With property prices dipping and mortgage rates climbing, homeowners may be looking for ways to boost the equity in their home.
Whether you want to make your home more attractive to potential buyers or improve its future potential, carrying out renovations – small or large – can make a big difference.
But which projects offer the most added value financially and how much will you need to fork out? Henry Martin, residential and commercial developer, reveals more.
1. Convert your loft and add £40k
When it comes to increasing property value, the most cost-effective solutions generally involve adding practical floor space. One of the most common methods of achieving this is a loft conversion.
A loft conversion adds practical floor space to a house, making it one of the most cost-effective projects for adding value.
Whether you transform the loft space into a new bedroom or a large office, Martin said it can add an extra 20% to the value of a home, which equates to around £40,000 for a £200,000 dwelling.
“This rise in value more than justifies the cost of the loft conversion which typically starts at around £17,500 for a bedroom with an en-suite bathroom,” he said.
“While the precise amount of added value depends on several factors like the roof structure, available space, and location, a loft conversion remains a popular choice for homeowners on the move.”
2. Transform the garage and add £25k
This is another one which offers increased floorspace and therefore is perfect for adding value.
Martin explained a garage conversion that creates an extra bedroom with an en-suite bathroom can increase your home’s value by as much as 10% to 15%. The cost of converting is not as expensive as you may think – £10,000 to £15,000. “This is more than offset by the value you’ll add when the work is complete,” said Martin.
He added: “Garage conversions are particularly popular with homeowners with off-street parking, and if an extra bedroom isn’t a priority, you could turn it into a gym, home office, or children’s playroom instead.”
3. Add a drive and boost your home’s value by £20k
The cost of a kerb drop outside your home is likely to cost around £2,000 to £4,000 according to Martin. But, once the work’s complete, it could add up to £20,000 to the value of your property.
“From added convenience to enhanced vehicle security to lower car insurance, adding a driveway can boost the worth of a property in many ways,” Martin added.
4. Create a home office and add £17.5k
The rise of hybrid and remote working has increased demand for the home office in the last four years.
Simply setting aside a dedicated workspace can add as much as £17,500 to your home, said Martin.
“Setting up a home office couldn’t be easier,” he said. “Simply clear a spare room of any odds and ends, unwanted furniture, and large decorations to create extra space.
“After that, simply fill the room with regular office staples such as a desk, chair, shelving, and storage before you decorate your new, functioning space in your favourite colours to create a perfect work environment for your new buyer.
5. Replace old windows and add £10,000
New windows can make your home more energy efficient and add a modern touch to both the interior and exterior. It’s a quick and easy win, says Martin, which could add around £10,000 to an average sized three-bed home.
He said: “Replacing old windows with double glazing or new metal frame windows can add 10% to the value of a home, enhance its kerb appeal, and make it more attractive to potential buyers who know their windows won’t need replacing.
“Not only that, but new windows reduce noise pollution and greatly improve insulation which will also reduce energy and fuel bills and save money over time.”
6. Add an extra bathroom and add £10k
If have the space, an additional bathroom can add between 4% and 5% to your home’s value.
Martin said they can cost around £6,500 on average depending on your choice of fixtures and fittings.
He added a word of warning: “It’s worth bearing in mind that if you convert and existing bedroom into a bathroom it could potentially devalue your home if your three-bedroom house suddenly becomes a two-bed dwelling.”
7. Landscape your garden and add £8k
Martin said an outdoor space could add around 12% to a London property. Martin said: “Whether you hire professional landscapers to transform your garden, or simply pick up some tools and get to work yourself, sprucing up an outdoor area can make all the difference.”
8. Remove interior walls and go open plan to add £5k
“A home with lots of smaller reception rooms separated by non load-bearing walls can be off-putting for buyers who prefer a greater sense of space when they walk through the front door,” said Martin.
He said the cost of knocking down a wall is around £1,500 but could potentially add 15% to the value of your home.
He added: “Whether it’s a large kitchen/diner or one big living area instead of two smaller rooms, open-plan spaces can tempt buyers in and boost your chances of a sale.”
9. Fix the little things and add £10k
Something seemingly harmless like a crack in the wall can be off-putting to buyers so taking time to give your home a little TLC can pay off.
Martin said cracks in walls can easily knock off £9.49k from your home but fixing these problems is quick and simple.
He added: “While you may need professional help, be sure to check if the cracks are under 5mm. If they are, you can use filler to fix this yourself, and save even more money in the long run.”
10. Add a lick of paint and add £9,000
And finally, if you need something simple but effective then getting the paintbrush and rollers out and refreshing the walls can make a huge difference.
“Scuffed paintwork or marked walls can be extremely off-putting to potential buyers and knock £9.25k off a property,” said Martin. “So, make sure to schedule some DIY time and ensure your home is in tip-top condition. Use neutral colours, such as white or grey, allowing your potential buyers to picture their style.”
Total approximate home value added: £100,000
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