For homeowners who need more space or a different home design, it often makes more sense to improve than to move. Regardless of which way you’re ready to go, here are the five main home improvements that not only deliver a bespoke design for those who want to stay in their home, but that also increase value for those ready to sell.
A loft conversion home improvement adds usable space, such as an extra bedroom or a home office, with minimal disruption to occupants during the remodelling process. And the investment in a loft conversion can deliver double its cost. For example, according to television real estate guru Phil Spencer, a £20,000 loft conversion might add as much as £40,000 to the value of your house. (Of course, a loft conversion can be completed for more than that, or less.) Spencer also points out that a loft conversion can increase a home’s selling price by an average of more than 12 percent.
Everyone loves a new kitchen, and a state-of-the-art galley is the second of home improvements most likely to add value. According to a survey by the Halifax Home Insurance company, a modernized kitchen adds up to 10 percent to a home’s value. Moreover, many estate agents believe an appealing kitchen is the major reason a buyer chooses a home. The Federation of Master Builders calculates the average remodeled kitchen costs £10,000 to £14,000, but you always have the option of going higher or lower, depending on your taste and budget. When deciding exactly how to remodel your kitchen, consider the popular open-plan layout; enlarging a small kitchen by knocking out the wall of an adjoining room is often a rewarding idea.
Basement or Basement Conversion
An added basement may be one of the more expensive home improvements, but it’s also one of the most popular. However, a basement conversion—modifying an existing cellar, for example—is not only substantially cheaper, it’s a great way to add useable space. The costs of basements and basement conversions range widely, but a converted basement can add to your home’s value as much as half again what you paid the builder for the project.
The British are known around the world for their love of gardening, and a garden room or conservatory is among the most desirable of home improvements. If it can be used all year long, it may increase your home’s value by 7 to 11 percent, says Phil Spencer. In addition, a garden room can double as a home office or craft room. Better still, its installation is among the least disrupting of home improvements. Just make sure the conservatory matches the style of the rest of the house and doesn’t look tacked on.
Home improvements trends are moving in the direction of one full bathroom for every bedroom in the home. Indeed, the minimum expected by today’s home buyers is 2 bathrooms for every 4 bedrooms and 1 bathroom per floor. If you have only 1 bathroom, adding a second can augment your home’s value as much as 9 percent, according to the Nationwide Building Society. In addition, adding an en suite to a bedroom can be very cost effective as long as the bedroom space doesn’t become too cramped. The best plan is to convert a small and minimally used space, such as an unused closet, into a bathroom.
So whether you’re ready to sell or eager to stay, consider boosting your property value through home improvements carried out by professional builders. You’ll be glad you did!
- 10 ways to add value to your home. (n.d.). Build It.
- Andrews, J. (2015, May 29). How to add £157,202 to the value of your house. Mirror.
- Meyer, H. (2008, March 6). Money talk: Home improvements. Telegraph.
- Middleton, C. (2010, July 23). Phil Spencer’s top 20 ways to add value to your home. Telegraph.