7 ways to increase the value of your property
7 ways to increase the value of your property
Did you know you could add £50,000 to the value of your property just by knocking down a wall? Here’s how to make money by improving your home.
Why renovate your home?
Investing in your house can reap huge financial reward, as well as making your home a nicer place to live. How much you could add depends very much on where you live and the type of property you have. So, think about who’s most likely to buy your house, and what would appeal to them.
These are some of the ways to increase the value of your home:
1. Install central heating
If you don’t have it already, central heating will add value to your home, as well as making life far more comfortable. How much you’ll pay depends on the size of your house – a four-bedroom house should cost around £4,000 and take a team of two labourers five days to install.
2. Convert your garage into a living space
Few people these days keep their car in the garage, so it frequently ends up being an underused space. Converting a garage is a relatively cheap way to add extra living space to your home, costing an average £5,000.
You can use it as a home office or create a little self-contained flat that would work well for granny or an au pair, or even as an Airbnb let. If you do go down the Airbnb route, though, make sure you tell your insurance provider that’s what you intend to do.
3. Take down internal walls
Live in London? If so, you could add nearly £50,000 to your home’s value by simply taking down an internal wall to create an open-plan kitchen/diner. The Federation of Master Builders (FMB) and HomeOwners Alliance (HOA) claim that doing as much increases the value of a London house by £48,417.
4. Add a loft conversion
Loft conversions are a relatively simple way to get another bedroom and bathroom. Make sure yours is in keeping with the style of the house, and that you have enough ceiling space. Costs will vary but should be somewhere around £30,000. The result could be an extra 20% on the value of your house.
5. Extend the kitchen into the side return
The side return is an alley that runs next to the kitchen, often seen in Victorian houses. If you extend the kitchen into it, you’ll end up with a large, eat-in kitchen and family room. This could add 15% to the value of your property.
6. Add a garden room
Adding a garden room is much less hassle than building an extension. They’re also versatile – you can use one as an office, playroom or even a guest room. Prices vary enormously, but you can expect to pay around £6,500. And if you live in Surrey, it could add over £35,000 to your home’s value.
7. Convert the under-stairs cupboard into a downstairs loo
Depending on where you live, this is potentially a great way to increase the value of your home. According to the Federation of Master Builders, it’s a seven-day job that should cost around £2,600. But if you live in Dartmoor, it will add nearly £15,500 to the value of your house.
How to make your house easier to sell
Looking to sell up? You’ll need to make your house stand out. Here are some key tips on how to do it:
Fix any structural issues
This isn’t just about giving your bathroom a new lick of paint – though that can help. It’s about fixing rising damp, mending a leaky roof, repairing cracks and replacing missing roof tiles. Don’t forget the electrics and pipework too, which are likely to crop up in a survey. Any faults here could really put off potential buyers
All this can add up, cost-wise, but is essential. When deciding what to do, it’s worth getting professional advice from a builder or surveyor.
Make your home look cheerful
That means painting the walls, decluttering and replacing damaged sealant around the bath. Taken individually, these improvements aren’t going to add much to your sale price, but collectively they will help create that all-important wow factor. Decluttering and limiting the amount of furniture could significantly help to make rooms look nice and spacious.
A word on insurance
Carrying out home improvements is a great idea, but don’t forget to tell your insurance provider if you’re carrying out any major work. They may ask for a modest premium rise for the increased risk your property will pose while the work is being carried out see our guide to home renovation insurance
When the work is done, you’ll need to reassess your property’s value for insurance purposes. Both your contents insurance and your buildings insurancepremiums may rise. Use our comparison service to make sure you’re still getting a good deal on your cover.