5 Home Improvements That Can Increase the Value of Your Property
Your home is your refuge from the outside world; somewhere you should feel safe and relaxed. While it is important to furnish and decorate it according to your own tastes and preferences, keeping one eye on its potential resale value is also vitally important.
Your home may be the first rung of an increasingly expensive property ladder, or it could be the source of your retirement income. There are five significant building projects that can increase its value significantly, and securing affordable home improvement loans from trusted providers can help you to make your dreams of a better home become reality.
Install Double Glazing
At a time of rising energy costs, anything you can do to make your home more energy efficient is likely to make it easier to sell. Fitting double or triple-glazed windows will not only result in a warmer home, it will make it a quieter one. However, it’s important to choose a style of window that is in keeping with the overall aesthetic of your home. If you own a Victorian or Edwardian property, fitting uPVC windows will detract from its natural charm, and that could actually drive the value of your home down. There are some excellent wood-framed windows currently on the market, and when they are treated correctly, they can be just as hard-wearing and durable as their plastic counterparts. An average three-bedroom property can usually be fitted with new windows for less than £15,000, but according to Thisismoney.co.uk, it could add up to 10 percent to its market value.
Adding an Extra Bedroom
According to Zoopla, adding an extra bedroom to a property has the potential to add up to £55,000 to its value. Increasing the living capacity of your home is perhaps the single most effective way of adding value – something the Nationwide Building Society believes could add up to 21 percent to a property’s market price. While building an extension over a garage is a popular method of achieving this goal, a far more cost-effective method is a loft conversion. A relatively sophisticated conversion can cost as little as £20,000, but according to Zoopla it could increase the value of your home by up to £54,000. Another idea would be to do a cellar or basement conversion.
Adding an Extra Bathroom
Whether you have a walk-in closet that can be converted into an en suite or an unused fifth bedroom that could be put to better use, having more than one bathroom can significantly increase the market value of your home. According to Thisismoney.co.uk, a new bathroom can cost as little as £4,000, but it has the potential to add up to £20,000 to the value of your property.
Converting a Front Lawn into a Driveway
Although you may need to apply for planning permission, converting a front garden into a driveway can greatly increase the value of your home if parking spaces are at a premium. An increasing number of local authorities are restricting parking in residential areas, which means off-street parking could be a highly attractive feature to buyers. According to Phil Spencer of The Telegraph, this improvement can cost between £10,000 and £20,000, but it will add up to £50,000 to the market value of your home if it is in a desirable, urban location.
Build a Conservatory
A well built conservatory can provide you with more living space, and that is always an attractive feature of any property for sale. However, it is important that your conservatory blends in with the rest of your property, or it could have a negative effect on the home’s market value. A reasonable conservatory can be bought for as little as £5,000, but it has the potential to add up to 11 percent to the value of your property, according to The Telegraph’s Phil Spencer. If you own your house or flat, every improvement you make should be made with its future market value in mind. Make the right choices, and keep your property in a good state of repair, and you could reap the rewards if you ever decide to sell.