Are you thinking of selling your home? Buying an investment property? Perhaps you are thinking about making improvements with an eye on adding maximum return on investment? Whether you want to stay put and add profit, or get maximum value when you sell, here are our top ten ways to make your home a hot property.
- Create extra space +71%
Extending your property may be a significant investment, but it is one of the most sure-fire ways to rapidly increase its value. Extending to create an additional en-suite bedroom for a three-bedroom house, can add as much as 23% to the property value and, according to research from Zopa, the average return on investment for an extension can be an incredible 71%
2. Update your bathroom +48%
A new or upgraded bathroom has the potential to increase the value of your home by 3-5% and offers a 48% return on investment of the average cost of £4,900.
If you don’t want to invest in a complete bathroom upgrade, there are ways to make improvements on a budget. Start by ensuring that your bathroom has a clean and hygienic aesthetic. This can be achieved through the use of neutral tones on the walls, re-tiling, replacing taps and replacing sealant. Update your counter tops to bring a sense of new life into the bathroom and if you are struggling to make the room feel bigger, simply add in a mirror for an instant effect.
3. Conservatory + 108%
A conservatory is a great way to add space to your home without the hassle and expense of planning permission, as long as your conservatory is not any bigger than half of the original footprint of the house. With the average conservatory costing £5,300 the return on investment can be up to 108% with a potential profit of £5,750.
Conservatory design has really evolved with some incredible build options that will be cool in summer and warm in winter and blend with any style of property. Consider opening a wall to create a large family room, or even a wrap around conservatory that will have multiple uses.
4. Loft extension +50%
Loft conversions are the unsung hero of the family home! Not only is a loft conversion a simple and affordable way to create huge amounts of extra space, converting attic space to create an extra floor is proven to significantly increase the value of your home. Depending on the style and requirements, a loft conversion will typically cost £24,000 however, this comes with £12,000 profit which means a 50% return on your investment.
If you are playing with the idea of extending your loft, then take a look at our previous blog to see what style may best fit your home.
5. Smart home + 1000%
There are so many gadgets that you can easily add to your home to make it ‘smart’ (see our smart home blog post for more information). But did you know smart upgrades can also increase the value of your property? Mytoolshed discovered that if you were to spend roughly £179 on smart features, you could increase the value of your home by up to £16,000!
6. Access a £5,000 grant from September 2020
Making your home more energy efficient can save you money while you live there and pay dividends when you sell. In 2020, the Government announced the Green Homes Grant, a new grant package for homeowners that will see vouchers up to the value of £5000 issued to homeowners in England for environmentally friendly improvements such as insulation or double glazing. The scheme will be launched in September 2020, find out more at Money Saving Expert.
Take note: A poorly insulated loft can cost you between £120 – £225 a month in lost heat!
7. Upgrade your windows +10%
Double glazed windows can help you save around 44% on your bills a year whilst also increasing your home’s value by up to 10%. Replacing windows with energy-efficient UPVC, composite or timber will cost around £400 – £600 per window but if you ask us, it’s definitely worth it. Upgrading your windows increases thermal insulation whilst also helping to block out more UV rays, ensuring your carpet, curtains or furniture do not become discoloured and damaged.
8. Off road parking +13%
Often overlooked but vital, especially within urban areas, is off road parking. A property that has off road parking can help to increase your list price by 13% according to Petty Son & Prestwich. Consider giving up some garden space to invest in additional parking, especially if you are situated within a town or a city.
9. Modernise your kitchen +6%
The kitchen is the undisputed heart of the home and potential buyers will be focused on this room. Updating your kitchen can help add up to 6% to your property value, but there are a few features to factor in if you are remodelling your kitchen with return on investment in mind according to Nationwide.
Look at a design that will work well for you and your family now, but with the wow factor that will impress future potential buyers and not too many personal design elements if you are planning to sell. Zebra print cabinets may be your thing, but are less likely to appeal to buyers, so stick to neutral tones and invest in those must-have elements like a wine cooler and integrated appliances.
In a sizeable home, if you spend £20,000 on a new kitchen appropriately, you could add £50,000 in value to your property
10. Open up your interior
The Kirstie Allsopp inspired trend for knocking down walls doesn’t show any signs of slowing down, and the relatively low cost of taking out an internal wall can transform living space. An open plan kitchen/dining/living room is a popular choice and there are some fantastic ideas and cost guides in this article from Real Homes. The return on repurposing space is dependent on how much you are willing to spend on the project. Check out our Pinterest board for some open plan and broken plan living inspiration.
Tip: create broken plan living zones by adding dividers, different floor finishes, split-levels, and semi-permanent partitions such as bookcases and screens.
11. Garden Appeal +£2000
Don’t underestimate the value of your outdoor space. According to House Beautiful there are some simple garden improvements that could help increase your property’s value by up to £2,000. Don’t overlook the good old garden shed – 82% of property professionals agreed a good sized shed will deliver an uplift in value. Invest in a good quality patio, new planting and fencing and a landscaped lawn and your buyers will see themselves enjoying their leisure time. Get it wrong and it could cost you – Moneywise put an unkempt garden in its top ten things that will affect the value of your home.