What Renovations Can Add More Value to a Home?
Small renovations and touches of design will increase your home’s appeal to potential buyers and reduce the time it takes you to close a successful sale. However, if what you are after is adding substantial value to your home, you will have to dig a little deeper into your pockets and do some more costly upgrades.
Many of the major upgrades that can add the most value to your home will require permitting or special approvals, as well as a bigger budget. So, before you make any final decisions or commit to any big makeovers, check your local planning regulations or talk to a good estate agent to find out what it will take.
Here is our list of renovations that have the most potential of adding value to your home:
Extensions can add a lot of extra value to a home by creating an extra living space or considerably increasing an existing space. They are also valuable because they can improve the overall layout of the home. What your extension will be used for will also translate into the final costs you will incur for it.
For instance, if you are adding another bedroom, the costs of the extension will be limited to the build costs. You can expect an extension to cost you between £1,000–£2,000/m² depending on the quality of finishing details. On the other hand, if you are considering a kitchen extension, you should also add up the costs of any new or additional kitchen furniture and appliances you may need to fit out that space.
An extension will be subject to certain height and width conditions and approvals and will have to comply with local building regulations.
A good investment you can consider is adding a conservatory to your home. It is definitely a feature that will be appreciated by potential buyers and an investment that will pay off.
If you decide to go with this home improvement feature, put a lot of thought into its design and quality. A well-planned conservatory with a good layout and quality finishes will translate into more value for your home, while a cheap build is likely a worse idea than no build at all.
You will have plenty of design options to choose from. Modern or traditional, fully glazed or only partially, usable year-round or not. Make sure you pick a design that complements your home and adds more value to its overall style.
In some cases, you may even be able to build the conservatory without permitting. However, building and energy efficiency regulations still apply and it’s always a good idea to check these issues beforehand.
3. Loft Conversion
Aloft is a great way to add square footage and increase the value of a home. Typically, they are converted into an extra bedroom. If the space allows, it can even be an entire suite. An extra loft bedroom can mean 10% added to the home’s market value. Add an en-suite bathroom and the value may go up by as much as 15%.
Depending on how your home is designed, you could convert the top floor into a loft with as little as adding a roof light. But, if the floor height is too low, you will need to consider a new structure and roof. You will also need to take into account insulation costs and adding the required electrical and sanitary installations for the loft if there aren’t any. Estimating these costs well from the get-go is the only way to tell if the investment will be worth it.
The floor height typically needs to be 2.1 meters in over 50% of the space. Again, you will need to check your local permitting regulations to make sure you are doing everything by the book.
4. Basement Conversion
A basement can be converted into many usable spaces. You can add more storage or create a game room or even an extra bedroom. Cost-wise, it’s a good investment provided the price you’ll be paying to transform the space is below that of the living space you’ll be adding.
Basement conversion costs can vary depending on whether or not you will need any digging, structural, or waterproofing works. Other works include ventilation, heating, and electrical and sanitary installations. Talk to a contractor or architect to get a full picture of what costs you may incur before you decide to start any work.
If you are not making any structural changes or adding new windows, you may not need to go through any planning permission procedures.
5. Garage Conversion
If you are now using your garage only for storing old junk, you may consider upgrading this space and making it livable to add more value to your home.
Garages can be turned into anything from an extra bedroom to a family game or movie room or a play area for kids. You could talk to an estate agent to better understand what purpose would be more suitable and understand what costs you may incur for the conversion. They can also tell you what kind of planning may be required and what conditions and limitations apply.
6. Open-Plan Layout
Open-plan living is on every home buyer’s list nowadays. A good flow will absolutely make your home more appealing to potential buyers. Closed off kitchens and dark living rooms are a thing of the past. That’s why taking down the wall between the kitchen and living area is a great way to add value to your home.
The costs of this upgrade will depend on whether or not the wall is load-bearing. If it’s not, you could even consider taking on the work yourself. However, if it is a structural wall, you will need specialists to knock it down for you and your costs will go up.
7. Upgrade Existing Features
A great way to increase the value of your home is tackling some of the more costly renovations that buyers will prefer not to have to do themselves. If you can take on the hassle so they don’t have to, they will be willing to pay extra for this advantage.
A new heating system, replacing the windows or roof are just some of the works you could take into account. Upgrading the electrical system or the bathrooms and kitchen are also good ways to add more value to your home.
Other upgrades you could opt for are:
- Replacing the entrance door with a more secure, steel version
- Fitting the garage with a new door
- Adding a deck to your back garden
- Installing smart home technology.