8 Ways to Add Value to Your Home
Whether you have recently purchased a new property and want to get started right away with increasing its value or are considering selling your property but first want to invest in it so that you can sell it for more than it is currently worth, it’s important to tick all the right boxes for adding value so that you know you are actually increasing the value of your home without losing money.
The good news is that there are lots of great ways to not only boost the asking price for your home but also make it more appealing to prospective buyers, including increasing the size of the property, adding a new bathroom or kitchen, improving electrical and heating systems, or simply improving the aesthetics. Certain renovation projects are quick and easy to carry out and will add instant appeal, while others might be larger and more expensive projects that can help your house fetch significantly more on the property market.
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What to Consider Before Adding Value to Your Home
Before considering any projects to add value to your property, it’s important to make sure that it is safe and secure structurally. The truth is that no matter how much money you invest in your property, any structural issues that arise during a homebuyer’s survey can reduce the value significantly or even lead to the sale falling through, leaving you out of pocket. Before embarking on any renovation projects, the first step is to make sure that you are on top of any structural defects such as subsidence, rising damp, structural cracks, bowing walls, sagging or leaking roofs, insect infestations, missing or broken roof tiles, rotten roof timbers and joists, or an unstable chimney stack, all of which can have a significant negative impact on the value of your home, no matter how much work you might put into improving other things.
How to Add Value to Your Home With More Eco-Friendliness
Making your home kinder to the environment will not only appeal to more eco-friendly buyers but it can also add more value. Buyers are often willing to pay more for an eco-friendly home that not only helps them feel better about their impact on the planet but can also help to reduce their monthly expenses.
For example, adding solar panels can be an excellent investment to consider that may increase the value of your property. A significant amount of energy can be gained from the sun and turned into free electricity to use in the home, which ultimately encourages buyers to pay more for the property, as over time, as the energy savings will add up and cover the additional cost.
Another way to make your home more environmentally friendly and add value is to replace the windows. Double-glazing is considered to be an essential by most buyers, so if your windows are not currently double or triple-glazed, you are selling yourself short. Wherever possible, windows should be replaced like-for-like, be well-balanced, and have equal sightlines.
How to Add Value to Your Home UK With Heating
The existing central heating system is an ideal place to look if you are wondering how to add more value to your home. Along with considering adding a more environmentally conscious heating system such as a heat pump, which can make your home more valuable to certain buyers, there are several things that you can do to either replace or update your central heating system that will always add more value than the overall cost to a property.
To improve the efficiency of the heating system, you may consider adding new insulation to the loft space, replacing any older windows with double or triple glazing, and sealing any drafts around windows and doors. Older boilers should be replaced with a new one, along with older radiators. Heated towel rails and underfloor heating systems are also worthwhile additions that can raise the value of the property.
The Best Way to Add Value to a Home on a Budget
If you have a small budget to work with but want to add value and appeal to your property, one of the simplest and cheapest ways to do this is by redecorating. While small defects or dated décor won’t have a direct impact on the value of a property, they may put some buyers off and even lead to smaller offers as buyers consider the cost of redecorating themselves. When decorating the property, using neutral colours is an ideal choice since this will boost the appeal in viewings by creating a blank canvas for viewers, who will find it easier to envision how they’d put their own stamp on the property once it’s theirs. Make small repairs to issues like peeling paint and wallpaper, door latches that don’t work, noisy doors, cracks in plasterwork, loose tiles, and chipped skirting boards.
How Much Value Does a New Bathroom Add?
Depending on the current bathroom, a new bathroom can make a huge difference to the value of the property. After all, the bathroom is a room that we must use at least once per day, so it’s going to be a primary focus for many viewers. The good news is that you do not always have to completely rip the existing bathroom out and replace it with a new one in order to add value to your home.
Suites that are modern and a neutral colour may be salvageable by simply cleaning up, although you may want to consider replacing the bath, sink, and toilet if it’s badly stained, chipped, or a dated color like avocado or chocolate brown. Make sure that there is at least one bathroom with a shower in the home and that there is adequate light in the bathroom. Adding recessed LED lights to the bathroom is an affordable upgrade that can make a huge difference.
How Much Does an Extra Bedroom Add to the Value of a House?
Adding an extra bedroom is an ideal place to start if you are unsure about what’s going to add value to your home. The number of bedrooms in a property is a key factor that has a significant impact on the value, so adding another bedroom will usually add to the selling price. You can create an additional bedroom by dividing up existing space in the home such as adding a wall, converting a cellar, or extending your home. If possible, you can create a bedroom with existing space for the most cost-effective option, however, bear in mind that this is usually only possible in older houses with large bedrooms. In some cases, you may want to turn a downstairs room into an extra bedroom, although bear in mind that this may be less desirable to some buyers.
Loft Conversions – How Much Does Adding a Bedroom Increase Home Value?
If you want to add another bedroom to your home to increase its value, a loft conversion is one of the best ways to do this. There are various types of loft conversions to consider to either create a small additional bedroom using the space that is currently available or extend the loft to create a dormer or mansard conversion with room for an ensuite bathroom, walk-in wardrobe, or other desirable master bedroom feature that is likely to add even further value to your home. On average, a loft conversion can add more than £23k in value to your home. Most loft conversions do not require planning permission as they use existing volume. However, bear in mind that if you want to create dormer windows or build an extension at the same time, this may need planning permission depending on various factors.
Adding Value to Your House With an Office Space
With more and more people now working from home as a result of the COVID19 pandemic, it’s not surprising that a home office is one of the top considerations that buyers are making when they are looking for a new home. Adding an office space in the property itself, wherever possible, can make a huge difference to how much you are able to sell your property for and the interest that you can get from buyers. However, if you do not have an additional room in your property that you can market as a home office space, one way to still benefit from this demand is to create a garden office.
A garden office is desirable for a wide range of reasons; they offer a quiet and separate space to work that is away from the distractions of the main home, while still being at home. You can expect to pay anything between £5-20k to have a garden office built at your property. You may consider having a standalone garden office building, or in some cases, it may make more sense to turn an already existing outdoor building such as a garage into a home office.
Knowing which renovations are worthwhile is key to adding optimal value to your home and getting the best price. Here at GLP, we know what buyers are looking for and are happy to advise on the best ways to increase the value of your home.
