For many, adding value to your home is about getting the basics right: getting it in good shape and ensuring the garden is tidy. Yet all this effort will likely only add a few percent to your property’s total value.
Instead, if you’re looking to really make a difference to your home’s value, here are our top three tips:
An extension adds between 5% and 20% to your property, provided it’s done in a sympathetic manner and depending on the size of the extension. Those that add an extra bedroom and perhaps a little living space can add around 10%, whereas those that are more comprehensive can add the full whack.
Don’t forget that a well-made conservatory is also an extension. Avoid PVC conservatories. These may be cheap, but they can decrease the value of the property if they are not sympathetic. Aim to get a brick one or even an orangery instead. It should also flow well with the property so that it can be used easily.
For an expenditure of £10,000 to £20,000, you should get between £30,000 to £50,000 back, depending on the property’s condition and the area it’s in.
It’s also worth remembering that extensions can sometimes negate the need to move home altogether, offering you the space you need for a growing family (or perhaps just a new home gym!). If you don’t need to move then you’ll be saving thousands on estate agent and solicitor fees, amongst other costs.
Rework the inside
Flow and ‘zen’ is everything in a property. There’s a growing trend for open spaces with the kitchen being joined with a combination living room and dining room. Even adding an arch can be quite beneficial to the overall flow, allowing large items to be transferred through the house with ease.
Of course, you can start knocking down walls immediately, but bear in mind that some might be load bearing. Get a complete structural survey before you start (cost: £500 to £1,500) to see how you might alter the property and improve the overall flow. A light, airy house can increase the value by up to 5% and make it much easier to sell. For an expenditure of around £5,000, you can expect an increase in value of around £10,000.
Spending a couple of thousand on a new kitchen can make your home seem more ‘ready to live in’, and as a consequence could add an extra 5% to your property’s value.
A full windows replacement is also often a relatively simple step to take, and can sometimes take as little as a couple of days to complete. Spending £6,000 on windows can yield a particularly good uplift, perhaps 4%. On a £200,000 house, that could equate to an extra £8,000.