4 Costly Home Improvement Projects & the Value They Add to Your Home
October 23, 2018
October 23, 2018
Whether you’re looking to invest in a home renovation plan that will add immediate resale value on to your property or you’re in the market for a project which will set you and your family up for the future, larger home improvement projects are a secure way to ensure the value of your property increases – regardless of when you choose to sell.
While large-scale home improvements can be costly, the return value on the lump sum of money you put into a luxury loft conversion or the kitchen redesign of dreams will be well worth it. This can not only add economic value to your property, but has the instant ability to turn your house into a home you’re proud of – so, check out these tips from the finance experts at Jolly Good Loans.
1 Plan a loft conversion
Arguably the most effective and largest on-scale technique is to plan a loft conversion in your home. A lot of the time, this dark and dormant space in your home is filled with untouched trinkets and dusty hand-me-downs that are unlikely to be missed if replaced with a double bedroom or living space, alongside a smaller bathroom area.
Typically costing anywhere between £20,000 and £60,000, a well furnished and nicely laid out loft space will add an average of 20% onto the value of your property – giving your £200,000 family home an increased worth of around £40,000 and a whole new floor of room for your family to grow into.
2 Opt for glass
Blurring the boundaries between your outdoor space and your cosy inside living area is an effective way to create the illusion of a larger and brighter indoor home. When properly planned and executed, an extended glass conservatory gives you both more room to enjoy time with your friends and family in a light, comfortable space while also increasing the value of your property by an average of 7%.
With the typical glass conservatory costing an estimated £15,000, this pricey upgrade not only gives your home the desirable touch most prospective homeowners are looking for, but this modern update will make your Victorian house feel like new in no time.
3 Extend your home
A single storey house extension is perhaps the most obvious way to guarantee an increase in property value while also future-proofing your growing family’s home. This can be expensive with the average price of an extension per square metre costing the UK homeowner up to £1,500 outside of London, and an additional £1000 for those living within the country’s capital.
In spite of its associated price tag, a single-storey house extension will fetch your home an additional 10% when put on the market. This can make the initial investment in your extension worthwhile, particularly in densely populated areas such as city centres – where space is at a premium and the returns can, therefore, be more lucrative.
4 Rethink your rooms
When it comes to potential buyers looking around your property, a crucial component – which in many cases translates to an immediate deciding factor of whether your house sells or not – is the amount of storage space there is in your home. As the busiest and arguably most practical rooms in your house, your kitchen and bathroom are the first places you should look to redesign and develop – so consider adding storage units in neutral tones when looking to add value to your property.
A new kitchen will, on average, cost you £8,000 and will increase the value of your property by around 5.8%. A complete bathroom redevelopment on the other hand, will cost you a little less of up to £6,000 and is expected to add an additional 6.1% onto the worth of your home. Fill them both with modern amenities, natural lighting and scented candles in the bathroom and freshly baked produce in the kitchen and expect to see the interest in your property increase.
Whether you’re inviting guests into your home for the first time, looking to impress prospective buyers or you’re coming home after a long day at work, being able to take pride in the property you’ve bought and added your stamp to is important – and with a little TLC, you can guarantee your home won’t go unnoticed.
Author bio :Keith Harrison is a content creator and writer for Jolly Good Loans – your online personal loans encyclopedia.
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