If you are looking to move up the property ladder by adding value to your home, here are the best renovation projects to choose.
We always recommend that before you start planning any project, have a chat with your local estate agent to find out whether it will add value in your local area. Make sure you tailor your style and renovation to suit your target market too.
1. Convert your loft space
A loft conversion is one of the simplest ways to add extra space to your home whilst adding value. It is also one of the least disruptive ways to extend, with people typically living in the property whilst the work is being carried out.
It’s also a great opportunity to add an extra bathroom and bedroom, which makes your home far more attractive to potential buyers. Even if your space is small, try to fit a small shower room as extra bathrooms are sought after.
A loft conversion can cost anywhere from £15,000 for a simple Velux conversion, to around £50,000 for a large Mansard style loft conversion. According to Nationwide, the biggest gains are from adding a double bedroom and bathroom where you could add up to 22% to the value of your home.
2. Build an extension
Adding an extension is a popular way to create significantly more space such as increasing the size of your kitchen or adding an additional bedroom upstairs. An extension can be quite a disruption but the impact on the value of your home can be worth the stress! Consider the ceiling of property prices in your neighbourhood and whether you would be able to add value after such an investment.
Expect to pay anything from around £30,000 for the ground floor with a second floor extension costing 50% of the ground floor cost – so consider a double storey extension which will incorporate an extra bedroom if you can and add more value. This is a particularly good idea if you have a three bedroom property and convert it into a four bedroom.
Similar to a loft conversion, Nationwide estimate that an extension can add up to 22% to the value of your home.
3. Garage conversion
Garage conversions are normally within permitted development, which means you don’t need to apply for planning permission. As there is limited structural work, it’s normally a quick and straightforward way to add living space and shouldn’t take more than 3-4 weeks. Make sure you use the space wisely – incorporating a bedroom and en-suite bathroom is the best way to add value, with an additional bathroom adding around 5% to the property value.
Before you convert your garage, make sure that the local market doesn’t value a garage more than an extra room – consider where you would park your car if you usually park it in the garage.
A garage conversion will normally cost between £10,000-£20,000, with costs varying depending on the standard of the current garage and also what you plan to use it for – incorporating a bathroom will cost more than a playroom but you will also add more value.
4. Add a conservatory
Conservatories are coming back into fashion with some modern glazed designs, they can be a great way to add extra space to your home provided that you build a good quality one. Conservatories are often a straightforward renovation project as they normally fall under permitted development due to the size of the extension, therefore you don’t have the added hassle and expense of planning permission.
Make sure your conservatory is in-keeping with the rest of your home and doesn’t look like a room simple bolted on. Have a clear vision of what it will be used for, so that a potential buyer can see the benefit of this additional space when you come to sell on.
Expect to pay anything from £6,000 for a standard off the shelf and starting from £15,000 for a modern glass bespoke extension. A good quality conservatory can add around 5% to the value of your home.
5. Remodel your home
There is often significant value that can be added by remodelling and updating your home. Whether it’s a new kitchen, bathroom or creating an open plan space, you can add value particularly if your home hasn’t been touched for years.
Many prospective buyers don’t want to spend time updating the property and won’t see the potential in a run down home. According to the Royal Institute of Chartered Surveyors, replacing your bathroom will add in the region of 3% whilst a new kitchen will add around 4%. A full scale renovation very much depends on the area you live in. Be mindful of your area and who you are selling your home to – don’t fit a £30,000 kitchen if homes in your street typically sell for around £200,000 – you won’t get your money back.