Unfortunately, the housing market in the UK isn’t something that can be predicted. However, an increasing number of homeowners are looking to discover new, innovative ways to add value their home and increase the return that they get on their investment.
In this guide, we’ve shared four key ways you can increase your homes’ value, as well as the renovations that could bring the biggest return:
1. Loft conversions
One of the simplest ways to increase a property’s value is to add extra living space. Considering that the number of bedrooms and room sizes are often a major influence in the listing price of a property, it may be a good idea to convert any spaces that are unused – such as the loft.
Loft conversions tend to be an expensive type of home improvement but have the ability to significantly impact the amount you’ll receive when it comes to selling the property.
In order to get the most out of your loft conversion, you can ask your local estate agents (or do your own research) about the local area to determine which type of room it should be. For example, if your local area is full of young working professionals, converting the loft into an office may be a sensible option.
2. Create parking spaces
If you’re looking to add value to a property in a crowded city centre where parking is envied (such as London), you may want to consider turning unused outdoor space into a parking area. This can be done by tarmacking green surfaces on land that forms part of your property.
If you don’t have outdoor space that could be converted, you could also turn your garage into a parking space to add further value to your home.
3. Install a new bathroom
Bathrooms are seen as a home’s private sanctuary, so it may come as no surprise to learn that homeowners are willing to pay more money for a home that has a newly kitted-out bathroom.
For that reason, you should think about replacing old bathtubs, cabinets and bathroom flooring when calculating the best way to add value to your home. Although it’s not guaranteed to make a huge difference to the selling price, it can give a good return in comparison to the cash you spend installing it!
4. Use double-glazed windows
Although double-glazed windows may be expected in newer properties, there are still homes in the UK that don’t use the new features. This could lead to condensation issues in your home, combined with the obvious disadvantage of more expensive utility bills.
When looking to add value to a property, the best place to start is with the installation of double-glazed windows. Once you’ve installed them (often for a small fee in comparison to the rest of the renovations!), the person looking to purchase your home will pay extra for the guarantee that their new property has efficent windows and cheaper running costs.
As you can see, adding value to your home doesn’t have to be complicated. It’s often the smallest renovations that have the biggest impact; now it’s just up to you to see which ones give you the best return!