If you’re looking to boost the value of your property, there are some renovations that you can make. Be aware, however, that not every remodeling project will add value to your home, so be sure to weigh the costs of the renovation with the value you intend to add. There are several projects that are popular with UK homeowners looking to improve their property value.
Popular Renovation Projects
Many UK homeowners are choosing to tackle renovation projects to improve their home’s functionality, while also boosting the property value. Some of the most popular projects include:
- Cellar Conversion
Converting a cellar into an additional living space may get you the most money in return. On average, homeowners can expect to see an increase of 30 percent in their home value. Cellar conversions are quite expensive at the onset, but the increase in property value is very alluring to homeowners.
- Bathroom Refitting
If you’re looking to sell your home, refitting the bathroom may help you get a high offer. Bathroom remodeling projects are perhaps the most popular home renovation. Over 44 percent of recent home renovation projects have included a bathroom refitting.
- Kitchen Remodeling
Another popular room to remodel is the kitchen, with 39 percent of renovations including a new kitchen. The cost of a kitchen remodel depends on how much the homeowner wants to update. It may be as simple as installing new countertops and appliances, but many homeowners also choose to refigure the layout of their space.
- Parking Addition
Parking is a hot commodity in many UK areas, especially in highly populated cities. If you want to sell your home, consider adding more parking space. This is highly sought-after by potential home buyers. You can expect an additional parking spot to add £50,000 to the value of your home.
- Loft Conversions and Extensions
Any additional living or bedroom space will add a good deal of value to your home. Both loft conversion and extensions are popular with homeowners who have outgrown their space but don’t want to move. You can expect a 14 percent increase on your property value.
Things to Remember
Before you start a major renovation on your home, there are a few things to remember to do, including:
- Gaining Planning Permissions
You need to fill out the proper paperwork to get approval before beginning any construction on your property. Do this well in advance to ensure you give the proper authorities enough time to approve your application; although gaining planning permissions has become easier in recent times.
- Notify Your Insurance Company
Many homeowners forget to let their insurance company know about any renovations they are making. In fact, it’s estimated that 49 percent of homeowners failed to let their home insurance company know of their major renovations. This is not a smart move. Your policy may be voided if you don’t contact your insurance company about any home improvement project.
Updating and renovating your home may help to increase your property value. Always consider the price of the renovation and do seek advice. It’s wise to find a reliable local tradesman. Consider how much of a return you expect; determine whether the renovation is worth the cost. While about one-fourth of homeowners plan to stay in their home for more than three years following a renovation, many others are looking to sell. With the right planning, you can expect to get a decent return on your investment.
Here’s a video from On Property on 10 ways to add value to your home: