Whether you’re eyeing the property ladder’s next rung or simply want to turn your current house into a dream home, adding value is the key. There are expensive ways to do it, as well as more affordable options. Whichever route you choose can have a positive impact on the value of your property.
Here, we take a deep dive into ways to elevate your home’s worth and make it a space that’s as financially smart as it is inviting.
How to add value to your home
While emergency repairs are essential for maintaining your home’s value, chosen improvements require careful consideration. However, not all changes are created equal, as some can significantly boost your property’s worth more than others.
By making targeted upgrades, homeowners have the potential to add substantial value that can sometimes amount to tens of thousands of pounds. For instance, a well-executed loft extension or modern bathroom renovation can significantly increase your home’s value when done right.
The best actions you can take to add value to your home
Review structural issues
Ignoring issues like subsidence may severely devalue your property, rendering cosmetic upgrades almost pointless. Tackling structural defects – from leaky roofs and rising damp to wall cracks and rotten timbers – is often costly but essential. Before getting started on the aesthetic improvements, consult a builder, surveyor, or structural engineer to assess and address any structural concerns if you believe the property to have them.
Cost: The cost varies depending on the issue. For instance, something like asbestos costs around £2,500, while subsidence could set you back £13,500.
Return: While addressing structural issues may not boost home value significantly, neglecting them can lead to value loss due to needed repairs for new buyers.
Redecorate
Among the various home improvements, redecorating tops the list for its popularity and affordability. A simple coat of paint can work wonders without breaking the bank. Opting for neutral shades tends to resonate most with potential buyers, breathing fresh life into your living spaces. So, don’t hesitate to wield that paintbrush for a cost-effective home makeover.
Cost: A basic lick of paint is likely to cost no more than a few hundred pounds.
Return: A simple interior redecoration can add between 5% and 10% to your home’s value
Create more space with open-plan living
Creating an open-plan kitchen and dining area by removing an internal wall is a top value-adding renovation for many. It enhances your property’s value and improves your living experience, aligning with the growing preference for open-plan spaces. These communal areas offer family interaction, from dinner conversations to homework supervision. Plus, most builders can complete this straightforward project in less than a week, offering a quick return on investment.
Cost: A general open-plan layout will often cost between £5,000 and £10,000.
Return: Increasing floor space by just 10% can increase your home’s value by 5%.
Don’t ignore kerb appeal
First impressions hold significant weight when it comes to property value. A poorly maintained exterior may dissuade potential buyers instantly. To enhance kerb appeal, consider a fresh coat of paint for the exterior, updating or repainting the front door, adding hanging baskets for a touch of greenery and tidying up the garden.
Cost: Again, kerb appeal will set you back a few hundred pounds if it’s just minor cosmetic upgrades. More major upgrades can cost thousands.
Return: Giving your outside space a bit of love can boost the value of your home by more than £50k.
A brand-new kitchen
Investing in a new kitchen is a popular choice among homeowners. It adds a whole new dynamic to the home and is something you can enjoy for yourself while also benefiting from a price increase in value. Even a scaled-down renovation can offer substantial returns should you decide to hold back on a total renovation of the kitchen.
Cost: Kitchen furnishing and installation costs can range vastly, buy you can expect to pay between £5,000 and £30,000 for a new kitchen and its fitting.
Return: According to reports, homeowners can expect a return of 30.7% to 85.7% on their investment in a new kitchen if they sell their home.
Bathroom upgrades
In the bathroom, simple updates like re-grouting, limescale removal and tap replacement can make a significant difference. Aim for a fresh, hygienic appearance by painting the walls a neutral colour and adding either a new shower curtain or a glass screen. There’s also the option to refit a brand-new bathroom and update the design of your home.
Cost: The average cost of fitting a new bathroom is just over £7,000
Return: According to Propertymark, 29% of sold homes in 2019 featured new bathrooms, suggesting that such improvements could expedite sales and potentially increase your home’s value.
Improve the heating system
To increase your home’s value, consider modernising the central heating system, especially if your property is older and lacks efficient heating. Upgrading or installing a new central heating system enhances comfort while adding more value than it costs. Pair this with energy-efficient improvements for maximum impact.
Cost: You can expect the cost of a new heating system to be anywhere upwards of £1,500 depending on the current system and the extent of what needs replacing.
Return: A heating system is not always a visible positive in a home, but buyers are often quick to expect a discount if the heating system does require replacing as it is an unavoidable cost, being a necessity for the home.
Install a downstairs toilet
Adding a downstairs toilet can significantly boost your home’s appeal to a diverse range of buyers, from young families to older individuals looking to future-proof their living space. Converting unused areas, like an understairs cupboard, into a convenient lavatory is a cost-effective way to add value.
Cost: Expect to pay upwards of £1,500 for a downstairs toilet, this is very much dependent on the plumbing in place and the position of the new toilet.
Return: Adding a downstairs toilet can add as much as 5% to the value of your property, given most families especially see it as a necessity.
Convert the garage
Converting a garage can offer space benefits, with its value varying depending on your location. In urban settings where garages are rare, keeping them may add more value. Converting it into a functional space, however, like a bedroom or Airbnb annexe, can be lucrative. In more rural areas, the use of a garage might outweigh any conversion benefits but here in West London, the garage might be better used as additional living space. Planning permission is usually not required, but you should always check, especially in conservation areas.
Cost: Garage conversions start from around £5,000.
Return: A garage conversion can increase your home’s value by anything from 10% to 20%.
Loft conversion
A loft conversion typically costs £500-600/m², about half the cost of an extension. It’s generally a sound investment if it adds more living space than it consumes, considering the need for a staircase. Natural light can be introduced through dormer windows or roof lights. While loft conversions usually don’t require planning permission, adding dormer windows facing a highway might. Always consult with planning authorities to be sure.
Cost: Approximately £500-600/m² but this is largely dependent on the level of finish and fittings.
Return: A loft conversion can increase the value of your house by more than 20%.
Summary: the right value add
Whether upgrades are for a better standard of living or you have selling the property in mind, there are plenty of improvements you can make to a home with the aim of increasing its value. Choosing wisely will help maximise your investment in the long term.
West London Estate Agents
For any property related matters, contact our team who would be happy to assist you.
