Before putting a house on the market many people will consider renovating their property in order to increase the value of their home significantly. Although sometimes this may be more difficult, for example if you need a fast house sale and time is of the essence, but in many cases, people have time to make even minor improvements to their property to improve its resale value.
In some cases this can be misguided as the amount it costs to renovate does not match the increase in value, however, in other ways people can benefit from home improvements as it raises the sell-on price significantly.
Here are the top 10 best home improvements you can do today in order to add value to your home long-term.
How to Add Value to Your Home?
Cellar and Basement Conversions
One of the best ways to boost the value of your home is by having a basement conversion. Whether you convert your basement or cellar into another living space or bedroom, having all that extra space in your home will add a lot of value to your property. Doing this can boost the value of a property up to 30% and it is one of the easier home improvements as it does not require planning permission.
Although it may cost quite a bit of money to achieve, potentially more than £100,000, a basement conversion can end up being extremely profitable when the house is sold. For example, a house worth £500,000 that installs a basement, could see its value increase by £150,000, which even if £100,000 has been spent on the works, amounts to £50,000 profit, or an overall profit of 10% when sold. You will need to get a property valuation to be sure of any increases before any property sale however.
If you do not have a basement or cellar, it may even be possible to dig down to add a basement and add additional square footage to your home. However, you should always make sure you consult with both your neighbours and the relevant planning experts and surveyors before undertaking a task like that.
Loft Conversions
A loft conversion that can function as a home office or another bedroom can add up to 15% onto your home value. Therefore, a property worth £500,000 could add as much as another £75,000 to their property value for resale if they install a loft conversion.
A bedroom with an en-suite bathroom could add even more value than that. Most lofts will be able to be converted but it is always wise to check with an architect before starting any works. Most loft conversions will not require planning permission but check with your local authority to make sure that that does not apply to you.
Garage Conversions
If your garage is not being used to house a car or any other goods, then it is probably worth it to change this into another living space.
Converting your garage into another bedroom or just another living room could add up to 15% onto the value of your home. Most garages will be suitable for converting but it is worth checking with experts to make sure that is the case for you.
Kitchen Extension
There are many ways that you can make the kitchen space bigger in your house. These will usually result in the value of the property getting higher. A side-return kitchen extension is very common nowadays, and will require planning permission. However it could potentially add up to 15% onto the value of your property and may be worth looking into.
Apply for Planning Permission
Applying for planning permission on your home before you sell your property, could well entice more buyers to come into the fold. On the open market, properties that are allowed to have additional work undertaken on them ‘subject to planning permission’ (STPP) are often more desirable for both investors and families looking to up size, as they will look at the potential of the property.
If you can show that a buyer will be able to get planning permission for an extension or a conversion of their choice then it could raise the value of the property by at least 10%.
Garden Design
As more houses are being built, garden spaces are becoming smaller and smaller. That is why, if you have a garden, they can be redesigned to make the value of your property much higher than before. A deck or a patio, as well as even turning the garden shed into a home office are great ways that you can raise the value of the property on the outside instead of the inside.
Redesigning and sharpening your garden can raise the value of your home up to 8%. An attractive garden may also help any estate agents sell your property, with comfortable outdoor space being an attractive feature for many buyers.
Install a New Bathroom
Adding a new bathroom to your property can be an expensive investment but it also certainly adds value to your home. You may be able to save money by purchasing a bathroom suite rather than individual parts and adding this bathroom could add between 3-5% to the value of the house.
Open Plan Living Room
You can transform your home without too much hassle by knocking down the wall between your living room and your kitchen if they are next to each other. This is an extremely popular look and by doing it you can raise the value of your home by 3 to 5%. In practice, this means that a property worth £500,000 could almost instantly add an additional £25,000 to the sale value by installing an open plan living room.
Always speak to a professional before knocking down any walls and supporting structures that may be dangerous to remove or alter.
Build a Conservatory
A conservatory can, in many cases, add more value to your home than it costs to build and install. If it is built and laid out properly it is not an expensive addition and the value it adds to your home far outweighs the cost to build. Most conservatories also will not need planning permission in order to build as they fall under the remit of permitted development.
New Central Heating System
Many older houses will have old and outdated heating systems that can lower the value of the home. Adding a new heating system will also improve the general energy efficiency of the property and this in turn can add value to your home.
