2020 has been the year of home improvements, with the average household spending more than £10,000 in the last year to maximise space in their homes, whether it is creating a home office, extra living space or gym.
Home improvements can make a huge difference to your quality of life and how you and your loved ones enjoy your home. But they can also significantly maximise the value of your house too, if you do them correctly and spec them out accordingly. Pheabs offers some insight into which home improvements can add the most value to your home.
Loft Conversions – Adds 20% to Your Home
With a loft conversion or extension, you could add as much as 20% to the value of your home. You might look at adding one or two extra bedrooms or purpose-built rooms with a shower room to go with it.
In terms of square feet, it can add a lot more to the home and having extensions are desirable for future buyers too. For any growing families, there are benefits of having the extra rooms upstairs as additional bedrooms or it can be used as office space for one of their parents when they are working, but they can still have the peace of not being involved in the action downstairs.
Basements – Adds 20% to Your Home
Basements can add huge value to your home, since it is pretty much adding a whole new floor, whether it is a gym, TV room, storage, office or bedrooms, especially if you can include a bathroom or washroom in the mix.
The only downside is that basements are very expensive, since they require excavating of the ground – we’re talking a lot of drilling.
And there is the time lag too, so adding a basement is a long process. You ideally want to move out or make full changes to the home, rather than just do a basement to your existing property. Whilst you are under the skin, why not sort out more?
Kitchen Space – Adds 8-10% to Your Home
Sprucing up your kitchen can add immense value, but this is where you need to be smart. Between countertops, new white goods, tables, chairs and finishes, a kitchen can easily cost tens of thousands, without trying!
There is a lot of short term value that you receive, but realistically if you spend too much or over-capitalize, it is unlikely that you can make your house value grow by 20% or 30% just because of the kitchen, since there may be a limit at just 8% or 10% or in line with the value of other homes on the road.
A kitchen can add value if it is newly designed, functional and makes good use of space – and speak to your kitchen contractors to make sure you get the most value out of it.
Nice Garden – 10%
Gardens can naturally add value to your home, based on their size and purposes. To maximise the value, you might look at adding a good patio area, which will make it popular for BBQs.
In addition, you might look at a nice lawn and some planting to add some colour and beauty.
If you have space for a swimming pool, this will definitely add value, but will come at quite a cost to install.
General Look and Feel of the Home – 10%
An aesthetic and beautifully presented home can add more value, because it is deemed more desirable to the potential buyer.
The additions you might wish to include may be:
- New double glazed windows
- Good use of lighting
- Re-painting the house
- New door, wooden, metallic or large double door
- Security features such as gates
- Flower baskets or beddings by the windows
Bathrooms – 6-10%
An updated and newly installed bathroom, complete with shower, bath and basins could add a further 6% to 10% to your home.
However, once again, you want to avoid spending too much on a fancy bathroom, since it can only make your home go up so much in value, so you might want to avoid spending thousands and thousands on it if you can.
Conservatory – Adds 5%
A nice conservatory is a simple addition and does not require any planning permission. Perfect for breakfast rooms and adding a lot of extra light to the house, they can get very cold and also very hot! But if you have a lot of natural sunlight pointing to the back of your home, they are a lovely addition.
Pavement for Extra Parking – 5% to 10%
An extra parking space can be very valuable, especially if you live in an urban, built up area where parking is scarce. Or if you live near a train station or busy place of work, there are lots of advantages and you can always rent out a parking spot in the meantime and earn a few extra hundred per month!