Top Ways to Add Value to Your Home

Create off street parking

Adding off-street parking to your property – particularly in a busy, urban location – can be one of the best ways to add value to your home. If it is possible to pave over your front garden or to create an off-road space for just one car, it can make your home vastly more appealing to potential buyers.

As TV property expert Phil Spencer says: “If you want to add value in an area where parking is at a premium, then it is concrete every time. You may need planning permission, and may have to spend £10-£20,000, but added value could be £50,000 in an expensive urban location.”

Convert your loft, basement or garage

Adding extra living space to your home – particularly a bedroom – can substantially increase the value of your property.

One of the most popular ways of creating an additional bedroom and bathroom is through a loft conversion. The Guardian reports that ‘converting 300 square feet of loft space into an en suite bedroom can add more than 20 per cent to the value of an average property’ whilst research from Halifax has found that a loft conversion should add an average of £24,981 to the value of your home.

Garage conversions are also increasingly popular with a recent study from Santander finding that over a million households have either recently changed their garage into another room or intend to do so. The research found that the average garage conversion added £7,250 to the value of a property.

Basement conversions are much more expensive (around £300 per square foot) but in certain areas can add two to three times that in value.

Improve the kerb appeal

First impressions are important with prospective buyers. Consequently, it is worth spending money on the exterior of your home to create a good first impression.

Make sure you have a well kept driveway and make sure you paint the exterior of your home. Are the windows at the front of the property modern and clean and is your front garden well maintained?

Even adding a new front door (at a cost of around £500) can increase the attractiveness of your property.

Refit your bathroom

The bathroom is one of the most important rooms in the property as far as buyers are concerned. Making sure you have a tidy, modern bathroom is crucial to a sale, and a bathroom refit adds around 3 per cent to the value of your home.

A poor or old bathroom is also one of the main turn-offs for a potential buyer.

Add an extension or conservatory

Increasing the living space in your home is a great way to add value. Conservatories tend to be cheaper than extensions although they often need either heating or good ventilation. Extensions can cost anywhere between £15,000 and £50,000 depending on the size and design.

Make sure that you extend in proportion to the size of your existing home and don’t use up too much of the garden as this could put off many potential buyers.

New kitchen

A recent survey from the estate agent network Spicerhaart found that a new kitchen is the most worthwhile home improvement. 71 per cent of estate agents questioned voted ‘fitting a new kitchen’ as one of the three best ways to add value to your home.

Depending on the condition of the existing kitchen and the work you plan to undertake, a new kitchen can add between 5 and 15 per cent to the value of your home. However, make sure you work to a fixed budget and that you spend in proportion to the value of your home (around 8 per cent of value should be the maximum spend on a kitchen refit).

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