What are the best home renovations for increasing home equity?
If you’re looking to increase your home’s value then there are some guaranteed home renovation tips and tricks you can employ to boost the price. Not all projects you undertake on your home will result in a boost to the property price, however there are many options which will stand your home in good stead when it comes to a valuation and potential sale.
Here we’ll look at the best ways to increase the value of your home, and even if you only choose to complete one or two of them, you can rest assured your investment will see a decent return.
Whether it’s a larger kitchen or another room created entirely, any attempts you make to expand the blueprint of your property to give more space to the occupants is a bonus. Extensions can add around 12% to the value of the property as you are increasing the available living space for the area you live in.
If you are planning a single storey renovation, such as adding a sun room to the back of your home, then it may costs anywhere from £30,000 to £60,000. If you plan on a larger double storey renovation, then expect to pay in the region from £60,000 to £120,000.
The addition of a conservatory to a property is likely to boost property prices by around 5%, however it is an appealing feature that gives more space and a room where the garden can be enjoyed too from the comfort of the home.
Prices can vary wildly depending on the features and extras you can add to your new conservatory, but one thing to bear in mind is that you will see the greatest return if it can be used throughout the year, not just in summer. Keep things basic and you are sure to see your property viewed more favourably by buyers.
First impressions count, especially when it comes to properties. Taking care of simple things such as cutting the grass, weeding the drive or giving the fence a new lick of paint costs very little but will make a big difference.
Buyers will want to see themselves living there, and they don’t want to be considering all of the work involved in the property’s upkeep, so don’t give them any excuse to poke holes in your perfect home. Keep the windows and guttering clear, and always make the front of the property look presentable.
The bathroom is one area of the home that can really sell it to prospective buyers. A dated bathroom with old-fashioned tiles or a misuse of the space is a turn-off, especially for a family bathroom, so when you renovate be sure to give it a contemporary makeover.
You can even turn a downstairs bathroom or small ensuite into a wetroom for convenience, or why not opt for a theme such as square edges for the toilet and sink instead of traditional curved fixtures. A charming new bathroom might cost you between £6,000 and £20,000 but add up to 10% in value.
The heart of the home, a brand-new kitchen is sure to pique the interest of buyers as well as being a space your family can relax in day-to-day. If you are planning on selling your property after the kitchen renovation, then you don’t need to splash the cash on state-of-the-art steamer ovens and other fancy appliances, spend the money instead on the aesthetic appeal.
New cupboard doors and handles, an attractive splashback and shiny new kitchen surfaces will go a long way. Expect to pay anywhere from £4,000 to £25,000 for a new kitchen depending on your choices.
If you’re looking for an easy way to make your home’s interior look more appealing, then laying new flooring or carpets throughout the property is sure to give it a new lease of life. You don’t have to opt for the most expensive option of oak or luxury carpeting, but anything that is fresh and new will go a long way in your favour.
You may even decide to use tiles in the kitchen or a good quality linoleum which makes it easy to keep clean. Consider your options and you will be able to transform a living space with the minimum amount of investment, especially by doing multiple rooms at once.
The vast majority of properties in the UK do not utilise the ground underneath the home, and basements are seldom seen in British houses. You can add a basement to your home and instead of allowing it to become a dark unused space, it can be anything you can imagine – a home cinema room, a games room for entertaining, or a new bedroom with ensuite.
This is a great option for properties that cannot expand sideways, or have been rejected planning permission for an extension. It can cost quite a lot of money and disruption to dig out a basement, so consider whether you will get a decent return.
If you’re considering a loft conversion to add value to your property, there are some things you need to bear in mind first. You will need to obtain planning permission and there must be safety features installed such as a window.
Depending on the scale of your loft conversion, it can be boarded out from as little as £5,000 however a full renovation with a new staircase, window installation and rewiring the electrics to provide light and plug sockets can be anywhere from £20,000 to £80,000. However, as you have increased the space available, it can add 15-30% onto your home’s value.
If you’re thinking about new home renovations to give your property price a much-needed boost, then get in touch with the Refresh Renovations team today and we can walk through your options and see which would be best for your unique requirements.
All Refresh Renovations franchises are independently owned and operated.
If you would like to find out how Refresh Renovations can support you with a high quality, efficient home renovation, get in touch today. Your local Refresh Renovations consultant will be happy to meet with you for a free, no obligations consultation.