6 Ways to Add Value to your Home

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.

 

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Loft Conversion:

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.

 

Kitchen Remodelling:

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.

 

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Basement Conversion:

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.

 

add value to your homeImage Credit

 

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.

 

Comments

  1. Adam says

    Nice to see this 6 ways to add value to your home. The only question here is how much you need to spend in achieving this goal.

  2. Paul's Plumbing Redditch says

    Yes home improvements can add value to your home but it can be easy to be swept up in the excitement and spend too much on your remodel. For instance. I live in an ex council property. There would be no point in installing a $30000 luxury bathroom installation because if I sell the property I would never ever recoup that cost. It would be so over the top for the type of house I am in.
    If you would like to install a bathroom I have a helpful tip that could ave you $$$$. Instead of using a jack of all trades who claims to be able to plumb, tile, wire, do the carpentry , plaster etc. Get in individual tradesmen. I know it will take more organization but you will get a better job. The job will usually be completed quicker. The workmanship will be to a better standard. The job price will usually come in much much cheaper! Have a think about it xx

  3. richard watters says

    Good article. Can I add another one, that might seem obvious but can make a big difference – decor.
    I’m not talking about a coat of magnolia to freshen things up, but carefully chosen colours that complement the style of property, take account of natural light, etc. Even in one room such as the main reception room this can make a big difference and enhance the value.
    I recently refurbished a Victorian semi, keeping as many features as possible and decorated it in Farrow & Ball style colours (mixed for me so not at F&B prices), used 5 complementary colours in all. The property was sold at 98% of asking price within a week. The lady who bought it said the main thing that sold the house to her was the decor.

  4. says

    Great tips and the key is to strike a balance between the project and the cost. Of course, in order to reap the financial rewards of any project, you have to do your research to make sure that your output will not far exceed the input, or the added value to your home. That’s where doing some things yourself will help save money. Nice tips. –Ed
    American Empire recently posted…How to Choose the Right Garage Door Repair CompanyMy Profile

  5. says

    My boyfriend and I are about to start a kitchen remodel on our home in the coming months and are so excited! I actually think it adds a little more than 5% to the value if you do it right though, especially with a functional redesign. I like the idea of adding a conservatory, definitely something to think about.

  6. says

    Some great tips.

    That being said I’ve never looked at my home as a “real” investment, and I’ve never been disappointed. If you’re planning on doing some renovations because you want to enjoy your home more and make better use of the space then that’s one thing, but where you can get into trouble is if you base your decision predominantly on the will to make money at resale.

    A lot of people learned this the hard way back around 2008.

  7. says

    We’ve been in the process of upgrading our master bath over the past six months or so and really hoping it’ll add a little something to the value when and if when we do want to sell. If we’re here too much longer we’ll also likely be adding a room to the house as well.

Trackbacks

  1. […] The brighter weather makes us sit up and take notice of our homes in more detail. The longer days and lighter nights also give us more opportunity to get long awaiting DIY jobs done too. It’s not a great idea to let your home get into disrepair, and it’s really important to stay on top of all those little jobs before they become great big huge jobs. So with that in mind I thought I’d put together a little roundup of all those chores or mini makeovers that you can do that add value to your home or bring in that extra little bit of style. These ideas aren’t meant to cost a lot, and many of them can be done in a few hours or maximum, over a weekend, but if you do want to look at the bigger, more expensive ways to add value to your home check out my post here. […]

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