Significant home improvements are expensive, so it’s crucial to consider how your plans will add value to your home. More and more of us are choosing to improve rather than move. Here are 10 ways to enhance your property, making it better to live in and increasing its value.
If you have many plans for home improvements, it makes sense to focus on projects that will also add value. This way, what you spend now will be reflected in your property’s price when you sell. But what adds value to a house?
We asked over 300 members of the Federation of Master Builders (FMB) and estate agent members of the Guild of Property Professionals which projects will add value to your house. Here’s what they said.
1. Knock Down a Wall for Open Plan Living – Spend £3,500, Add £48,000
Our research found that removing an internal wall to create an open-plan kitchen and diner is the best way to add value to your home. It could cost around £3,500 but add £48,000 to the average London property or £27,000 to the average home in Dorset.
Not only will this add value to your home, but it should also make it more pleasant to live in. Knocking down walls means more communal spaces where families can enjoy quality time together. Whether that’s chatting while dinner is cooked or keeping an eye on kids while they do their homework, open-plan living is a popular choice.
Best of all, this is a relatively simple project that most builders can complete in under a week, potentially increasing your home’s value by almost £50k in just 7 days!
You may need the assistance of a structural engineer. A Chartered Structural Engineer or Chartered Civil Engineer can help with the design of structural elements such as beams (RSJ’s), columns, or retaining walls.
2. Build a Garden Room – Spend £6,700, Add £10,000
Another option is to add another living space outside. Building a garden room can add around £36,000 to an averagely valued home in Surrey or £10,000 in London, according to our research with the Federation of Master Builders (FMB) and The Guild of Property Professionals.
3. Spruce Up Your Kitchen – Spend £4,000, Add £15,000
A new kitchen isn’t just a treat for you; it can also significantly boost your home’s value. Updating worktops, cabinet doors, or flooring doesn’t have to break the bank – it costs around £4,000 on average. But, it could add £17,000 to the value of a London property, or around £15,000 to the average home in Cambridgeshire, according to the FMB and The Guild of Property Professionals.
4. Create a Downstairs Loo – Spend £1,500, Add £26,000
A downstairs toilet is a big attraction to various buyers. Adding one will make your home appealing to young families with children, those who like entertaining, and older buyers looking to future-proof their homes.
Transforming an understairs cupboard into a loo can add value to your home. This project is great if you have a limited budget because, for a small outlay of around £1,500, you could add around £26,000 to your home’s value, according to our research.
5. Make Way for an Ensuite – Spend £5,000, Add £15,000
Creating extra bathroom space by carving some space out of your master bedroom to create an ensuite could take around 11 days but add £14,525 to the value of the average London home.
6. Create a Parking Space – Spend £2,000, Add £13,000
While green front gardens are lovely, paving over part of your front garden to create off-road parking could significantly boost your home’s value if parking is at a premium in your neighbourhood. A parking space can add as much as 13% to your home’s value, according to Direct Line.
Our research found that a new driveway would add £13,354 to the value of the average Surrey property.
Check with your local council to see if you need planning permission for this. Usually, if your home isn’t on an A or B road, you won’t need permission, but you will have to comply with local authority regulations on dropping the kerb.
7. Spruce Up Your Back Garden – Spend £4,000, Add £9,000
Gardens are often overlooked in property projects, but investing in your green space can be rewarding. Our analysis found that adding decking and lighting to your back garden can boost the asking price when a property goes on the market. For example, a property in Dorset would be worth £8,946 more after the job was done, but would only require an outlay of £3,971.
8. Decorate – Spend £1,000, Add £5,000
Planning to put your property on the market? Make sure to give it a fresh lick of paint first. Enhancing kerb appeal by updating the exterior of your home can make a significant difference. Hiring professionals could set you back around £1,000 but could add £5,000 to your home’s value, according to property expert Phil Spencer.
9. Convert Your Loft – Spend £20,000, Add £40,000
Homeowners looking to add floor space could significantly increase their home’s value with a loft conversion. This project costs around £20,000 on average but could boost your home’s value by £40,000, according to Spencer.
10. Get Planning Permission – Spend £400, Add £20,000
If you’re preparing to sell your home and can’t afford a big project, consider getting planning permission instead. Buyers are often willing to pay a premium to avoid the paperwork and know they can start their plans immediately upon purchasing the property.
Submitting a basic planning application costs up to £400 but could add as much as 10% to your home’s value, according to insurance firm Hamilton Fraser.
And Finally, Before You Start, Ask the Experts
Improving your home to make it more enjoyable is a benefit for you and your family today. Choosing a project that also gives you a financial boost when you sell only adds to the benefits. However, if your primary aim is to add value to your home, consult an expert first to ensure you’ll get a return on your investment.
Invite a few estate agents to value your property and ask them what they think will add the most value. The best local agents will know what refurbishment projects other homes on your road have benefited from and how much value those projects added.
For more detailed advice on how to add value to your home, visit this guide.
Angel Properties can help you sell your house fast. For more information, visit our What We Do, Locations, Blog, Request a Valuation, and Sell Your House Fast in London pages.
