Ways to add value to your property
How to add value to your home
If you’re looking to sell your home at the best possible price, or simply to make your family home more liveable, home renovation is a great way to add value.
Adding extra space is a sure-fire way to increase property value, but structural home renovation projects are expensive. The quickest returns may come from projects that transform the space you already have and make it more appealing to prospective buyers:
- Beautify your outdoor space: the pandemic taught us to appreciate our gardens, however small. Flaunt your outside living space by tidying up your garden and adding a deck or patio.
- Redecorate: a fresh coat of paint and a few modernising design touches could makeover your home. Decorate with light, neutral colours to add the illusion of space.
- Declutter and clean: an unclean, messy home is an instant turn off for buyers. Have a deep clean, fix any superficial defects and look at storage solutions to make your home tidier.
- Convert your garage: as a way of adding living space, it’s typically cheaper to convert an existing garage than it is to add a brand new extension or loft conversion.
- Go green: an energy-efficient home is very desirable in today’s climate. Improving insulation can make your home cheaper to heat, while the addition of solar panels means cheaper energy bills.
Budget a little tight? A personal loan could help you fund home improvements that maximise your property value before you sell.
How much does a loft conversion add to property value?
Converting your loft into an extra bedroom could add up to 20% to your property value. Exactly how much value a loft extension will add depends on many factors, including where you live. If your property is in an urban area where living space is at a premium it could be a big bonus.
Loft conversion costs vary massively from £18,000 - £65,000, depending on the type, and the size and location of your home. Ask a local estate agent to estimate the property value increase and check the ceiling price for housing prices in your area. Don’t spend more than you can conceivably add in value.
If it's a good choice for your house, a home improvement loan can help you fund your loft extension.
Does a new bathroom add value to your home?
Renovating a bathroom could cost anything between £3,000-£15,000 depending on the extent of the work needed and the quality of the finish, but a bathroom renovation can be one of the most profitable rooms in the home when it comes to renovation projectsSee footnote 11.
Does a kitchen renovation add value to your home?
National Association for Estate Agents (NAEA) recommend that if homeowners can only afford to renovate one room, then they should opt for a kitchen renovationSee footnote 22.
If your kitchen is old-fashioned, simply giving the cabinets and the worktops a facelift, and painting the walls could increase your home’s desirability. Focus on making the space as efficient and usable as possible, and opt for a simple, stylish design that will appeal to more people.
Ready to get your home renovation project off the ground? Read our guide to applying for a loan.
1. Source: Good homes magazine.
2. Source: Country living