Whether you built your home from the ground up or you’ve bought the pre-built house of your dreams, there are still many ways you can customise your home to not only make it exactly how you want it, but also add appeal and value if you choose to move on from your current home. We’ve conducted some research and come up with 5 projects that are guaranteed to add value to your home, and some of these projects are simpler to achieve than you’d think.
Decking
Adding Decking to your outdoor space has many benefits, both practically and financially. Decking can transform any area in to a sleek and modern fixture perfect for social settings. Composite Decking in particular is an excellent choice due to its low maintenance nature compared to traditional Timber Decking, which will offset the slightly higher price point. As well as this, with the assistance of accompanying joists and fixings, Composite Decking is extremely easy to install and can be done without the help of a professional. Experts have estimated that having Decking incorporated in to your outdoor space can add as much as a 10% increase in value to your property.
Is It Worth It?
To cover a space in Composite Decking approximately 64m2 (a third of the size of the average UK garden), the costs come in at approximately £3,000. With this in mind, if your house is worth £250,000 (average UK house price in 2020) then according to our research this would add approximately £25,000 to the value of your property, making the cost over profit well worth it,
Loft Conversion
Making use of your desolate loft space is a great way to add space to a property that is missing out on potential appeal from multiple demographics, such as families and home-run business owners. Depending on the size of the loft, the possibilities of what you can convert your loft in to are endless. This space can be turned in to an extra bedroom, a home office, a gym or even just simple storage space. According to estimates, a loft conversation can increase the value of your home by as much as 20%.
Is It Worth It?
A loft conversation is on the pricier side of home renovations, costing anywhere between £21,000 and £63,000 depending on the size of the loft. However, again taking the example of a £250,000 home, a loft conversation could add £50,000 to the value of the property. With this in mind, it would be wise to get a few quotes to see if the cost will be worth the profit.
Garage Conversion
A study conducted by RAC Home Insurances found that 4.6 million out of the UK’s 10.6 million garages are no longer used for their original/intended purpose. This means that you could have a gold mine of potential household value hidden underneath your decades old broken dishwasher and that cross trainer you swore you would get around to using. Just like a loft conversion, the options for transforming your garage are endless. Converting a garage can be done purely through DIY means, especially in the decoration side of the project, but a professional can and will undertake the job if you prefer.
Is It Worth It?
A garage conversion could be seen as the cheaper alternative to a loft conversion in terms of providing more space in a home. A garage conversion will cost you between £5,000 and £10,000, with an estimated added value of 15%. This means the increase could be valued at up to £37,500, making the cost more than worth it for the amount of profit you could receive in return.
Conservatory
Adding a conservatory to your home is the perfect way to combine the sunlight and scenery of the outdoors, with the comfort and warmth of the indoors. Conservatories have always been perceived as a sign of a touch of luxury to a home, and that is reflected in the potential value it can add to your property. The only possible downside to this project is that unless you are particular experienced in this field, the job will almost always require the assistance of a professional.
Is It Worth It?
The average cost of a conservatory installation is estimated at around £5,000, with an increase in value to your property estimated at around 5%. Although this is not the biggest increase on this list, it still means a potential profit of up to £12,500.
Kitchen & Bathroom Renovations
One of the most popular ways homeowners choose to add value to their property is through upgrading and renovating their kitchens and bathrooms. Updated fixtures and appliances, replacing flooring and a fresh coat of paint can do more than you think when it comes to adding value to a home.
Is It Worth It?
The average cost of renovating a kitchen costs between £5,000 and £6,000, with renovating a bathroom costing slightly more at approximately £6,500. The increase in value on a new bathroom is estimated to be around 5%, a monetary increase of around £12,500. A new kitchen is valued slightly higher at 6%, with a monetary value of £12,750. This makes your potential profit around double the cost of the renovation.
What If You Did All Of Them?
After totalling all of the potential costs and profits, if you were to undertake all of the projects listed, the total cost would come in at approximately £69,500. Although this is a hefty amount of money, the profits you could receive in return on re-sell are extremely lucrative. If you owned a property that these changes could be made to, a £250,000 initial value could increase to as much as £390,250. So taking your costs away from the final total, the profit you could receive in return for your renovations could be as much as £70,750.
Even if you decide not to re-sell your home, making these changes and updates can provide you with more space, better facilities and being able to enjoy your home even more.
