Homeowners in the UK are constantly forking out to improve on their property. The Office for National Statistics has predicted that Brits spend around £30 billion on home improvements annually, which works out as a massive £43 million every week.
However, it’s worth being savvy about such improvements to make sure you are adding value to your home for if you decide to sell in the future. So, what is the best way to get more money for your brick?
Update your bathroom
Creating a bespoke bathroom should be high on your list of renovations. The Nationwide Building Society states that either a new en-suite bathroom or the creation of a second bathroom can add up to five per cent to a home’s overall value.
Phil Spencer of TV’s Location, Location, Location, stressed the importance of keeping bathroom changes simplistic in his chat with The Telegraph. “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain,” he said.
He believes that a new bathroom can increase the value of a home by 2.88 per cent.
Update your kitchen
Talking about improving your kitchen space, Phil added: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there.”
However, it’s essential to match the price bracket of a kitchen to that of the whole house. There’s not going to be very much value added to a house that’s valued at £170,000 if it’s fitted with a £25,000 kitchen.
If you can get this balance right, Phil indicates that you can expect a 4.6% increase on your property’s value. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to four per cent to its overall value.
Improving the garden
Outdoor space can be key to pushing up your house’s price. When you being to improve the look of a garden, make sure it stays easily accessible and can be enjoyed by those who are in the house. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
As well as this, Phil advises that by simply installing decking around your property’s outdoor space, you can increase your home’s value by up to two percent.
Adding a conservatory
If you have enough space to play with outside of the home, a conservatory can be a major selling point. Mark Hayward, the managing director of the National Association of Estate Agents (NAEA), told The Telegraph why homeowners should consider fitting their homes with this luxury. He commented: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
This means that you should aim to build your conservatory with glass rather than uPVC. A high-quality conservatory can add as much as five per cent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 per cent will be added to the value if the conservatory is part of a full-blown extension.
Converting a loft
Homes which are best suited to loft conversions are those which were built prior to 1975 and those with a loft with a maximum headroom of 2.3 metres.
It’s estimated by The Nationwide Building Society that a loft conversion can impressively add up to 21 per cent onto the overall value of a home, while Nationwide also indicates that adding another double bedroom to your property — to which the loft can easily be transformed into this suitable space — can add a further 10% to the property’s value.
One thing to be aware of, however, is that you must seek professional advice before planning a loft conversion, as the project must meet both building and fire regulations.
Converting a garage
As pointed out above, the addition of a double bedroom can add over 10% to your property’s overall value. If a loft conversion doesn’t work for your property, or you are looking for another room to convert, consider transforming a garage.
As Phil Spencer points out, a staggering 90% of British garages currently don’t contain a car, so you could be better off transforming this space into a larger living area or bedroom. In general, the British media personality and television presenter says that the value added can be calculated by multiplying the square footage gained by local price per square foot.