Whether you’re getting ready to sell or simply want to spruce up your home, it’s a good idea to find out how much value it could add before you start rolling up your sleeves.
That way, you can determine how much you should spend on home improvements. At the end of the day, you probably don’t want to pump more money into your home than you’ll get back when you come to sell!
For instance, if you’ve been quoted £60,000 for an extension, but this would only add £40,000 onto the house price – it’s probably not the wisest move, especially if you’re not planning on living there for a long time.
While big renovations often lead to big financial gain, there are lots of cheap renovations that can increase home value too. Here, we explore which rooms in your home will add the most value when renovated, and the different options available depending on your budget.
The heart of the home, a kitchen, can be the focus for many potential buyers. So it’s no wonder that a kitchen remodel can add significant value. According to the Royal Institution of Chartered Surveyors, “a new kitchen can add around four per cent to the value of your home.” This is a significant amount of cash!
For example, if your home is worth £200,000, a kitchen remodel could add £8,000 to the price tag. If you could refit your kitchen for between £3,000 and £5,000, you’ll make back more than the cost of the renovation.
While many of us would love to rip out the entire kitchen and start again, this isn’t always the most cost-effective solution. New worktops can transform the look of a kitchen or why not give your space a new lease of life with a lick of paint? These small changes can have a huge impact!
Is there a loft in your home? Do you use it to store old junk that never sees the light of day? If so, why not transform it into an extra room? There are lots of loft conversion design ideas to explore, so you’re sure to find something that perfectly suits your space.
The key is to think about what your home is currently lacking, and what potential buyers might want. For instance, if you don’t have enough decent size bedrooms, it would make sense to create another. If you already have ample bedrooms, then consider kitting it out as a home office or even a games room.
Think of this project as giving your home the ‘wow’ factor. No matter which of these options you decide on, research suggests that a loft conversion can add up to 20% to the value of your home, so it can certainly prove a worthwhile investment.
Updating your bathroom is certain to add value to your home, but it can be costly. Again, the trick is to not spend more than the value you’ll add. If a brand-new bathroom suite is within budget, then go for it. But if this is out of reach, there are ways to renovate this space without draining your bank balance.
Firstly, if your current layout works, keep it. Moving fixtures and fittings can cause costs to skyrocket, as pipes and inlets need to be relocated. Small changes can make a big difference – adding new bath panels or flooring can brighten up the room instantly and won’t cost a fortune.
Don’t forget the external space!
Curb appeal is really important when it comes to buying and selling a property. After all, first impressions count and generally, it doesn’t cost much to give the exterior a freshen-up.
Whether you have a little or large outdoor space, it’s fairly simple to do a garden makeover on a budget. Mow the lawn, get rid of weeds, sweep up leaves and cut back unruly trees and bushes to smarten up the space. If you have a fence, gate or shed, treat the wood to a fresh lick of paint or treatment to give it a new lease of life.
If you want to crack on with renovating your spaces but are unsure how to fund it, there are many different avenues to explore. Perhaps you could borrow from the bank of mum and dad? Or fund it from your savings?
You could consider applying for a homeowner loan, which would allow you to borrow a lump sum of cash. Don’t sit back – you can make the home improvements of your dreams and boost the value of your property. It’s a win-win!
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