How to refurbish to add value
In an uncertain housing market, properties with the most to offer rise to the top of the pile. So, if you’re looking to improve as a future investment, read our guide to where to spend your money to really add value to your home, long term.
Did you know that the average UK homeowner spends more than £23,000 refurbishing each property they own? While many people carry out home improvements for better quality of life – more space, a well-equipped modern kitchen, an extra bathroom – the right refurbishments will add considerable value to your property too.
If you’re looking at improvements as investments that will help you up the property ladder, you need to think about your target market and consider the additions and décor that will appeal most to potential buyers of your type of property.
In general, these five building projects should add value and help you to a quicker sale.
1. Reach for the sky
A loft conversion is usually an excellent investment, adding plenty of extra space with the wow factor in what was an underused part of your home. You can use your new room as a master or guest bedroom, with en suite bathroom. Depending on the size of your roof space, you may be able to add additional rooms too, creating a study or games room.
At around half the price of an extension, loft conversions are the most cost-effective way to add value to your property. Prices vary enormously, depending on the size and complexity of your conversion, but will probably set you back around £40-60,000 and can be completed in eight to 12 weeks.
The great thing about converting the loft is that in most cases you don’t need planning permission – most loft conversions come under permitted development rights. As long as your home isn’t in a protected area and your project won’t add more than 50 cubic metres (40 cubic metres for terraced houses) of extra space or extend higher than the current highest point of the roof, you shouldn’t need permission – but make sure you check.
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2. Room to grow
While extensions are not cheap, a well-executed project can transform you home, adding valuable living space and increasing its value by much more than the cost of the building work. Your extension could increase the size of your kitchen, creating a stunning open-plan dining area or even be a whole new wing of the house.
Side returns add value to terraced houses, and if you have a garage that’s just being used for storage, you could create a useful new room – bringing extra bedrooms, a guest room or utility.
Remember to ensure the design and layout fit with the rest of the property. An extension that does not integrate well or looks dark and gloomy without much natural light, could put potential buyers off, actually decreasing your home’s value.
3. Give your kitchen the wow factor
Potential buyers may be swayed by your kitchen when weighing up your home – and one that makes an impression will definitely help you to a sale. Just be careful how much you spend, in proportion to the value of your property – too much and you may not recoup your costs.
But don’t just opt for the cheapest either! Basic units and appliances, however new and shiny, will look out of place in a high value home and may be instantly changed by the new owners. Keep to neutral shades and opt for the best quality appliances and tiles available at your budget.
Also remember, you don’t necessarily need to install a new kitchen to achieve a fresh look. Adding new doors to existing cabinet carcasses, new worktops, taps and splash backs, and giving it all a lick of paint is a cost-effective way to make a big impact.
4. Blitz your bathroom
Remodeling an existing bathroom to bring it up to date may add some value. However, a completely new en suite, downstairs cloakroom or additional bathroom could help you attract a premium price. Adding a bathroom is essential with a loft conversion – buyers prefer one on ever floor where there’s a bedroom.
5. Improve your EPC
With global warming such a concern, adaptations which make your home greener and add energy efficiency are becoming more appealing to potential buyers. So, think about ways of improving your home’s energy performance certificate (EPC) – you’ll need to produce this when you sell. A new boiler, double glazing which suits the style of the house and even solar panels can all be selling points.
Whatever work you have work done, it’s essential that you keep proper records of any planning permission and building control approval, as well as gas and electrical safety certificates. When you come to sell, you’ll need to be able to prove that all of your renovations were carried out properly. If anything is missing it could slow down the sale and even cost you money.
For further information on selling a property in Islington, Newington Green and the surrounding areas, take a look at our website or give us a call today.