Six Ways to increase your home’s value
Introduction
Depending on when you bought your home, you’re probably not enjoying the state of the housing market at the moment – It’s still not as stable as it could (or should) be, and as such, people are finding that they can’t afford to move, or that their house simply isn’t worth as much as they thought.
What’s the answer to this? Home Improvement. A few projects around the home can increase your home’s value exponentially, and in this article we’re going to look at the best ways to do it.
Attic/Loft Conversion
With space at a premium nowadays, people are often looking to better utilise the space they have, and are expanding into a loft space they often don’t use much of.
A loft conversion will set you back anywhere from around £15,000, but can increase the value of your home by an average of £60,000 – although in London and the South East they are more popular, due to crowded and expensive housing meaning that expanding or upsizing are either costly or impossible.
Basement
A basement is a great way to add an extra floor’s worth of rooms to your property – ideal if it is one you plan to let out.
It’s a longer and more difficult job than a loft conversion – you’ll probably have to get the professionals in and consider structural work on the house – but they can increase your home’s value by around £50,000.
- Expect to pay around £250-350 for each square foot of floor space you need.
Gardens
Don’t forget the outside of your property as well – recent statistics have shown that people are more likely to forgo an extra bathroom or bedroom for a decent amount of green space.
Garden improvements can range from simply re-laying a lawn or planting flowers to a full professional redesign, but obviously the more money you put into it, the higher your return will be when it comes time to sell.
- Find a Garden Centre near you
Open Plan
As a society, here in Britain we’re becoming more and more interested in merging our eating, entertainment and even sleeping areas into one big space – and it also makes a small property feel a lot bigger.
Whilst you should always seek the advice of a qualified professional before knocking holes in your walls, making a living space open plan is a relatively inexpensive job that can yield good returns.
Period Features
Do you have original fireplaces or oak beams in your house? Any original features from a bygone period of architecture can increase interest in your property – and while renovating and restoring them can be an expensive job, the results are often worth it.
Energy Efficiency
Making your home more energy efficient is a worthwhile investment whether you plan on selling or not
- cavity wall installation, for example, will cost around £260, but can save you £160 a year.
People are very keen on purchasing energy efficient homes at the moment, and more importantly, are willing to pay extra for them.
Of course, any work you have had done to your home is going to affect the value of it, and as such you should also remember to inform your home insurance provider of changes to the property, should the worst come to the worst between the work being completed and the house being sold.
Further information and useful links
- Making structural changes to your property
- Regulations & permissions for extensions
- Full guide to the building regulations
- More building works topics
- Find an Architect near you
- Find a Chartered Surveyor near you
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