There are many ways to add value to a property. Whether you want to increase its resale value for selling soon or at some point down the line, you’ll want to know some of the best ways to increase the value of your home. Here are six standout ideas!
For starters, upgrading your kitchen may add around 10% to the value of your home. A new kitchen may mean renewing your current space or/and adding an extension. In terms of a return on investment, a new kitchen is one of the best approaches to take.
As part of a new kitchen, you may wish to have fresh cabinets, décor panels, worktops, taps, sink, appliances and kitchen island, among other fittings installed.
How much a new kitchen will cost or what you’ll be billed for kitchen extension costs can vary depending on a range of factors, including the size and type of kitchen and what features are included.
Add a Conservatory
You may instead want to have your home extended for the purpose of a conservatory installation. However, a standalone conservatory is another possibility.
Either way, a conservatory is likely to add about 5% to your property’s value. Nowadays, conservatories are highly versatile and secure ways of introducing fresh and additional living space to your home. Naturally, this can make it more appealing to potential buyers.
Another idea worth looking into is that of a loft conversion. This can allow you to turn your loft into a suitable living space, such as a spare bedroom or home office. Other common uses of a converted loft space include a home gym, hobby room, kids playroom, home cinema and home library.
While a loft conversion may add between 10% and 20% to the value of your home, with average costs of £50,000 to £90,000 (and prices rising to more in some cases), they do not offer the best return on investment when it comes to ways of increasing the value of a property.
Nonetheless, you may find it worthwhile, particularly if you plan to use the converted loft space for quite a number of years before putting your property on the market. That way, you can get more than an increased property value from such an investment.
Another way of adding value to your home and improving its curb appeal is with the addition of a driveway. A driveway can act not only as the perfect entry point for vehicles arriving at your home but also improve the external appearance of it.
As with other options, there are many types of driveways to choose from both in terms of design and the materials used (e.g. resin, tarmac, gravel, concrete, etc.). A driveway of decent quality may add about 5-10% to your property’s value.
Fresh Insulation Measures
There are many ways of improving your home’s energy efficiency by upping its insulation levels. Some of the best ideas include loft insulation, wall insulation (cavity wall or solid wall insulation) and double-glazing.
The cost of insulation measures can vary significantly depending on the type of insulation and the scale of it required. Either way, improved insulation can improve your home’s ability to keep the heat in, thus generally increasing its resale value in the process.
You may also be interested in having your bathroom totally refurbished. This may cost somewhere in the region of £7,000 to £10,000, although it can cost less in some cases.
A new bathroom may mean new flooring and tiling, a new shower and bathtub and additional new fittings such as a new toilet, new sink and taps and a new radiator. Upgrading your bathroom may add around 4-5% to your property’s value.