House prices have gone up by over a quarter in the last 10 years, with the average home in the country now costing £259,933 (compared to a national average of £250,000). While this amount if only slightly more than the national average, the cost of living in the area can be higher due to proximity to London, among other factors. This amount is also over the threshold for stamp duty, so if you are moving to a larger house it’s essential that you make the most you can from your house to make moving more affordable.
Convert Your Loft
The latest research shows that a loft conversion is the best way to add value to your home. This addition could boost the value of your house by up to 21% – some loft converters have added as much as £37,000 to the value of their homes.
Some clients even find that they prefer to stay in their existing home after completing a loft conversion, as it eliminates the need to move for extra space.
Add Another Bedroom
Converting a room (such a dining room) into a bedroom can increase the saleability of your home as well as increasing your potential asking price. If you do not have an extra room that you could change into a bedroom, you have 2 options: 1) You could split an existing room into two, which is only really an option if you have very big rooms, or 2) You can use a loft conversion to add an extra bedroom to the property. The latter would actually add more value to your home than a standard room conversion as an extra bedroom adds around £20,000 to the value of your house, compared to £37,000 added by a loft conversion.
Landscape the Garden
Landscaping the garden improves curb appeal, and can add around £1,500 to the value of your home. This will cost over £500, providing an excellent return on investment. However, this will have less of an impact on your house price than working on the interior.
Update the Kitchen
Kitchens have a huge impact on house prices, and can be one of the most costly rooms to renovate. Halifax found that a new kitchen can add £8,000 to the value of a house.
Renovate the Bathroom
A new bathroom is the second most expensive room to update, which is why buyers prefer houses with modern, new bathrooms to save themselves the cost of doing it themselves. A new bathroom can add up to £4,000 to the value of your home.
There are a few things that homeowners do to add value to their house, but it does not actually increase the potential asking price. These include:
- Installing wooden floors
- Changing lighting options
- Building an integrated BBQ
- Removing roof beams
These are items that make your house a home and make sure it fits your taste, but they don’t have an impact on how much your home will sell for.
Categorised in: Loft Conversions