Are you looking to increase the value of your home? Whether you're planning to sell in the near future or simply want to enhance your property's appeal, certain home improvements can make a significant difference.
In this article, we will explore ten key renovations that can add value to your home. From off-street parking to energy efficiency upgrades, these improvements can make your home more attractive to potential buyers and increase its market value.
One of the first things potential buyers consider when looking at a property is parking availability. If you have space in front of your home, it's worth considering adding off-street parking. This can increase the value of your property by 10-15%. While the planning process may take a few months, the investment is well worth it.
The cost of creating off-street parking can vary depending on the materials used, landscaping, and other factors. However, it can add an instant premium to your property and make it more appealing to buyers.
The kitchen is often considered the heart of the home and is a key area that potential buyers focus on. You don't have to spend a fortune on a complete kitchen overhaul if your existing kitchen units are in good condition.
Consider painting the cabinets, replacing the worktops, and adding new handles to give your kitchen a fresh look. Additionally, updating the tiling can instantly update the space. If a complete kitchen renovation is necessary, consider opting for an off-the-peg kitchen from a reputable supplier.
This allows you to invest in top-quality surfaces and lighting, making your kitchen more appealing to buyers.
After the kitchen, the bathroom is another important area for potential buyers. Consider adding an extra shower room if space permits. Having multiple bathrooms is increasingly desirable, especially in houses with four bedrooms or more.
You can convert existing space, such as understairs areas, to create a wet room or guest loo. When renovating bathrooms, keep it simple and avoid overspending, as the return on investment is typically around 50% of your spend. Stick to a budget, opt for white fixtures, and add big fluffy towels for a touch of luxury.
Creating more space in your home can significantly increase its value. Knocking down non-structural walls to open up areas such as small dining rooms can make your home feel brighter and more welcoming.
However, it's important to obtain the necessary permissions and certifications if you need to install a rolled steel joist for support. This ensures compliance and avoids potential issues during the selling process. Opening up your home and improving circulation can make it more appealing to potential buyers.
Income suites are becoming increasingly popular and can be a selling point for potential buyers. Consider creating a separate bedroom suite that can be used for guests, tenants, or even as an Airbnb rental. This additional space can make your home more attractive to buyers and potentially pay for itself through rental income. Providing flexible accommodation options can give your home an edge in the competitive housing market.
Energy efficiency is a top concern for many homeowners and can greatly impact the value of your property. Investing in insulation, new windows, and an insulated attic can improve energy efficiency, reduce utility bills, and make your home more appealing to potential buyers. External insulation is a popular choice as it is less disruptive and can also transform the exterior appearance of your home. Additionally, installing a stove can add a desirable feature to your home, as they are seen as both aesthetically pleasing and energy-efficient.
The hallway is the first impression visitors have of your home, so it's essential to make it inviting and appealing. Freshly painted walls and a well-maintained carpet can instantly improve the appearance of your hallway.
If space permits, consider adding a downstairs toilet under the stairs, which can be a convenient feature for potential buyers. Additionally, upgrading your front door and adding a Velux roof light to bring in more natural light can enhance the overall ambience of your home.
If your home has a lot of timber finishes that are outdated or in poor condition, consider giving them a fresh look. Painting doors, ceiling beams, staircases, and kitchen units can transform the appearance of your home.
An estate agent shared a success story of a large attic room with dark stained beams that were viewed as depressing by potential buyers. After painting the entire space white, the house sold quickly and above the asking price. Sometimes, a simple update can make a significant difference.
Overgrown trees, hedges, and shrubs can make a garden feel smaller and darker. Removing or uprooting certain plants can instantly create more space and allow more light into your garden. Consider removing shrubs that grow to a depth of 2-4 meters, such as escallonia or forsythia, to open up your garden and make it appear larger.
Alternatively, you can opt for "skirtlifting," which involves removing the lower stems of a shrub to create an umbrella-like quality. This technique maintains privacy while creating more space in your garden.
Regular maintenance and addressing small repairs promptly can save you from bigger problems down the line. Leaks, for example, should be fixed before they cause damage to ceilings or woodwork.
By staying proactive and keeping your home in good condition, you'll be better prepared to sell when the time comes. Detailed reports from surveyors are increasingly requested by potential buyers, so ensuring your home is well-maintained can prevent delays or issues during the selling process.
By implementing these ten renovations, you can significantly increase the value of your home. From adding off-street parking to updating your kitchen and bathrooms, these improvements can make your home more appealing to potential buyers. Creating more space, making your home energy efficient, and maintaining a well-kept appearance are all factors that can positively impact your home's value.
Remember to consider your budget, do thorough research, and consult with professionals before embarking on any renovation project. With careful planning and execution, your home can become a valuable asset in the housing market.
Stuart is an expert in Property, Money, Banking & Finance, having worked in retail and investment banking for 10+ years before founding Sunny Avenue. Stuart has spent his career studying finance. He holds qualifications in financial studies, mortgage advice & practice, banking operations, dealing & financial markets, derivatives, securities & investments.
Our website offers information about financial products such as investing, savings, equity release, mortgages, and insurance. None of the information on Sunny Avenue constitutes personal advice. Sunny Avenue does not offer any of these services directly and we only act as a directory service to connect you to the experts. If you require further information to proceed you will need to request advice, for example from the financial advisers listed. If you decide to invest, read the important investment notes provided first, decide how to proceed on your own basis, and remember that investments can go up and down in value, so you could get back less than you put in.
Think carefully before securing debts against your home. A mortgage is a loan secured on your home, which you could lose if you do not keep up your mortgage payments. Check that any mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.