Home improvements can be a costly job to get done; especially with interior and exterior trends coming and going. After all, data from the Office for National Statistics has predicted that those in the UK collectively spend almost £30 billion on home improvements annually. That works out at £43 million each week.
Does a fitted kitchen add value?
“If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there” commented Phil Spencer from Location, Location, Location.
You’ll have to look at the value of your home and how much a new kitchen will cost beforehand. There’s not going to be very much value added to a house that’s valued at £170,000 if it’s fitted with a £25,000 kitchen.
If you strike the right balance between your fitted kitchen and your home, you could see improvements add up to 4.6% to the value of your home. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to four percent to its overall value.
Does a fitted bathroom add value?
Everyone loves a luxuriously fitted bathroom in their home and the Nationwide Building Society say that renovating this room (or an en-suite) or the creation of a new one can add up to 5% to the homes entire value.
However, simplicity is key when it comes to redesigning your bathroom. Phil Spencer points out: “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain.”
A newly fitted bathroom can increase the value of your home by 2.88%.
How much will a loft conversion add to your home?
If your loft has a maximum headroom of 2.3 metres or was constructed before 1975 — a loft conversion could be on the horizon. The Nationwide Building Society estimates that a loft conversion may be able to add up to 21% onto the overall value of a home, while Nationwide indicates that adding a double bedroom to your property — to which the loft can be transformed into this suitable space — can add over 10% to the property’s value.
If you’re planning a loft conversion, it’s crucial that begin speaking to a professional as there are a lot of regulations that must be followed.
How much will a garage conversion add to your home?
If a loft conversion doesn’t work for your property, or you are looking for another room to convert, consider transforming a garage.
According to Phil Spencer, 90% of garages in Britain are not occupied by a car; so it could be the perfect opportunity to expand the home. In general, the British media personality and television presenter says that the value added can be calculated by multiplying the square footage gained by local price per square foot.
How much will a conservatory add to your home?
Mark Hayward commented: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
You also need to fit a conservatory with glass and not uPVC. A high-quality conservatory can add as much as five percent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 percent will be added to the value if the conservatory is part of a full-blown extension.
Investing some time in your garden
Although you may have found love with the idea of getting a conservatory; you don’t want it to take too much green space. This is because a property’s outdoor space can also add substantial value.
With any changes to the garden, you want to make sure that it is accessible for everyone. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
If you’re looking to install decking, this can add 2% to the home’s value.