During 2021, according to Houzz, 51% of homeowners had planned to renovate their homes. How to increase the value of your home will firstly depend on what your goal is. If you're adding value to sell imminently or just for the future for yourselves with the view to eventually selling or passing the property on. Adding value can be expensive and complicated depending on the project but it doesn’t always have to be budget-busting and tricky. It can be as simple as a fresh layer of paint or new carpets or it can be a bigger project such as adding an extension or converting spaces.
Here are a few ways that we think you can add value to your home.
Making the most of the unused spaces in your home or adding new space can boost the value of your home. Adding space with a porch can free up storage space and could double up as a cloak room, it can also double up as additional security and a barrier from the elements.
Converting your loft
According to loft conversion experts, converting your loft into a usable space can add value of up to 25%, especially if you live in an area where multi-bedroom properties are in demand.
If you have the space, a conservatory is a good way to increase the value of your home giving you additional space but how much value does a conservatory add? Property experts believe conservatories can increase the value of your home by 7%. Remember to make sure that it suits the surroundings and blends in well with you home.
Remember, in some circumstances you'll need to get planning permission for a loft conversion so it's best to double check.
Replacing your old kitchen
Kitchens are one of the most used rooms in the house and any renovations need to look good but be practical for you too. A new kitchen can cost on average around £7,000 for a small kitchen refurbishment, but there are ways to cut costs. Shop around for the kitchen that suits your functions as well as your budget. Look for ex-display cabinets and second hand cabinets, making sure there is no damage and that they are sturdy enough to last.
Replace the doors on your cabinets and draws is a cost efficient way of modernising your kitchen. But if that isn't for you then you can freshen then up with a lick of paint or some new handles. Sometimes it is just the worktop that may need to be changed. Choosing the right material can effect how much or little you spend. Marble or oak worktops will cost more as they aren't as easy to install than a laminate one.
Easy bathroom renovations
Updating your bathroom doesn’t necessarily mean ripping everything out. If you don’t fancy retiling the whole room there are other options that are budget friendly but can still refresh and add value to the room. Painting your titles and regrouting can add a new lease of life, you don’t have to stick to white either; think about colour schemes and try to make the most of how the light hits the room. This can be done on both wall and floor tiles. Stick on titles are also an option if you don’t fancy painting.
Storage space in bathrooms can get overlooked, think about how you can utilise the spaces, add additional shelves, is there space for storage under the sink. Just remember not to add too much as bathrooms are usually the smallest room in the house and you still need to be able to use the facilities.
Improving the building’s energy rating
A good way to add value, and maybe even save you some money in the long term, is to look at your building’s energy rating.
- Check that the loft insulation is thick enough by speaking to a specialist, this'll help to protect you from the cold in the winter and help to keep the heat out in the summer.
- If you have an old boiler with a hot water cylinder upgrading your boiler to a combi boiler is an option and may even give you more space in the house. However, if you don’t have the budget for a new one you can insulate your hot water cylinder and the hot water pipes; this way the pipes will stay warmer and use less energy to heat up.
- Checking the glazing on your windows, changing your light bulbs and draught proofing your home can improve your homes efficiency and help you waste less energy. These could all be changes that might not break the bank as it can be as easy as adding rugs, changing curtains, and investing in draught excluders for your door, all of which could be picked up second hand if you're eco-conscious and prefer to shop on a budget.
- Solar panels are also an option if you have the space for them on your roof. They can be either thermal or electric panels, which could save you money on your energy bills in the long run as they run on clean energy. But remember, solar panels are an expensive outlay and it could take up to 10 years to see the true benefit of them as it's really a longer term investment.
The outside of your house is just as important as the inside, it’s the first impression that anyone gets. Maintaining a garden or any outdoor space doesn’t necessarily mean having manicured lawns and perfectly shaped topiary; think about the space you have and try to make the most out of it. Is there space to entertain? Is there enough for the local bees? Consider how you use the space and ensure that it's easy to maintain.
If you have the space, consider adding a driveway, but, how much value does a driveway add? According to some home improvement experts on average a driveway can increase the value of your home by up to 10%. This could also be favourable for car insurers (if your car is parked on a driveway instead of the road) and save you money there, too.
Detailing the building’s exterior
Over time, being exposed to the elements can cause damage to the exterior of your property.
- Consider repainting the outside of your home to freshen it up and give it kerb appeal, especially if you're thinking of selling. There's also options of updating the render or cladding (some cladding may need planning permission so check first). If you have brickwork on show, make sure any cracks are repaired, this could both help structurally and aesthetically.
- Updating your windows and doors can also improve the value of your home. Not only can it increase your energy efficiency but, if your windows are showing signs of wear, this can down value your property. Painting the frames is also an option and could give you a fresh look without having to buy new ones.
- A place that can get overlooked is the roof. Maintaining the tiles, making sure none are damaged or causing leaks is key to any house retaining its value as leaking roofs can cause damp and water damage.
No matter how big or small your budget, anything that freshens up your home could add value and it's worth getting your property valued before and after you make these additions. Also bear in mind market changes between valuations as this could also make a difference to how much your home is worth.