We all know that adding improvements to homes increases their utility. Just ask anyone who’s completed a kitchen extension or a bathroom refit. But, economically speaking, renovations can be lucrative too.
In this post, we take a look at some of the home improvements that add the most value to your property. This list is not comprehensive, but it does cover the major improvements that buyers look for when purchasing a house.
Converting a basement into a room or storage space can increase the value of your property by an astonishing 30 percent. There are several reasons for this. For starters, functional basement are rare in the UK – relatively few people have them. So they are a scarce home feature in high demand. What’s more, they provide storage space well away from the main living areas of the house. So homeowners don’t have to dedicate a spare room for possessions when a cellar is available.
Converting a cellar is usually relatively easy, however, a basement conversion can set you back up to £1400 per square metre initially. Usually, you don’t need planning permission because it is considered a “change of use” by local planning officers.
If you feel it would benefit your home, you can also dig down through the floor in the centre of your home and create a cellar space there. Just make sure that you use professional contractors who know how to avoid creating structural problems.
Split Your Home Into Flats
If you own a large property, you may be able to split it up into individual units and rent them out separately. This tactic is popular in cities across the country, but especially in London. Converting a single townhouse into multiple rentals provides a substantial income and avoids having to search for rare long-term, high-paying tenants.
The great thing about splitting your home into flats is that you are still able to live there. So you can use your home to generate income and increase its sale price if you ever come to sell it onto a landlord. Estimates suggest that houses split into flats sell for around 30 percent more than their non-converted counterparts.
Transform Your Garage Into A Living Space
In the past, motor vehicles were more prone to rust so homeowners had to store them inside garages. Today, however, that’s no longer the case. Most vehicles can sit outside on the street for years without any damage to the bodywork.
For that reason, garage conversions are becoming more popular. Homeowners are transforming them into additional living spaces, adding up to 15 percent to the sale price of their properties.
Converting a garage is usually classified as “permitted development,” meaning that you won’t usually have to seek planning permission. However, to be safe, always consult with local planning officers. Your property might be listed or there may be covenants preventing significant alterations operating in your area.
Please note that if you convert a garage, it must be structurally sound. It must also comply with drainage, plumbing and electrical regulations.
Build A Side Return
Kitchen side return extensions are popular in homes with long kitchens at the back. They help to open up the space and provide the family with more room.
Side returns can increase the value of your home by up to 15 percent, however, you’ll be looking at an initial investment of £35,000 at first according to extensionprices.co.uk (view source). What’s more, planners classify most side return projects as permitted developments, so you don’t necessarily have to seek permission from the authorities. Just make sure that it is no more than 4 meters high and no wider than half of the width of the house.
Convert Your Loft
As you might expect, getting a loft conversion is another great way to boost the value of your property. According to Lucanu Construction, “Research has found that a loft conversion can increase the value of your home by 20% or more, depending on what the space is transformed to.”
Add A Conservatory
Given lockdown and the fact that people are spending more time in their homes, many want improved access to outdoor spaces. Thus, adding a fully glazed conservatory may add up to 10 percent onto the selling price of your home.
Conservatories come in a range of glazing options. The most popular have UPVC frames – a type of plastic. However, you can also get aluminum and timber-framed versions too.
Again, conservatories are permitted developments, meaning that you don’t usually need planning permission.
Other Home Improvements That Add Value
You can also boost your home’s value by:
- Improving your landscaping and external appearance of your home – up to 10 percent
- Adding a new bathroom – 3 to 5 percent