Sprucing
up your home and adding extensions are rarely cheap. 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!
So,
how do you know in which room to invest your cash for the best return on investment on your home improvements exploits? Check out this
guide to how much home improvements can add to your home’s value
before you start planning…
Bathroom
We
all want a home with a modern, well-working bathroom — so this may
be a good space to do up if you don’t think yours is looking at its
best at the moment. According to the Nationwide Building Society, a
new en-suite bathroom or the creation of a second bathroom can add
around 5% to a home’s overall value.
But
is it worth the investment? Presenter of TV show: Location, Location,Location, Phil Spencer, seems to think so. He believes that a new
bathroom will increase the value of a home by almost 3%. “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.”
Loft
More
than 20% could be added to the value of your home if you create a
loft space, according to the Nationwide Building Society. Homes older
than 1975, as well as those featuring a loft with a maximum headroom
of 2.3 metres, are ideal for loft conversion projects. Similarly,
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.
Like
with all conversions, there are regulations to ensure health and
safety. So, only employ the skills of a trustworthy professional.
Kitchen
If
we’re having friends around or a big family meal, the kitchen is a
loved and much-used venue. Phil commented: “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.”
But
please be careful regarding how much you spend when renovating your
kitchen. 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. Phil claims that a new kitchen will often add 4.6% to the
overall value of your house, while the Royal Institution of Chartered
Surveyors (RICS) states that a new kitchen can add up to 4% to its
overall value.
Garden
During
summer, the garden is somewhere we all want to socialise, dine and
enjoy time with friends and family. Did you know that decking can put
on up to 2% extra in property value? Anything that improves the
aesthetic and accessibility of your garden will help boost value. For
this, consider fitting glass doors that open out into the garden and
install high-quality outdoor lighting throughout.
Garage
Have
a garage that’s full of junk or you simply don’t use? Then make
the most of this space and improve your home’s value! According to
Phil, 90% of British garages don’t house a vehicle, so would your
garage be more useful as a dining room, extended kitchen or bedroom?
The media personality and presenter also commented that the value
added can be calculated by multiplying the square footage gained by
local price per square foot.
Conservatory
Conservatories
are another popular home improvement feature than can do a lot for
your property’s value. According to Mark Hayward, the managing
director of the National Association of Estate Agents (NAEA):
“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.”
So,
the better materials you use, the better the value added in the long
run. A high-quality conservatory can add as much as 5% to the home’s
overall value, according to property valuation providers Yopa.
However, Phil Spencer is confident that this figure could rise to 11%
if the conservatory is part of a full-blown extension.
This
article was created by DM Design, home design specialists which
offers a bathroom showroom in Edinburgh.
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