Whether you’re looking for a quick sale or you see your home as a long-term investment, renovations and refurbishments can go a long way towards improving its value. Loft and garage conversions add more rooms to a property, making a significant difference to its desirability and potential asking price – but you don’t need to embark on a large-scale project to increase the value of your home.
It’s a good idea to research which improvements make the biggest difference in your local area. As a general rule, it’s best to try to bring your property in line with your neighbours’: so if they have conservatories and you don’t, adding one is likely to make the biggest difference. Keeping up with the Joneses can really pay off, whether you’re selling on the open market or to a specialist property buying firm like Tom Craven.
Here’s a guide to some of the most common improvements, and how you can expect to benefit from them:
One of the easiest ways to add another bedroom (and even a bathroom) to your property, as the majority of the work will only take place in the loft without disrupting the rest of your home. This will typically involve strengthening the floor joists, so make sure you have sufficient ceiling height for the room to be usable when the work is complete. According to the latest figures from HSBC, the average loft conversion adds over £20,000 to the value of a property.
This is most suited to properties with large gardens – adding a conservatory at the expense of reducing your outdoor space is risky and may even put some buyers off. Consider using the same flooring throughout your downstairs living area, including the conservatory, to connect the rest of your house to the new space. HSBC’s survey put the average value added by a conservatory at £8,233.
Refurbishing a kitchen or bathroom
Compared with adding extra space to a home, a refurbishment is considerably less work and can be a more cost-effective decision. Usually the intention is to modernise the space, particularly if it hasn’t been redecorated or improved in a decade or two, so it’s a good time to think about whether a new oven, boiler or bathtub could pay off. According to HSBC, a successful kitchen refurbishment project adds more value (£5,617) than a bathroom (£3,351).
Renovating the exterior
This can actually be as simple as tidying up outside and doing a bit of gardening, so it doesn’t have to cost you anything beyond a couple of weekends of hard work! Garden improvements like flower beds and a vegetable patch are attractive to many buyers, although be cautious with water features like ponds and fountains: while some people love them, families with young children might find them off-putting.