The fastest and most effective way to increase the value of your home — whether it’s newly purchased or you’ve been living there for years — is by making smart renovation plans. Upgrades that are intentional and not on an impulse will surely yield better results.
The rapidly increasing prices of homes in many areas of the country in addition to the lack of available home options in the market have encouraged many householders to put off any plans of moving. Now, the trend is to improve whatever properties they may have in hopes of increasing their market value should they need to resell in the future.
If the recent figures released by the Nationwide Building Society are any indication, home upgrades can be a good form of investment as well. These include but not limited to a new kitchen, functional loft conversions, and rear extension.
But, if the costs of construction in Kent outweigh the actual monetary benefit an upgrade can give, it could make any householder think twice before making any bold choices. You may be asking yourself, “Is it really worth it?”
As long as keep your expenses under control and stick to your original budget, you can expect to cash in on most types of major renovation projects, depending on your home’s actual worth to start with. Here are some of the home improvements you could consider which would add the most value to your home:
One effective way to increase the market value of your property is to turn your loft into another bedroom — if it includes a bathroom. Many buyers will be enticed by the fact that there won’t be any need for them to go up and down to use the loo.
According to experts, a functional loft conversion can add an average of 21% to a property’s value. This, however, will still depend on your location. Those from London and home counties can expect more from loft conversion projects compared elsewhere.
Another bedroom through an extension
Experts put this home upgrade in the second place in terms of the value it adds to your home, which is at 11%. Building a separate space on top of a kitchen extension or out into your garden can boost the value of a property. The construction may cost around £20,000 to £35,000, so if your property is worth over £180,000, this is something you might consider.
A second bathroom
Current trends in home ownership favor larger bathrooms and more of them if you have the space and the budget. In fact, experts suggest that to get the most value for your home, having two bathrooms is now the standard and what many buyers are looking for.
A home valued at around £80,000 or more can expect a 5% increase should you choose to do this upgrade. Expect a much bigger increase if you use high-quality materials.
Keep in mind, however, that any home upgrades should be relayed to your insurer, to make sure that any significant changes in your property won’t affect your current coverage.