Making changes to your home can help to transform your property into somewhere you truly love, and this can be the difference between moving and staying put.
But, just which home improvements you plan on making will depend on what you want from your home – and what your budget is!
The cost of different home improvements
When it comes to making alterations, there are loads of different options you might want to consider. For some extra space, you could convert your loft into a bedroom, build a conservatory or convert your garage to a living area. Or maybe you just want to breathe new life into your house by doing a spot of decorating.
No matter what you’re thinking of changing, it’s important to look into how much it will cost, and if you’re planning on selling the property in the future you should consider whether it will add value to your home too. While a project might seem too pricey, if it will help add value to your property and attract buyers, it might still be worth doing.
According to research compiled by This is Money, home improvements like a loft conversion can be one of the most expensive investments, but may add the most value to your home. On the other hand, although much cheaper to do, fitting an extra bathroom can add up to 6% value to your home. You can see the average cost of some of the top home improvement jobs, alongside the estimated value they add, below:
Home improvement Average cost Value added
Loft conversion £15,000 - £40,000 10%
Extra bathroom £2,500 - £6,000 6.1%
New kitchen £8,000 5.8%
Central heating £3,235 5.4%
Conservatory £4,000 - £10,000 5%
*Figures sourced from This is Money via National Association of Estate Agents, MoveWithUs and TradeAdvisor 2015.
Interestingly, building a conservatory offered the lowest return on investment, despite being the second priciest alteration to make.
What does your home mean to you?
Although the potential added value may attract you to a certain home improvement over another, it’s important to consider what you’re hoping to get out of your property by making these changes.
If you don’t have plans to sell up in the future, just how these alterations will affect your home’s value really shouldn’t influence your decision too much – it’s what they can offer you and your family now that’s important. If a new bathroom is something you feel would transform your home into a home for life, or a brand new kitchen would revive your love for the property, this is the most important thing.
But, even if you do think there’s potential that you may sell your property in the future, it’s unlikely that any of the above changes will make a huge difference to your home’s value. And if you’re concerned about your work actually lowering the value, try not to make any radical, off-the-wall changes and aim to get the work done by a professional – unless you’re fully trained to do so.
For help financing home improvements, you could consider taking out a loan. Ocean offer secured loans of between £10,000 and £250,000 suitable for making changes to your home – find out more here.
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