Think you might be marketing your home in a few years’ time? If the dip in the housings market continues , this may become more difficult to do. So, you will find below a quick guide to which changes will add the most value to your home .
1. Loft conversion + 21%
According to a study by Nationwide bank , a loft conversion is easily the single most valuable home improvement you can make to your house .
By adding 300 square feet of floor space – and then incorporating an extra bedroom and bathroom – you could add over 20% to the value of your property. Starting with a house worth £200,000, this is a potential price increase of £42,000.
The estimated cost of this sort of conversion is just over £17,000 – a sizable sum, but very frequently a recommended investment.
2. Another sleeping room + 12%
Just adding an extra bedroom can make your house price zoom up . Turn a two-bedroom house into a three bedroom by adding another good sized bedroom, and you will typically increase the saleable value by 12%.
However, it’s worth bearing in mind that this figure is based on increasing the size of floor space usable (by, for example, extending over the garage).
Messing about with existent floor space to produce the extra room generally adds less value – around 6% for the same type of home .
3. Central heating + 6.8%
A large majority of UK houses now have central heating – and if yours doesn’t , then you’re losing out on a big chunk (just under 7%) of added value. Which makes a £200,000 home worth in the region of £214,000.
The installation of a complete gas heating system currently costs in the region of £5,000 – so it unquestionably seems a cost-efficient investment to make. And of course, a newer, energy-efficient system can also save money on utility bills.
4. Parking + 6.5%
Easy yet effective . Squeezing a parking space onto your property can add well over 6% to its value. If you build a double garage and the value rockets by some 14.5%.
5. An extra bathroom + 5.2%
And finally, an extra bathroom can make a big difference. though houses with two or more bathrooms have become more common in recent years, adding an extra one can still boost the price of a one bathroom property by over 5%.
Just make sure you plan carefully when you tackle all these home improvements.
According to a recent report from Halifax , one in four major home improvement projects overshoot their planned spend each year.
It has been documented that , getting carried away with fixtures and fittings is the major Generator of a rise in costs, with kitchen makeovers the most likely to spiral out of financial control. So make sure you draw up a budget, then stick to it!
For more information on home improvements or to find reliable tradesmen to carry out your home improvements contact SafeTrade.