Whether you're thinking of selling up or just want to improve the house you live in, there are lots of ways to add value to your home. We count down our top 10.
Though property prices may be plummeting, you can beat the trend by upping the value of your home. This can be done in a variety of ways; some more expensive than others. Whether you want to add value to your home in view of selling up or just want to improve your home as a long-term investment, we share our top value-boosting tips.
1. Extend upwards
One of the most profitable things you can do for your home, though certainly not the cheapest, is to have a loft conversion. According to a survey by Nationwide, converting the space between your upper rooms and your roof into additional living space can bump up your house’s value by as much as 21%.
However, to do this properly, it’s worth calling in an expert to prevent your loft space becoming a poorly-converted room that no-one would want to live in. As long as you have the space and the money to convert your loft, it can be a hugely worthwhile investment.
2. Extend downwards
If you can’t convert your loft, look to see if you could extend your living space downwards instead. A converted basement or cellar can add almost as much value as a loft conversion because it provides your house with an extra room. Plus, it means you are making the most of the space you already have, which can be a good idea if you can’t afford or don’t have the space to build a costly extension to the side of your house.
3. Extend outwards
However if you can afford to extend the square footage of your home by adding an extension or even a conservatory, the amount of value added will almost certainly make the work worthwhile. Increasing the actual size of your property by adding extra rooms to your existing walls can easily bump up the value of your home because of the extra space it lends.
Do remember though to check if you need planning permission before you start extensions – or for that matter, loft or basement conversions.
4. Add floor space
As well as adding more floor space by extending outwards in the form of an extension or conservatory, another worthwhile investment is adding new floor space within the existing perimeters of your property. For example, if you have a garage adding an additional bedroom above it can mean your home’s value shoots up. Similarly, converting an existing garage into a fully functioning room is another way to add space.
5. Install central heating
Though most homes come equipped with central heating nowadays, if your home isn’t centrally heated you can significantly increase its value by installing this throughout the house. As well as adding to the value of your home, central heating will also help you cut your utility bills if you’re currently using expensive storage heaters - making it a good investment all around.
6. Double-glaze
Like central heating, most homes come with double-glazed windows nowadays. However if your house isn’t double-glazed you can easily boost its value either by getting an extra pane of glass added to your windows or having completely new windows installed. Not only will double glazing increase the value of your house, it will also improve its insulation meaning you can have a warmer home and spend less on utility bills too.
7. Add a parking space
Adding a parking space to your property can increase your home’s value significantly. This will apply whether you have a parking space already and want to add another, or if you are adding the first parking space to your home. The value of your home goes up even more if you can add a garage, too.
8. Improve your outside space
Resurfacing your driveway isn’t a huge value-booster, but it certainly improves the selling potential of your home if you have a smooth, new driveway free of pock-marks. You can add value to your garden too by adding a decent amount of decking. However, if you’re adding paving to your garden be careful not to pave over the whole thing – this can decrease your home’s value considerably. Make sure that however you renovate your garden it is well-kept and easy to maintain.
9. Redecorate
Overhauling the decor of your house can increase its value, but you’ll need to be careful or your home could inadvertently drop in value. For example, if you’re going to re-paint, it’s best to go with colours that are neutral as these will be more attractive to buyers (not everyone will have the same favourite colour scheme as you).
Buyers will find a neutral colour scheme more attractive because it allows them to picture their own decor and style in its place – helping them to see the house more as their home than yours.
Likewise if you’re re-carpeting it’s best to go for plain, neutral colours – those with patterns can in fact decrease your home’s value. Simply de-cluttering your house can also help, but remember not to remove any period fittings as this can damage your home’s selling price. If you’re anticipating having potential buyers round to view the house, creating lots of light by keeping windows and curtains open can make your home more appealing.
It’s also worth noting that if you are carrying out improvements on your home it’s important to make sure you have the proper insurance in place just in case a DIY experiment goes awry.
10. Re-use the space you already have
Value can be added to your home by utilising the space you already have – you don’t always need to extend your square footage to up your selling potential. If your rooms are currently separated by doors and walls it can be a good idea to have a builder knock these down and open up a space – though be careful not to knock down a supporting wall!
As today’s home-buyer can be said to often prefer open, versatile living spaces to segregated, designated rooms, your house could benefit by being overhauled in this way. For example, you might want to take down the wall separating your kitchen and living room to make this more of an open space.
Lastly, if you have space in your property that isn’t realising its full potential, try to make use of it as much as you can. For example you might have a large walk-in wardrobe that isn’t being filled – converting this into an en-suite bathroom instead could bump up the value of your significantly.
It’s also possible to pick up new kitchens and bathrooms relatively cheaply, and to improve their appearance by carefully selecting tasteful fittings.
