Many homeowners these days prefer improving their existing homes rather than moving on to better ones. This change of heart has largely been fueled by a surge in property prices and a shortfall in the supply of new homes.

What’s more? Certain aspects of such improvements like loft conversions, rear extensions, and new kitchens also double up as good investments. You may check out Projects 4 Roofing – Conservatory Conversions, your roof conversion specialists.

According to a study, the implementation of just three of the most popular home improvement strategies is a sure way to add a whopping £74,000 to the value of a property worth £200,000.

For this to work for you, the cost of adding such improvements has to be less than the monetary benefits of an increased valuation.

If you keep the cost under control, you will be sure to reap the financial benefits, although you need to make sure the actual margin you make is wide enough to warrant the work.

At the same time, remember you are escaping paying moving costs like stamp duty, estate agent and solicitor fees.

Below are five home improvement options which are likely to increase the resale value as well as their costs:

Loft Conversion

By far the best way to go about the issue is to convert an existing loft into some additional bedroom. Ideally, it has to incorporate some ensuite bathroom to negate the need to travel back and forth each time you feel the urge to relieve yourself.

It is understood that such an extension adds a whopping 21% to the value of the existing home. In monetary terms, this translates to around £63,000 in case the home’s original value was £300,000.

Also, reasonable loft conversion costs around £30,000-£40,000. You will, however, have to notify your insurer if you decide to add an extra bedroom to your existing piece of property.
Extra Bedroom through Extension

You may also consider an extra bedroom to your existing property. The garden or the area atop the kitchen are two of the most preferable locations. Attaching a bedroom at either location has the potential of boosting the value of your home by around 11%.

If you choose the rear of your home, you will have to part with around £20,000-£35,000. You are advised to attempt this option only if your property is worth in excess of £180,000.

Increasing Floor Space

Increasing the floor space of your home is yet another way of going about this issue. This could take the forms of adding an extra basement or an extra living space right at the side of the main house. Any of these two approaches is estimated to push your home value by around 11%.

Generally speaking, basement extensions are by far the most expensive way of expanding the size of your home. You would need to spend around £750-£1,500 or in some instances £2,500 per square metre if it need to be dug out and underpinned.

A Second Bathroom

Many a homeowner these days prefers bigger and more bathrooms. According to a study by Nationwide, possessing two bathrooms or a shower room is now a standard and mainly anticipated in case you ever hope to obtain the highest returns for your home.

On the whole, be prepared to part with no less than £1,000 to be able to install small bathroom suites of acceptable quality. It, therefore, goes that adding an extra bathroom such as turning a small box-like bedroom costs only £2,500-£3,500, all the tiling and plumbing costs included.

A typically finished bedroom adds around 5% to the value of your home. This is a worthwhile route to follow if the value of your home is in excess of £80,000.

Needless to say, bathrooms can and indeed do cost more than that. This is especially if you go for those that are higher in quality, come along with the under-floor heating, and exude expensive tiling.

A Conservatory

According to one property company, Savills, attaching a conservatory can boost the value of your home by around 10%. This translates to around £20,000 on a £200,000 and £35,000 on a £350,000 worth of property.

By buying the right conservatory and having it blended with the rest of the home, this facility can introduce some fantastic additional light and living space. This is especially vital if your property is located in a place that has more built-up spaces.

What’s more? It also costs less comparatively. This is not to mention that it plays a great role in bringing the ‘outside in.’

All factors considered, it is better for you to spend slightly more on these facilities given that their cheaper versions appear uglier and feel less integrated with the rest of the home. They also tend to be too hot in the summer.

Some £10,000-£15,000 is needed to be able to buy a good standard conservatory. You will, however, have to pay more to be able to obtain really fanciful types. Then there is the additional cost of fitting to take care of.

Additional Information

Just to reiterate, you will have to notify your insurer of any extra attachments to your home preferably prior to implementing these building works or in case you intend to make any significant alterations to your property.

Bypassing your insurer could invalidate your cover or increase the rate of your insurance premium payments.

Published: 2019-03-29 12:18:42