Do you have limited resources and want to know where best to invest them? We outline where you should spend and where you should save to make the most of your home improvements when asking the question “where can I be adding value to my home?”
As a note before we begin, the first place we suggest spending money is on sorting out any structural issues. Any leaking pipes, patches of damp, loose roof tiles etc. These can range from cripplingly expensive to minor cosmetic work, but they are extremely off-putting to buyers and there is no point doing work to your home if is it going to be cracked or damaged after completion.
Extending your home
On average, building sq footage is 60-80% cheaper than buying it. The large variation mostly depends on access to the property and the cost of the land. So if you are in the position to build up or out it is always worth it. Building down is a slightly more complicated prospect. The costs are far higher and the quality of the space added is rarely “premium”. A windowless cinema room may sound like a luxury, but they are extremely expensive to fit and don’t particularly add value. Whether or not it adds value to your home will be entirely subjective to your location and requirements. If you are considering doing a basement dig, talk to a qualified Interior Designer about what you are trying to achieve and they should be able to advise on the potential gains in terms of lifestyle and profit.
After extensions, a kitchen makeover is the next big thing
Valuation surveyors love a modern, hygienic kitchen almost as much as buyers. Kitchens are not cheap to replace, so buyers fear to have to do so, so prefer something ready to move into. If you can create an open plan kitchen/diner/living room even better.
Rethink your layout
If you can rejig and add an extra bathroom, that will always add value. En-Suites appeal to buyers and renters alike and should add an extra 5% to the value of your home.
You can often get far more out of your current space if you change some walls. If space is limited, then pocket or sliding doors and underfloor heating can often free up valuable wall space and help with furniture and storage configuration. This can be expensive, so if your budget is tight, try to limit it to fixing problems rather than just improving spaces.
Update your bathroom
Bathrooms seem to follow trends more than any other room in the house, which unfortunately means they date very quickly. You can usually refresh these quite easily with new lighting, fixtures and fittings, and it will look a lot cleaner with new grout.
Curb Appeal
Externally decorating, including a new front door. Curb appeal and first impressions matter.
Other improvements that will add value:
- Creating or having lots of useful storage
- Paving a portion of your front garden to create off-street parking. Make sure this is permeable and that it is designed with greenery and not just a sea of cement.
- Converting a garage into an office/living space
- Putting in new windows if the old ones are ugly or tired
What doesn’t add value:
- Green energy. People may love solar panels, but they won’t pay a premium for them
- Adding a pool. People who have never owned a pool are often unaware of the constant maintenance costs, but whilst having one is considered a desirable feature, the cost of installing it is rarely recovered.
- Smart technology, AV systems, or in fact anything hardwired in that a buyer can’t see. Electric blinds etc.
- Home gyms or spas.
- Specific storage for a hobby or activity, like a bike rack.
- Converting a bedroom into anything else. Your box room might be better suited to an office, and that’s probably a better use of the space, but don’t build anything in that will prevent it being used as a bedroom by a future occupant. Buyers and mortgage lenders alike prefer rooms to be classified as a bedroom.
Have questions about how your proposed improvements may impact the value of your home? Call Kia Designs today.
**Be careful never to overdevelop. Know how much properties on your street sell for.
