notice at all. Here are some of the best home improvement projects that will help increase the value of your home;
1. Sort out structural issues
If you would be selling a property anytime soon, you probably want to sell fast and for top dollar. You, therefore, have to create a wow effect to give potential buyers what they want.
To start with, you have to understand that the property’s structural condition is as critical as the cosmetic aspect. Therefore, issues with the property’s structural aspects such as the roofing, foundation, etc. may affect the property’s valuation.
Buyers may choose to get a professional survey done before negotiations and purchases.
This will highlight minor and extensive structural issues that may end up affecting the property value. Sorting these earlier on will go a long way to help you boost your property’s value and to make it attractive to potential buyers.
2. Install a New heating system
According to Property Wire, installing a new boiler or a central heating system is one of the most profitable home improvement projects.
Suppose you really want to prioritise only those improvements that would help boost your home’s value. In that case, you need to replace older and inefficient heating systems to make the property more appealing to potential buyers.
A recent survey of house hunters revealed that outdated boilers would quickly turn off most buyers more than unsightly radiators or kitchen appliances could do.
3. Update the wiring and plumbing or Get a Rewire
Many home buyers may conduct plumbing and electrical inspections before buying a house. It’s important to understand that problems, in either case, may affect a potential buyer’s view of the home’s true worth.
It is essential to check out your home’s wiring and plumbing to fix the problem issues.
This would make potential homebuyers feel comfortable and confident in the decision they’re about to make. In turn, the property will also become more appealing and valuable to potential homebuyers.
4. Convert the loft
A loft conversion is a smart way to add extra space to your home. This also effectively increases its value and appeal to a broader range of audiences.
Your loft can do better than just storing old furniture or Christmas decorations. You can easily convert it to add extra space in a way that won’t consume garden space.
You probably won’t need planning permission for your loft conversion, except if the conversion will alter your roof. This home improvement is undoubtedly one of the most innovative and most effective ways to boost your home’s value.
People are attracted to what they see. So it’s safe to say your home’s aesthetics will play a role in how potential buyers view your property.
Decorating your home’s exterior and interior, even with a tiny budget, can go a long way to boost its appeal and attractiveness to potential buyers.
The thing about decoration is that you don’t have to do it simultaneously. You can always start small and take things further gradually.
6. Add an extra bedroom
The number of rooms in your home will directly impact its value if it ever goes on sale. This is why adding extra space is always one of the best ways to boost your home’s value.
This works best for homes with three or fewer rooms. Adding an extra room will easily boost the value of your home much higher than most other home improvement projects would. In some cases, adding a double bedroom may bump up the home’s value by more than 10%.
7. Upgrade the kitchen
Kitchens and bathrooms are two places most potential home buyers check first when checking out a house to buy. As you would expect, improvements made here will go a long way into making the property more desirable, thus boosting its value.
The kitchen also provides a lot of opportunities for improvements. You can consider changing hardware, working on your backsplash, painting or replacing cabinets, hanging new lights, or clearing up clutter.
8. Upgrade the bathroom
While bathroom improvements are a great way to try to improve your home’s value, you’ll be amazed at just how much little work here can make a huge difference.
The sinks, toilet, and shower are usually the primary focus when it comes to bathrooms. But there are still a few areas or things you can consider. For example, you can consider installing a shower door, adjustable showerheads, mirrors, medicine cabinet, or anchoring a towel bar.
There’s a lot that can be done to boost aesthetics and functionality within your bathroom.
But then, even the cheapest improvements can make the bathroom more functional and attractive. A nice bathroom, of course, will help help you get to get top dollar for your property if you ever decide to sell.
9. Add a conservatory
We have already discussed how adding an extra room can make your home more valuable and desirable. And as it turns out, adding a conservatory would also have the same effect.
According to Telegraph, adding a conservatory, especially a well-built one, to your home can boost the value by up to 5%.
Although you’ll still be expected to comply with Building Regulations, you most likely won’t need to get planning permission for your conservatory, in most cases.
10. Makeover the Garden
A garden makeover can make your house look a lot nicer and can make the property more desirable if you’re trying to sell. The good thing is that you don’t have to spend tons of money before you can work this magic.
Simple things such as cleaning up dead plants and litter can go a long way. You should also consider feeding and repairing the law. Suppose you’ve got more money thrown at this. In that case, you can consider creating a private area, adding fences, seating areas, lawn, barbecue/eating areas, deck, etc.
11. Convert leasehold to freehold
If you have a leasehold house, you can extend the lease if it is a flat or, better still, purchase the freehold. Freehold properties are undoubtedly more attractive to potential homebuyers.
Leasehold properties with less than 70 years on their lease are notably less attractive.
In some cases, getting a mortgage for leasehold properties can be pretty challenging when the lease is 50 years or less. Either you extend the lease or buy the freehold; this will help increase the property’s value by at least the amount you pay for the freehold and possibly more.
12. Restore original features
You can still leverage this to boost value if you’ve got an old house or a period home.
Taking your time to restore it to its old glory can also help with this. While you can always make clever additions, rework layouts, and more, you’ll, however, avoid ripping out those features that give the old home character. That means you need a detailed understanding of the home’s origins and architecture to make this work.
Whatever improvement you have planned out, you’ll have to retain the original style or reinstate it if lost already. In restoring the original features, common things to look at include; cornices, fireplaces, sash windows, panelled doors, concealed timber beams, decorative mouldings, etc.
13. Add a driveway
84% of Brits won’t buy a home without a driveway, according to a recent survey. This is far higher than the 44% who wouldn’t buy a property without a garden. So, to start with, selling your house without a driveway is a challenge already.
To make it more desirable, throwing in a drive makes much sense.
Luckily, a small one-car driveway will only cost about £3,500. Larger driveways for two or three/four cars can cost about £4,500 and £6,000, respectively. This will help you boost the property’s value from about 5% to 10% in some cases.
Unless the road is classified, you won’t need planning permission to build your driveway. You’ll, however, need a right of way if the driveway crosses over land areas that don’t belong to you.
14. Add an extra bathroom
Another great way to add value to your home include’s adding an extra bathroom. This can cost you about £15,000 on average, and according to the Telegraph, this can boost your home’s value by as much as 5%.
You should add a bathroom for every floor with a bedroom as a rule of thumb.
The key, in this case, is to focus more on quality and what can appeal to potential buyers. Going all out for luxury can cost you far more, which, of course, can affect how much value you’ll get from the addition.
These home improvement projects can help you boost your home’s functionality, aesthetics, and market value. Of course, you may need planning permission for some cases, but most times, you won’t. But then, getting planning permissions for projects such as extensions and similar projects can be of great value, in and of itself, regardless of whatever the project is carried out or not.
Focusing on value rather than just throwing money at everything is much more important for home improvements. And as it turns out, the projects discussed above will go a long way to boost your home’s value if done reasonably.
I started the Shape Surveyors in 2011 after changing careers. As an ordinary house purchaser, I mistakenly believed that the Valuation was a survey and went ahead and purchased my first property. This old Victorian house was presented in excellent condition, totally refurbished. I fell in love with the place, ready to make it my home. However, three months later, dampness, movement and rot were uncovered. Several builders inspected the property, and the recommendation was to strip the house back and start again. It needed a rewire, damp proof course, treatment for dry rot and timber infestation. The news was devastating. The minimum quote was £27,000. I had just put all of my savings into this purchase and did not have enough money to renovate the property.
I started researching. In those days, I did not know anyone who had a survey, let alone a surveyor. The Homebuyer Report would have highlighted all of these defects and allowed me to negotiate the price. So I decided to go back to university to become an RICS Surveyor. I did not want this to happen to me or anyone else again. So, after years of training and experience in housebuilding, project management, and residential surveying, I decided to provide a comprehensive service to homebuyers.
I’m on a mission to keep you informed throughout the home buying process, from viewing the property to closing that critical sale, whether you’re a first-time purchaser, upsizer, downsizer or investor. Unfortunately, property defects are often hidden.