Most UK homeowners looking to make home improvements want to know what effect the improvements will have on their value if they were to sell. All too often, homeowners undergo improvements to then find that the increase in their house value is lower than they expected, or worse - that it’s decreased in value. Knowing what improvements will increase your value and by how much, can help you decide what changes you want to make.
What changes can increase my value?
Several home improvements can dramatically increase house value, but the ones that tend to make the most difference are -
A new kitchen
Renovating a kitchen can increase your property value by between 5-10%, depending on the size and condition of the kitchen both before and after. On average, a new kitchen will cost around £5,000, but this can change if you have all new appliances, and which materials you use. Some of the most popular surfaces for kitchens are granite, wood, stone, or glass, but each have different advantages and disadvantages, so make sure you look into what will be the best option for you.
You can save money by keeping certain aspects of the kitchen. Many homeowners will choose to keep flooring the same when renovating a kitchen to reduce the cost of the work. You can also keep costs down if you’re willing to take out the majority of the kitchen yourself, rather than having someone take it out before fitting the new kitchen. Keeping these costs down means you can get the most out of the increase of your house’s value when you sell.
A new bathroom
A new bathroom can increase your house value by around 5%, and tend to cost about £4,500. Again, this can vary if you choose more upmarket styles, but the current trend is bathrooms with a spa-like feel to them. A luxurious bathroom will not only increase your house value but will make it hugely appealing to potential buyers. Kitchens used to be the main feature of a house, but recently bathrooms have become more of an interest for viewers.
If you’re looking to keep costs down in the bathroom you can opt to keep the same tiling and flooring and just replace the suite, or by doing your research and finding each of the components that you want in your bathroom on offer. Small details like taps and shower screens can be costly but will regularly be in different sales, and will catch the attention of your viewers right away making them more than worth it.
Adding a bedroom
The home improvement that will usually make the biggest difference to your house value is adding another bedroom. Whether you convert an office or a garage to a bedroom or build another room from scratch, this can increase your property value by up to 20%. This cost can vary hugely depending on how you go about creating your extra bedroom, and so you can expect the price to be anything up to £15,000 if you have to build an extension.
You can save money by decorating the room yourself if you convert from an office space to a bedroom, and you can shop around to find the items you want to furnish the bedroom with for lower prices. Saving money when adding a bedroom to your house can be difficult, but with the increase that it gives your property value, homeowners deem this improvement more than worth the upfront costs when they sell their property on.
What improvements won’t affect my house value?
Generally, redecorating won’t affect your house value too much. If your house is old-fashioned, redecorating can help increase your chances of achieving your sale, but it’s unlikely to increase your value dramatically. Almost all estate agents will suggest that you redecorate your home before putting it on the market, but some homeowners aren’t in a position to do this. If you’re not able to redecorate before you sell, companies like We Buy Any House will buy properties in any condition, cutting out the need to decorate to please your viewers.
What else should I think about?
Suppose you’re making your improvements with the main goal of increasing value to sell on. In that case, you want to make sure that you monitor the amount that you’re spending when making these improvements. Home improvement projects can easily get carried away, and you want to ensure that you’re going to increase the value by more than you’ve spent on the changes that you’ve made. Speaking to a surveyor can be an excellent way to identify where in your house you’re losing value, to then focus on these areas for your improvements.
Overall, when you’re making improvements to your home, you should focus on what changes are going to work best for you. While adding value for the future sale is always a positive, try not to choose which improvements to make on value alone unless you’re only doing them with plans to sell the house.