Image via
There are many reasons for wanting to move house – expanding family, kids moving away from home, wanting to be closer to your parents, or going in search of warmer climates, But there is one question which every homeowner putting their house on the market has to think about: To renovate or not renovate?
If you want to work your way up the property ladder to your dream home you need to know how to maximise the value of where you live now, whether that’s by adding an extension, converting the loft into a spare bedroom or just adding a lick of paint to the outside of the house. That is why I have decided to reveal my top 10 ways to add value to your property, so you can get exactly what you need out of the space you have.
Add a basement
Potential Value Added: Up to 30% (all values quoted are statistical assessments and not guaranteed).
Transforming a basement into a living or storage space can boost a property’s value by up to 30% – so long as the build cost per square foot is less than the price per square foot of the area. You can use your basement as a games room for the children and big kids in the family, as a snug for Saturday nights spent together watching movies, or even as an adult-only place to retreat away from the madness of the house. If you already have a cellar, it is one of the most economical home improvements you can make, and as it qualifies as a “change of use” rather than an extension for planning purposes, you don’t even need to obtain planning permission. Easy!
However, creating a basement when there isn’t one already there can be time-consuming and expensive, and may not give you the return that you are looking for. Do your research and cost up your expenses versus the equity it will add to your house,before you get the diggers in!
Split a house into flats
Potential Value Added: Up to 30%
Converting homes into flats is very popular in London, and other busy cities, as flats are in high demand and often easier to rent to tenants. Splitting a property into separate units can therefore maximise rental income in the short-term and profit on sale in the long-term. However, before you begin a project, do some research and ensure that flats will be wanted and people will want to move to the area. If three bedroom properties are not shifting, but smaller flats are, conversion could be a wise choice for a quick sale. If the housing market is looking the other way, it will probably be best to leave your house as is, but to give it a lick of paint and some TLC before asking an agent to come and sell it.
Get a new bathroom
Potential Value Added: 3-5%
A new bathroom will certainly increase the value of your property – but it can also be an expensive investment. If your current bathroom is just slightly dated rather than in very poor condition, you may not make back a huge amount more than the cost of the upgrade, so be very sure that this is an investment you are willing, and want, to make. You can read my guide here, on how to have a beautiful bathroom, without going bust in the process, but there are many small things you can do to make a bathroom fresher and brighter.
Convert your garage to living space
Potential Value Added: 15%
If your garage is not being used to home your car, it makes sense to utilise the space and convert it into an area that can be lived in – especially if you have parking available outside on a drive. Ask your estate agent about the buyer demographic in your area and keep that in mind when you transform the space. For example, if your property is located in a family-orientated area, a study or bedroom may be a good fit, whereas if it is a first-time buyer hotspot, a gym or studio may be more desirable.
Loft conversion to add a bedroom
Potential Value Added: 15%
Adding an extra bedroom can add up to 15% to the value of your home, especially if it’s a loft conversion with an en-suite bathroom. Most lofts can be converted, but it’s worth getting an architect or builder in to double check before you start planning. The shape of your roof and the way the timber has been laid will all dictate how your conversion will look and be approached, so make sure you get in the professionals rather than doing it all yourself. Unless, of course, you have the right experience in building! Remember that, if you are adding in windows, you will need to get planning permission from your local authority before you can even start work.
Image via
Revamp your kitchen
Potential Value Added: 15%
A beautiful kitchen can really sell a house, so if yours looks a little out of date or shabby, it’s definitely worth getting a new kitchen fitted. If you don’t have the budget for a full refit, you can simply change the cupboard doors and handles to freshen up the look and feel of the room. To appeal to the maximum number potential buyers, opt for neutral colours and a contemporary style. Never underestimate the power of a lick of paint – just by setting aside one weekend to paint this one room can completely change the whole place. A side return extension is a very common project that can really compliment any existing kitchen – if done well. Be creative with light and ceiling levels and pull in lots of natural light to make the room feel much larger and brighter than it originally did.
Increase living space with a conservatory
Potential Value Added: up to 10%
Increasing your living space is usually a sure-fire way to add value to your property, but if you are considering a conservatory, make sure the style is in keeping with the rest of the house. Try to carry through your flooring and colour schemes from the room it joins onto into the conservatory, and you will have a seamless transition. The good thing about adding a conservatory is that you will not need to obtain planning permission, so long as no more than half the area of the land of the original house is covered.
Apply for planning permission and then sell based on added percentage
Potential Value Added: up to 10%
If you are buying somewhere with the intention of adding to its value through extensions or big home improvements, you do not want the risk of not getting planning permission – particularly if you have done your calculations on the yields of a bigger square footage. Therefore if a property is being sold with planning permission which has already been obtained, there’s a lot of value in that security. People like to pay for ease, and by taking the hassle and stress out of applying for permission, you are adding time to people’s lives in the long run. You will also be appealing to a different market than if you did not have planning permission – whether that be a family looking to expand or a couple working their way up the property ladder. Either way, but making future renovations a possibility, it will invite people who have more money to spend, and may result in an easier sell.
Make the living area open plan
Potential Value Added: 3-5%
Open-plan spaces are very appealing, so it usually pays to knock down walls that are separating the kitchen and dining room. It also makes the space feel larger and brighter, which will help the saleability of the property. People like social spaces in their homes, so creating an area where people can both cook, relax, and entertain all in the same place is an improvement which will appeal to most people, and hike up the cost of your property too.
Kerb and garden appeal
Potential Value Added: up to 10%
Garden space is limited in cities and some towns, so it is really important to make the most of the space you have. Add a decking or patio to transform a garden into an entertaining space, and summer houses can be the perfect and quirky additional room in your home, which will also add to the property value. Spend some time landscaping your garden so that it is attractive to people who are coming to view it – a garden which is overgrown only looks like it will be a lot of work to potential buyers, so make it easy for them! It’s also worth adding lighting and watering systems for ease of maintenance, as we don’t all have loads of time to spend on maintaining our gardens. First impressions are really important, so if you’re selling, ensure your house has kerb appeal by giving it a fresh lick of paint, mowing the lawn, adding a new door, a clean new path and iron work.
