Home Improvements: Adding value to your property
Recent studies from the insurance provider, Hiscox revealed that the number of homeowners choosing to improve their home rather than move has risen considerably in recent years. A staggering 15% of homeowners made the decision to renovate their existing property by the end of 2017, representing more than four million households, compared to just 3% in 2013.
So what is driving the decision to improve rather than move?
A variety of external factors including changing personal circumstances, rising property prices and even the uncertainty of Brexit all contribute to the decisions homeowners are making to stay put.
Choosing to invest in home improvements and making the most of the space you have is a sensible decision in most cases. Home improvements can not only enhance your wellbeing but can also increase the value of your home – which makes moving to a more expensive property easier when you do decide to sell.
Add some kerb appeal
When potential buyers visit a new property, one of the first things they will think about is the aesthetics. Does it look old and run down? Or does it look well-loved and presentable?
For that reason, it is important to think about the kerb appeal when looking at adding value to your property. Small changes can make a big impact when it comes to making the decision to sell.
Front doors are one of the first thing potential buyers see and first impressions really do count. Investing in a statement front door is a great way to add a little appeal without spending too much money. A bright contemporary composite door can make a dramatic change with little effort. If a new door is not an option, simply give your existing door a new lease of life with a fresh coat of paint and modern accessories.
Adding a driveway is a great way to increase the value of your property. Transforming the front garden into parking space is a great way to achieve this, especially in urban areas where parking is a premium. Paving over the garden and dropping the kerb will likely cost a significant amount and will require planning permission. But in a prime city area you could add up to £50,000 to the property value and provide a solution to your parking problems in the short term.
Did you know? Off street parking reduces your car insurance! Adding a driveway will help save you money in the long run.
Replace your windows
Upgrading your old tired windows doesn’t only make economic sense, it makes financial sense too. Adding double glazing can go a long way to reduce your energy bills and increase the value of your home by an average of 3%. As most buyers consider double glazing essential, making the investment will no doubt improve the ability to sell your property further down the line.
However, it is important to take into consideration the aesthetics of your property before choosing your new windows. Where upgrades are needed they should be replaced “like-for-like” and be in keeping with the look and feel of the house. Most building regulations now require windows to be replaced with double glazing as a minimum unless the property is listed or in a conservation area. For most listed buildings this will mean that uPVC windows will not be acceptable to the English Heritage.
If you own a period property a premium can be placed if the original windows are still featured, provided they are intact and functioning. In this case, it may well be worth the time and money to restore the window frames to retain that value.
Conservatory, Orangery or Extension?
Living space is worth more per square foot than bedroom space. So although extra bedrooms may be desirable, adding a conservatory or full blown extension would be the ideal way of increasing the value of your home.
Whether you decide to invest in a conservatory, orangery or extension it is imperative that the design fits with the rest of the property and is aesthetically pleasing. It is also important to consider the impact on the garden space, as the outside area is a big player in the value of your home. Design this extra space so that it looks part of the original house, using the same flooring as the rest of the downstairs rooms, and connecting the inside to the outside with a set of Bi-Folding doors will go a long way to ensure a seamless, sophisticated look.
Investing in a well-built conservatory, orangery or extension, is likely to cost anywhere between £10,000-£40,000. However, in return you will see a considerable increase in value to your property, with anything between 5-10% depending on the style and size of your build.
Did you know? If money was no object 26% of home owners would add a swimming pool, despite the fact that in doing so they would loose money.
Bathrooms and Kitchens
Bathrooms have recently been revealed as renovation priority with 54% of homeowners either already taking on an update or have plans to. Well designed, modern and user friendly bathrooms are a major selling point for most homes, with a complete renovation adding an average of around 6% to the value of your property.
Modern, open plan living is increasingly sought after with potential buyers. Kitchen-diners offer a blended space where cooking and socialising can be combined. More often than not homeowners are making the separate dining and cooking spaces something of the past by knocking through walls to obtain a large space to entertain and have all important family time. More homeowners than ever are making the kitchen conversion a priority, with 51% stating that it is at the top of their home improvement list. Designed well, carrying out this kind of renovation can see you add as much as 10% to the value of your home.
Whether you are thinking of selling in the near future or just looking to add value, there are many home improvements that can be made to maximise the potential of your property. Book a free, no obligation appointment with the team at Everest to find out more.
'Home Improvements: Adding value to your property'