While your primary motivator when renovating may be to improve the living space for yourself or to create more space, many improvements can also considerably boost the value of your home. That being said, no two home improvements are the same when it comes to how they affect a property valuation.
Thanks in part to the stamp-duty holiday and other Covid-19 related concessions, we are in the midst of a mini property market boom right now, and many people are considering listing sooner rather than later to make the most of it. Now is a great time to sell and realise a potentially healthy price for your property - especially as March has been voted as the best month to list property in the UK.
For many, an improvement or two is a near-necessity to address undesirable or aged aspects of their property prior to selling. For others, it may be more of an exercise in increasing overall desirability and potentially the value too.
Whether you decide to renovate for your own gain or to prepare for selling, some improvements are a far better choice than others, so let’s break them down.
To find out how much your property current costs, use our online property valuation tool, or our online rent calculator tool.
Garage and loft conversions
Converting a garage or loft are some of the more popular choices when extending a property and attempting to add value. Making an additional living space out of a single garage can boost the value of your home by a whopping 20%, while converting a loft into an additional bedroom could increase it by 15%.
A basic loft conversion costs in the region of £15,000, whereas one incorporating a double bedroom layout and en-suite could set you back £35,000 - £45,000. Garage conversions start in the ballpark of £5,000 depending upon its intended use and the size of the garage itself.
It’s a good idea to consider how you could incorporate additional storage options to replace what storage space you’ll be losing by converting.
The property's double garage offers an ideal conversion opportunity and there is further scope to extend (STPP).
5 Bedrooms, 3 Bathrooms
Grovewood Place, Woodford Green, IG8
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Landscaping and external works
A well-maintained garden makes for a much more attractive listing and can even add a substantial 20% to its value. The beauty of this option is that, when it comes to landscaping, less is usually more, with buyers preferring low-maintenance options to cluttered, complicated spaces with a lot of upkeep required.
Considerations for maximising garden value include:
- Privacy and security are high on the list for buyers, so fences, walls and tall plants can create a sense of seclusion - but be careful not to block out too much light
- Effective garden lighting is often overlooked but can transform a garden at night and adds a powerful impression when the property is viewed at night
- A well-considered alfresco area can extend the indoor living space outdoors and creates a sense of added living space
- Lawns aren’t essential, especially if your garden is small, but certainly a healthy lawn is an attractive feature for buyers with young children
Read More: Turning a House into Flats
Kitchen renovations are popular upgrades as they usually represent excellent value for money as well as tending to pay off well in the long run. Making some minor improvements, such as changing cabinet doors, may only increase your valuation by 2-3% as it’s more likely to fall under the category of decorating.
A full renovation, however, including new appliances, worktops and tiling could see your property value rise by 10%. For a £250,000 home, that’s £25,000 - a great return on investment (ROI) when you consider that most kitchen renovations cost around £10,000 - £15,000.
Great fixer-upper opportunity in one of London’s most up-and-coming postcodes.
4 Bedrooms, 1 Bathroom
Coronation Road, East Ham, E13
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Another popular choice that typically sees great returns is a bathroom renovation. Particularly if your bathroom fixtures and furnishings are old or damaged, an additional 4-5% to the value of your home could be achieved. When giving an existing bathroom or en-suite a makeover, consider introducing a rain shower or some underfloor heating for a hint of added luxury.
Merge the outdoors with the indoors and you could make a tidy profit for your trouble. Prices for “off the shelf” conservatories tend to vary hugely and can add a significant living space to your home - sometimes for as relatively little as £10,000. When you consider that the value added to your home could be in the region of £22,000, it is well worth considering as a solid improvement for a great ROI.
Making improvements to your home’s energy efficiency falls into two categories:
- Low-cost - such as adding cavity wall insulation, improving loft insulation and draught-proofing can typically be achieved for less than £1,000
- High-cost - such as double glazing, internal or external wall insulation, adding renewable technologies or a high-performance boiler
The more expensive energy-related improvements may not be an ideal investment if done purely to boost a valuation, as it’s the savings made over the long term that reflect the greatest benefits. That said, government research indicates that energy saving improvements can increase a property’s value by 14%, and even up to as much as 38% in some regions of the UK. There is also the possibility of eligibility for a government green homes grant which could offset some of the set-up costs, so definitely worth looking into.
A DIY homeowner can’t resist a bit of redecorating - it’s usually the cheapest improvement option and can be done without any external help. Unfortunately, though, it doesn’t often give you much bang for your buck. Unless the property is in a dire state, decorating a whole house may wind up losing you money, with costs quickly stacking up and returns reflected in property values only sitting at around 3%. Best left for prospective buyers to imagine their own redecorations unless significant wear or damage needs to be addressed.
Beautifully decorated and refurbished property for sale.
4 Bedrooms, 2 Bathrooms
Lordship Lane, Dulwich, SE22
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Smart home tech
Not so long ago, smart home tech was considered super futuristic, but these days they are a desirable and increasingly common feature in properties. That said, they are still often relatively expensive to install. There are varying degrees of smart property features, from smart lighting and heating to full security systems.
When you sell a smart home, you have to decide whether all of that carefully considered tech will be staying or coming with you. This means that, while you may have raised your property value by installing it, it could also cause a drop in value if you remove the technology and leave your buyers to source it all anew.
Get an online property valuation
The best way to know how your property is tracking is to get a property valuation conducted both pre and post renovation. We can’t impress enough just how prime the property market is for selling at the moment, so if this is something you are seriously considering, don’t delay. Grab a valuation and work through the potentials for improvements, calculating the best options for some solid ROIs and get cracking! To speak to Portico Handymen about potential renovation projects or home improvements, get in touch today on 020 7099 6999. You can also click the link to get an !instant handyman quote.