There’s no denying that home improvement costs can be daunting. The Office for National Statistics has released data that shows the UK spends a total of nearly £43 million each week on home improvements. That’s nearly £30 billion annually!
With this investment of money and time, are home improvements really worth the spend? We’ve teamed up with kitchen showroom Aberdeen provider DM Design, to explore the return on various home improvement projects.
From a loft to a bedroom
A loft with a maximum headroom of 2.3 makes an ideal space for conversion. The Nationwide Building Society estimates that a loft conversion may be able to add up to 21 per cent onto the overall value of a home, while Nationwide indicates that adding a double bedroom to your property — to which the loft can be transformed into this suitable space — can add over 10 per cent to the property’s value.
As the project needs to meet both fire and property regulations, be sure to seek professional advice before beginning.
A garage makeover
A double bedroom is, as noted, a good way to add 10% to your home’s value. If a loft conversion doesn’t work for your property, or you are looking for another room to convert, consider transforming a garage.
With 90% of garages in the UK not being used for cars, Phil says they make great potential living spaces or bedrooms. In general, the British media personality and television presenter says that the value added can be calculated by multiplying the square footage gained by local price per square foot.
A high-quality conservatory
Mark Hayward, who is the managing director at the National Association of Estate Agents, told The Telegraph why conservatories are a great home improvement project. He commented: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
The glass is a better choice than uPVC in this case. A high-quality conservatory can add as much as five percent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 percent will be added to the value if the conservatory is part of a full-blown extension.
A garden renovation
Make sure to consider the effects a conservatory will have on your outdoor space. This is because a property’s outdoor space can also add substantial value.
Look to make your garden accessible and an asset to people both indoors and outdoors. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
For a small improvement, Phil advises decking around the outside of your home can add 2% to your property’s value.
Redoing the kitchen
Phil Spencer, the presenter of Location, Location, Location, talked about kitchen projects with The Telegraph: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework on it, we watch television on it and hold dinner parties there.”
Make sure your project spend for the kitchen is level with the house’s value. There’s not going to be very much value added to a house that’s valued at £170,000 if it’s fitted with a £25,000 kitchen.
A successful kitchen project can add 4.6% to the home’s value, according to Phil. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to four percent to its overall value.
Boosting the bathroom
Bathrooms are a popular choice for the home improvement project. The Nationwide Building Society states that either a new en-suite bathroom or the creation of a second bathroom can add around five percent to a home’s overall value.
Simplicity is key, says Phil Spencer. He points out: “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain.”
A new bathroom could add 2.88% to the property’s value, by Phil’s estimates.
Sources:
- http://www.telegraph.co.uk/property/online-estate-agent/home-improvements-that-add-value/
- http://www.thisismoney.co.uk/money/mortgageshome/article-2834756/Which-home-improvements-add-house-prices-investment.html
- http://www.idealhome.co.uk/project-advice/project-planning/how-to-add-value-to-your-home-property-advice-73696
- http://www.telegraph.co.uk/finance/property/buying-selling-moving/7906602/Phil-Spencers-top-20-ways-to-add-value-to-your-home.html
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