According to the Office of National Statistics, almost 30 billion pounds is spent each year on home improvements in the UK. With the right improvements, you can significantly raise the value of your property. Here are some of the upgrades that experts believe can raise the value of your home on the market.
Adding square footage to your home is sure to increase its value. This type of project will set you back £20,000 or more and can raise the value of your home by about 11 percent. On average, this means an extra £33,000 in property value. An extension can mean adding a kitchen or a dining area if it’s a single-storey extension. For extra bedrooms, you’ll probably need a double extension. You don’t need planning permissions for a single-storey extension.
You can get a 5% increase in property value by putting in a new bathroom. This is around £15,000 on average. More people are looking for houses that are simple and comfortable and thus en suites are becoming more popular. There is a great variation in terms of cost. On the lower end, this type of improvement can set you back £2,000 while on the higher side you may have to fork out £6,000 or more. This is why you have to be careful on what you choose to spend your money on. Cambuild states “Unless the property is a mansion, focus on good quality upgrades that are affordable and not over the top luxury. Your main issue should be what will appeal to buyers looking for property in the area.”
Open-plan Living Area
Many people looking for houses at the moment are very interested in open plan living that comes with practical spaces that are simple. Open-kitchens and dining rooms are now very much in demand. In many cases, the new kitchen will cost you somewhere in the region of £8,000 and will raise your property value by around 6% which is £18,000 on average.
Buyers are once again looking for conservatories. Conservatories made from glass are the ones in demand. The UPVC ones may actually have the opposite effect. What people are looking for in conservatories are high-quality materials that let in plenty of light. A good conservatory can cost you anywhere between £4,000 and £10,000 and this can raise the property value by 5% which is around £15,000 on average. You should, however, not build a conservatory so large that it eats into the garden space since gardens add their own value to the home.
Putting in an extra bedroom especially by converting a loft is what many experts believe gives you the best return on your money. Depending on various factors, this addition can cost you from £15,000 to £40,000. However, this investment will pay off and can add 10% to your property value. This means you can get around £30,000 more when your house goes to the market.