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5 Ways to Add Value to Your Home

If you’re looking to add value to your home then you’re not alone – it is estimated that one in every 74 homeowners in the UK made extensive property alterations including extensions and outbuilding conversions last year. The combined effect of all this work? A whopping £6.5 billion pounds of value added to the UK housing stock.

Today with the help of leading luxury West End estate agents Leo Newman we show you the 5 best ways to add value to your property.

  • Basement Conversion

Extending property in London can be a more difficult task than in other parts of the UK due to a lack of space and the expensive cost of land. Add in the fact that there is a shortage in new homes in the UK and a rise in the stamp duty paid on homes worth over £1m, it is easy to see why many see staying put and extending their existing property.

Modern construction techniques and clever planning can ensure basements can become beautiful light spaces that add extra rooms and value to your home.

For more information check out the Which? Guide to Converting or Creating a Basement.

  • Extension

Extending your property and adding more living space is an obvious way to add value, but you still need to be careful and ensure that the cost of the building work and the resulting value of the property add up.

For instance, adding an extension to a 3 bed semi-detached home may give you that extra bedroom and larger kitchen diner, but if you’re then pushing the price tag up to towards the same figure people can buy a detached house for in the same area, you could be in trouble and find your home harder to sell. In this case you may have to drop your asking price and end up losing out.

Once you’ve done all the due diligence on the figures and local market, it’s time to have fun creating a new improved property.

Permitted Development rights issued by the Government could mean that you will not require planning permission for certain home alterations. To find out if you need permission take a look at this Planning Portal guide. If you have even bigger aspirations, when it comes to planning and development, take a look at our article on Considering a Career in Urban Planning.

  • Loft conversion

According to research, an average of 10% can be increased to the value of your home by adding an extra bedroom. This is subject to ensuring that you do not take away current living area space, and add the extra room by carrying out a loft or garage conversion.

Converting the attic space is a great way to add value, but again make sure you work out the costs and potential gain first. Generally small loft conversions can work out to around £15,000, while larger conversions can cost up to £40,000.

  • New kitchen

A kitchen is often seen as the heart of the home, so a badly designed room with tired units and worktops can be a big turn off for buyers.

If you can present a modern and attractive kitchen, prospective buyers may be willing to pay more to save themselves the hassle of getting builders in to modernise the property themselves.

Ensure you look at the best way to use the space and consider the recent trends for open plan kitchens.

  • Conservatory

A conservatory is a fairly easy way to add an extra room to your home while keeping all of your existing internal space. The only downside of this is that you will lose some of your garden space so this method of adding value is more aimed towards those with a larger outdoor space. If the conservatory is under a certain size you will not need planning permission and you can expect to add up to 5% to the value of your home.

If all this talk of adding value has got you interested in property development, take a look at our article on Succeeding in the Worldwide Property Market.

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elliott

elliott

Ive been blogging now for 5 years on various sites for the love of knowledge share. I decided to start my own blog a few years back to share everything from tech to business news. Follow me on twitter for more.