HOME IMPROVEMENTS THAT ADD REAL VALUE TO YOUR HOME
WE have always been a nation of home improvers, whether it be a spot of DIY or hiring in a team to complete a major project. Of course, we mostly do this to improve our surroundings. But what do they actually do to the value of the house when some of them cost so much?
Here’s our quick guide to the home improvements that can add real value to your property.
Make it bigger – Adding an extension to your home is an expensive job, there’s no two ways about that. Obviously, that cost depends on how big you’re going to go and the structural conditions around your home. But prices between £10,000 to £40,000 are typical for a one or two storey extension. Those able to can slash the costs by doing the work themselves, as long as all the building regulations are met and any gas supply is fitted by a registered engineer.
Remember, too, that planning permission may be required. Get that wrong and you may have to pull down whatever’s built at your own expense. Ouch. So check with your local authority.
As to how much it will add depends on the type of extension and what you do with it. A general rule of thumb is that if it includes an extra bedroom and/or bathroom it could add around 10 per cent to the overall value of your home.
Keep going up – On a similar train of thought, going into your loft to create an extra bedroom is seen by many as the number one way to add value. A decent loft conversion is likely to set you back a good £30,000 to £40,000. Hardly pocket change. A £30,000 loft conversion on a £200,000 house could make it worth £250,000.
You do, however, have to think of the loss of space, but that can of course be accommodated by clever design.
Go into the garden – Conservatories are another effective way of adding more floor space to your home and can be such a welcome addition as they bring in light and offer us a wonderful place to relax. Orangeries are also increasingly popular with homeowners. One of the plus points is that building permission is much less strict than a full-on extension and they can be much cheaper at £10,000 to £15,000 for a decent conservatory. As they don’t usually add a bedroom or bathroom, they usually put between 8 and 10 per cent of the value of the house. Still not a figure to be sniffed at though.
Now we’re really cooking – A run-down kitchen with doors hanging off their hinges and a grubby oven and hobs are clearly not going to be a valuable asset. A new fitted kitchen and appliances, on the other hand. Well, now you’re talking. Again, the costs vary depending on what you have fitted and who does the work. If you’re able – and have the right qualifications – this can be one of the easiest ways to add value to your home. It’s a cheaper expense to begin with and could add between 5 and 10 per cent to your home’s value.
So how much value are we adding here? Well, according to recent Government stats, the average house price in the South East is £266,729. And while it is important to remember that the figures above are estimates and that all properties have a ceiling price, in theory these steps could increase the value of our fictional house by 55 per cent or £146,700. Now that is good value.