What value can home renovations really add to your property?
All homeowners want to make their mark on their property — and often this is through alterations, which can be expensive. Data from the Office for National Statistics has predicted that those in the UK collectively spend almost £30 billion on home improvements annually. That works out at £43 million each week.
But have you ever thought about the actual value home developments add to your home?
Switching up the kitchen
We gain a lot of inspiration from television shows like Location, Location, Location and Relocation, Relocation, which has probably sparked the interest for us to make changes.
Presenter of these shows, Phil Spencer, was quoted saying to The Telegraph: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there.”
To have a clear understanding of the cost, you must take a look at the price bracket of a kitchen transformation as well as the price of the entire home. There’s not going to be very much value added to a house that’s valued at £170,000 if it’s fitted with a £25,000 kitchen.
But you can’t go wrong with investing into your kitchen. Phil commented further by saying that a new kitchen will add an estimated 4.6% to the value of your home. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to 4% to its overall value.
Switching up the bathroom
The Nationwide Building Society, who deal with homes every day, found that transforming a bathroom can add 5% to the value of your home. It doesn’t matter whether it’s the main bathroom or an en-suite that is renovated. Could you afford to miss out on this opportunity?
However, Phil Spencer said that any changes made to the bathroom must be simple. He points out: “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain.”
Switching up the loft
If your home was constructed before 1975, or has a maximum headroom of 2.3 metres, you could definitely make changes. The Nationwide Building Society estimates that a loft conversion may be able to add up to 21% onto the overall value of a home. However, Nationwide indicates that adding a double bedroom to your property — to which the loft can be transformed into this suitable space — can add over 10% to the property’s value.
As there are a lot of regulations in place when it comes to converting a loft, you must seek professional advice before accepting the project.
Converting a garage
By adding a double fitted bedroom, you could be adding 10% to the value of your property. If a loft conversion doesn’t work for your property, or you’re looking for another room to convert, consider transforming a garage.
According to Phil Spencer, 90% of garages in the UK do not contain a car and could be used as something else. In general, the British media personality and television presenter says that the value added can be calculated by multiplying the square footage gained by local price per square foot.
Installing a conservatory
Managing Director of the National Association of Estate Agents, Mark Hayward, had some strong words when it came to homeowners installing a conservatory on their property. He commented: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
Opposing uPVC alternatives, your conservatory should be made up of glass. A high-quality conservatory can add as much as 5% to the home’s overall value, according to property valuation providers Yopa. But Phil Spencer is confident that 11% will be added to the value if the conservatory is part of a full-blown extension.
Investing in your garden
Although you might be considering a conservatory, you don’t want this to take up too much space. This is because a property’s outdoor space can also add substantial value.
Garden improvements can be a difficult job to get done, but you must ensure that any changes made are accessible for all and can still be enjoyed. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
Consider adding decking to your garden, as this can increase the value of your property by up to 2%.
We’re always wanting to change up our homes, but have you ever stopped to think about the percentage values these changes might add? Now you know!