Do you know what alterations will add the most amount of value to your house?
Think you might be selling your home in a few years’ time? If the slowdown in the housings market continues as it has been , this may become more difficult to do. So, below we’ve put together a quick guide to what changes can add the most value to your house .
1. Loft conversion + 21%
According to a study by Nationwide bank , a loft conversion is easily the single most valuable extension you can make to your home .
By adding 300 square feet of floor space – and then incorporating an extra sleeping room and bathroom – you could add over 20% to the value of your property. Starting with a house worth £200,000, this is a potential price increase of £42,000.
The estimated cost of this sort of conversion is just over £17,000 – a respectable sum, but very frequently a great investment.
2. Another bedroom + 12%
Just adding an extra bedroom can make your house price increase rapidly . Turn a two-bedroom house into a three-bed by adding an additional double bedroom, and you will typically increase its saleable value by 12%.
However, it’s worth bearing in mind that this figure is based on increasing the size of floor space available (by, for example, extending over the garage).
Fiddling about with existent floor space to produce the extra room generally adds less value – around 6% for the same type of dwelling .
3. New Heating Systems + 6.8%
A big majority of UK homes now have central heating – and if yours does not , you’re losing out on a big chunk (just under 7%) of added value. Which makes a £200,000 house worth in the region of £214,000.
The installation of a complete gas heating system currently costs about £5,000 – so it definitely seems a cost-efficient improvement to make. And of course, a newer, energy-efficient system can also save money on gas and electric bills.
4. Parking + 6.5%
Easy yet effective . Squeezing a parking space onto your property can add well over 6% to its value. Build a double garage and the value rockets by some 14.5%.
5. An extra bathroom + 5.2%
And finally, an additional bathroom can make a huge difference. though houses with two or more bathrooms have become more common in recent years, adding an extra one can still boost the price of a one bathroom property by over 5%.
Just make sure you plan carefully when you undertake all these home improvements.
According to a recent Halifax report , one in four main home improvement schemes overshoot their planned spend each year.
Apparently , getting carried away with fixtures and fittings is the major Generator of increased costs, with kitchen makeovers the most likely to spiral out of financial control. So be sure to draw up a budget, then stick to it!
For more information on home improvements or to find reliable tradesmen to carry out your home improvements contact SafeTrade.