In the current economic climate, more of us are staying put rather than moving to a new property. The costs involved in moving home are often so large that we look for other ways of improving the space in which we live. Home improvements and renovations are much more affordable than actually moving so many of us look for ways of adding value and space to our current home.
But what are the most popular ways of improving our homes? Well you’re probably familiar with many of these but let’s take a look at how they can add value to your home.
Probably one of the most popular ways to add value to your home, loft conversions are a great way to add an extra room or rooms into your home. Obviously it depends on the actual work you require but a conversion will cost around £20,000 and take around 3 months. Be prepared for a lot of mess, and of course you’ll need to relocate or drastically thin out the items normally stored there. Apparently, building societies estimate that a loft conversion can add up to 20% onto the value of your home.
Buyers expect modern, creative kitchens so remodelling this room can be a really wise move. It’s not a cheap home improvement option but worth doing as long as you keep it within the value and price of your home. Don’t invest in something cheap and cheerful if you live in a top floor luxury penthouse. Keep the quality and layout applicable for the type of buyers you’ll be trying to attract. Do it right and you could add up to 5% onto the value of your home.
Add an En-Suite:
Creating a second bathroom or even a downstairs loo will definitely add value and attract buyers when you come to sell. Families in particular are very keen on extra bathrooms but not when space in a double bedroom is sacrificed, apparently. Ideally use some redundant space in an understairs cupboard, or on a large landing and knock through to a bedroom if you need to.
If you’re lucky enough to have a basement, or indeed a basement that doesn’t flood it may well be worth looking into the costs of converting it to another useful room. Often, it’s not a cheap option. You may need the floor to be lowered which can be an expensive job so it’s worth talking to estate agents and identifying how much value a conversion like this will add to your home.
Build an Extension
A big decision that will probably need planning permission and an architect. Well worth it if you need or want to balance out the layout of your home. Great for families wanting to create a large space for gatherings, playrooms or dining. Creating an open plan kitchen, diner and lounge area all in one is very popular these days. Bifold doors opening out onto the garden look amazing and really open up the space. Be careful that you have enough garden to sacrifice to this or you could end up with a very large home and no garden, which won’t be great when you come to sell.
Build a Conservatory:
Often you won’t need planning permission for a conservatory which makes it an easy and cost-effective way of adding value to your home. Cheaper than building a full extension you still get the extra space or extra room on the ground floor of your home. Make sure the style complements the rest of your house and install proper heating as they can get very cold in Winter. Investing in proper blinds or window treatments is a good idea too as so much glass means lots of glare in the Summer!
All of these projects can be expensive of course so you’ll need to investigate the best way of financing them. Many people use a site like totallymoney.com to find the best loan or credit card deals. If you are trying to add value to your home then finding the right finance is essential too.
I would love to know if anyone is considering a home improvement project this year. Do let me know what you’re planning!
Brought to you in association with Totally Money.