Thursday 28 June 2018

Making your home more valuable

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…

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.”

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.

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.

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.

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.

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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