There are plenty of ways to add value to a home, from large-scale renovations such as extensions to small improvements like redecorating.
Although renovations can be costly, the idea is to recuperate the money back once you sell the property, which could even be years down the line. Ultimately, you’ll want to make a profit too so investing now can be beneficial longer-term. Using a home improvement loan as a source of finance can help you spread the cost and reduce any upfront expenditure.
Whether you’re a homeowner looking to add value to your property or an investor searching for the best renovations to make a good return, we’ve got some top tips on where to concentrate your efforts and make sure you’re spending wisely.
Perhaps the most obvious way to add value to your home is by increasing the space and building an extension. Most extensions should add value but there are some that offer a greater return than others.
If your kitchen is on the small side and you have the room, extending this space can transform the area both practically and aesthetically. Another ideal extension idea is to add an extra bedroom. If you have the funds and the space, a double storey extension could serve both purposes, but make sure you research the market as well as other similar sized properties in your area and price it up accordingly.
Always check whether you need planning permission for any extension work you’re planning and hire reputable contractors to ensure building regulations are adhered to.
You don’t necessarily need to extend to create a more useful, welcoming kitchen or dining area. Adding modern kitchen units, plenty of cupboard space and an eye-catching colour scheme can transform the look and create an appealing, homely heart of the home.
Turning any unused space in a house into a purposeful room is sure to add value. A loft conversion is a popular home improvement and a fairly easy way to add another bedroom or office space. There are different types of loft conversions to choose from, depending on the style of your home and your budget.
A basement conversion can also be a worthwhile investment, though it’s a good idea to think about what you’ll use this room for as many properties struggle to attract natural light. However, it could work well as an occasional room, games area or a home office. And with many employees spending some or all of their time working from home, this could increase your property’s appeal if you’re thinking of selling.
A great way to enhance your property’s value is through a home elevator. However, many are hesitant to proceed with this plan as it’s a common notion that home lifts are expensive to maintain, require a big space, and are only ideal for houses with 3 or more floors.
Experts at Platinum Elevators found out in research that home elevators can increase a property’s value by 10 percent. The size of the house won’t matter as well – as the smallest one only needs 300mm by 300mm of space. Now is the best time to invest in this improvement as the cost of creating one has gone down recently.
To make your garden visually interesting, invest in some landscaping. Add tasteful decking, a well-designed patio and a collection of colourful plants. Not only will this encourage you to make the most of your outside space, but it’s also guaranteed to add sale-appeal.