5 ways to add value to your home
Experts at The HomeOwners Alliance reveal the home improvements that can add most value to your home
With Brexit uncertainty and the huge cost of stamp duty, legal fees, removal costs and more, it’s no wonder people are attracted to the idea of staying put and looking at improving their homes instead. But what projects do add the most value to your home and what is the return likely to be? Knowing what return you’re likely to get from investing in home improvements will ensure you don’t waste your hard earned cash.
That’s why the HomeOwners Alliance decided to conduct research with the Federation of Master Builders and the National Guild of Estate Agents, to identify which projects could help boost the value of their home for a relatively low investment.
Remove an internal wall – spend just £3.5k and add up to £50k
Image: Katie Lee
More and more of us are removing internal walls to create an open plan kitchen diner. Our study found that an averagely priced home in London could see an extra £48k added to the value with this project which builders said could be completed in just seven days. But before you go ahead and start knocking down walls there are a few things to consider. Have a think about whether you need a structural engineer.
Build a garden room – spend just £7k and add £35k
Image: Crane 3 x 3.6m The Hub Outdoor Left-Hand Corner Studio, FSC-Certified (Scandinavian Redwood), John Lewis & Partners
The study found that more of us are now transforming our outside spaces for extra living space, children’s play rooms or working offices. Our research found that adding an outside space can add £35,611 to an averagely priced home. That’s a profit of more than £28,958 which can be achieved in just 14 days to complete. It can also increase your living space and give you a precious extra room, or rooms.
Utilise your under stairs space to add over £26k, for just £2.6k
Image: UK bathrooms
George Clarke is the king of converting a small space into an amazing space. Take a leaf from his book and look at converting a cupboard under your stairs into a downstairs toilet. It’s something that will instantly enhance the way you live and make your home more appealing to young families and downsizing couples alike.
The builders and estate agents we asked in our study found that converting this space into a downstairs toilet could cost around £2,600 but deliver a return of almost 10 times that. You can find a reliable builder and plumber to undertake the job sing our find a tradesman service.
Build a new driveway can add £13k for just £2k
Image: irina88w, iStock
If you’re lucky enough to have space at the front of your house then a new look driveway can add as much as £13k to your house for as little as £2k. Make sure you retain some green touches to soften the edges and retain your off street parking space as prospective home buyers will be looking for both.
So what are you waiting for? You can find a driveway expert and give your home an exterior makeover with our online find a tradesman service today.
Add an en-suite bathroom and add £15k for just £5k
Image: Colin Poole
Updated and bathrooms are one of the most popular home improvements and can add significant value to your home. So if you have permanent queues for your bathroom but not necessarily the space to add more, an en-suite could be a space saving alternative.
According to the research converting part of a master bedroom into an en-suite could add up to £14k for as little as £5k! But before you start there are a few things to think about first, such as whether you use a bathroom specialist, use a builder to manage your project or manage the project yourself. See our guide on starting your bathroom refurbishment.
Have you added any of these improvements to your home? Share a photo by tweeting us @goodhomesmag or posting a comment on our Facebook page.