Add value to your home
Tempted to improve rather than move?
We look at some of the ways you can add value to your home and make living there that bit more enjoyable while you're at it.
Home improvements can add significant value to your home. For example, building a 30 square metre extension can give homeowners a healthy return on investment of up to £156,000 in London and an average of £14,000 in the rest of the UK1.
Work on the inside
Improvements to the inside of your home can not only make living there nicer but can also increase the appeal of your property to potential buyers. But when it comes to improving the inside of your home, where should you start?
Add a new bathroom
An extra bathroom could be a strong selling point for your property. You can upgrade your bathroom in small steps: swap a shower curtain for a glass door, add new taps or upgrade an old radiator to a heated towel rail.
Upgrade your kitchen
Buyers will be willing to pay more for a property if it comes complete with a ready-made modern cooking space. An attractive kitchen saves buyers the hassle and expense of redoing the kitchen themselves.
More space is handy whether you’re moving or improving. If you’re staying, but need more room for a growing family, extending could be cheaper than moving. And, if you’re selling, it’s a good way to boost the value of your home.
A 30 square metre extension can add £14,000 to the value of your home, according to Barclays Mortgages and Countrywide 1. When extending your home, opt for a good-sized room that suits the existing style of your home or is bold enough to be a major selling point.
Extend up (or down)
A loft conversion can add significant value to your home especially if you’re creating an extra bedroom – just remember to inform your home insurer of any changes and to research if you require planning permission. Basement conversions are also a smart solution for smaller properties.
Update the layout
Removing or moving internal walls can make a big difference to the value of your property and may not cost as much as heavy-duty improvements such as extensions. However, moving load-bearing walls may prove more costly.
Improve the outside
Spruce up the garden
Building an extension that drastically reduces your garden space isn’t always the best option. Instead invest in your garden with small but significant improvements such as outdoor lighting or decking. A well-manicured garden came top of the list for desirable exterior features in research by Barclays Mortgages 2.
Convert the garage
If you don’t use your garage for parking your car, you could add value to your home by converting it into a living space. A home office, games room, kids’ room or home gym are all good options.
Don’t forget first impressions count
You live on the inside but the outside is what people see first – and it can make a big difference to how they view your home. The majority of house-hunters take just 10 seconds to decide whether they like a property from the outside and over a third make their decisions purely on a home’s exterior, even if the inside needs some attention 2. As well as a nice front garden, double glazing and a parking space can make the difference while vermin control and unruly gardens can put people off.
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- Barclays Mortgages Home Improvement Report 2015. Consumer research was conducted on behalf of Barclays Mortgages by Mortar London with a sample size of 2,000 respondents
- Research conducted amongst 2,000 homeowners by One Poll in February 2016