The price tags associated with home improvements can easily cause headaches will potentially put you off going ahead with a project. A case study from the Office for National Statistics (ONS) has predicted that those in the UK collectively spend almost £30 billion on home improvements annually. That works out at £43 million each week. Now that is staggerin.
Before you decide it is all too much and want to cancel your home improvement projects due to high initial costs though, DM Design, a specialist designer of fitted and bespoke bedrooms, has carried out research to discover how much home improvements can add to your home’s value:
Fitting a new kitchen
Phil Spencer, the presenter of Relocation, Relocation and Location, Location, Location sums up the appeal of the kitchen by stating to The Telegraph: “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.”
You won’t be adding much value if you fit a £25,000 kitchen in a house valued at £170,000, so you have to make sure you match the price bracket of a kitchen to your entire home.
Phil points out if you can get the right balance that a new kitchen can add around 4.6% onto the overall value of a home. The Royal Institution of Chartered Surveyors (RICS) agrees with his statement, acknowledging that a new kitchen will make a property more appealing and can add up to four per cent to its overall value.
Fitting a new bathroom
The bathroom is a room that you should also consider giving a make over, the Nationwide Building Society believe that ether a new en-suite bathroom or creating a second bathroom can add up to 5% to your home’s overall value.
Phil Spencer stressed that homeowners should aim to keep things simple when it comes to transforming a bathroom though. He points out: “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.”
In total, Phil calculates that a new bathroom will increase the value of a home by 2.88 per cent.
Converting a loft
Homes built prior to 1975 and those that have a loft max headroom of 2.3 metres, are perfect for loft conversions.
The National Building Society state that you can potentially add up to 21% onto the overall home value with a loft conversion, while Nationwide also specify that a double bedroom being added to your property – to which the loft could be transformed with its suitable space – can add upwards of 10% onto the property’s value.
Just be aware that professional advice needs to be sought before planning a loft conversion, as the project has to meet both building and fire regulations.
Converting a garage
As shown above, Nationwide give an estimate of over 10% being added with an added double bedroom. If a loft conversion isn’t the right change for your property or you’re looking for a different room to convert then you should consider transforming a garage.
Phil Spencer states that 90 per cent of British garages do not contain a car, so could be better served as either a living space or indeed another 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.
Adding a conservatory
The managing director of the National Association of Estate Agents, Mark Hayward, spoke to The Telegraph about why homeowners should consider getting a conservatory. 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.”
Therefore, aim to create your conservatory with glass as opposed to uPVC. Many people convert their conservatory roof to raise the value of their home, and you can visit web site here to check a company that offers this. 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.
Improving the garden
Before going ahead with adding a conservatory though, you should be sure that it doesn’t take up too much of the main gardens space. This is because the outdoor space of a home can add substantial value.
You should attempt to make the garden accessible when looking to improve it and make sure it can be enjoyed by those inside the house as well. To get the best results consider installing high-quality outdoor lighting and install some double glass doors that open out into the garden.
Furthermore, Phil Spencer has advised that simply installing decking around your property’s outdoor space can add up to two per cent to the home’s overall value.
Furthermore, Phil Spencer has advised that simply installing decking around your property’s outdoor space can add up to two per cent to the home’s overall value. According to Deck Stain Pro, even just restaining or resealing a deck can add value to a home.
For more ideas on how to add value to your home, check out this post: 31 Home Improvements that add value (and 7 that don’t!).
Sources:
http://www.telegraph.co.uk/property/online-estate-agent/home-improvements-that-add-value/