Renovating your home to add value
Property experts Blenheim run through some of the ways you can unlock the potential in your property
With more people opting to stay in their home for longer to avoid the expense and stress of moving, home renovations are becoming an increasingly popular option for homeowners wanting to maximise the living space and value of their property.
People are often sceptical when it comes to making a decision on whether to renovate or not as they are unsure if the modifications will provide them with an advantageous return on their investment when it comes to sell.
Converting your cellar is a great way to make better use of the space you already have. This renovation qualifies as a “change of use” so planning permission won’t be required. You could transform your cellar into a games room, cinema room, playroom or an extra lounge and this renovation could add up to as much as 30% extra on your house sale price.
Another popular conversion to add square footage is by developing into your loft space. Loft conversions can help to create an extra bedroom or further useful living space. Although this renovation can take longer than most others, it is certainly something to consider if you are thinking about moving in order to gain an extra bedroom, as this is a more cost effective and less stressful option.
It is possible that by converting your loft, you could add around 21% onto the value of your home. If you have a garage you don’t use for storing your car and already have a parking space outside, why not convert your garage into a space that you are more likely to use.
This project may require planning permission depending on the suitability of your garage for conversion, however it should be quite a straightforward job. Remodelling your garage into useable space such as a home office could add an extra 15% to the value of your property.
With the price of household bills rising each year, looking at how energy efficient your home is can be a worthwhile investment. Improving your insulation, adding cavity wall insulation and draft proofing will not set you back much financially in comparison to other renovation projects with costs averaging under £1,000.
Taking a look at the efficiency of your boiler can also be favourable, as a boiler that is performing poorly will be costing you more money in the long run. Having a home that has a good energy performance certificate can increase the value of your home by up to 14%.
The exterior of your home is equally as important as the interior. Working on the layout of your outdoor space can sometimes create a more usable garden. With people leading busy lives, most homebuyers are looking for a property with a low maintenance garden.
Replacing lawn areas with artificial grass, adding decking/paved areas and a selection of shrubbery can establish a garden that keeps maintenance to a minimum whilst also providing a pleasant space to relax.
This project could add up to 20% on your sale price. If you only have one bathroom in your property, it would be beneficial for you to look at adding another if you have the room to spare without compromising on bedroom space.
Adding a further bathroom could add 5% when it comes to selling. Although renovation can have a positive impact on your home, it is also important to note that you shouldn’t overdevelop your property. Expanding your home too far can become detrimental when it comes to selling.
Look at what your neighbours have done to their property before beginning any work on your own. This can prevent yourself from negatively setting your home apart from the rest. People will be reluctant to pay a price in excess of the ceiling price for the road, therefore making your renovations an unprofitable return on your investment.