Adding value to your home
Most financial experts agree that it’s generally wiser to improve your current home rather than move to a new abode. But what are the best ways to add value to your property?
1. Convert your cellar
If you have a cellar, you should consider transforming it into a living space to add up to 30% to the value of your home. It’s relatively straightforward to do, as you won’t need planning permission (unless you live in a listed building) and the work won’t encroach too much on your everyday living space. Whether you turn your cellar into a home office, extra bedroom, playroom or cinema room, you’ll benefit from the additional space and you’ll be sitting pretty in a significantly more valuable home.
2. Convert your garage
If your garage is being used for storage rather than to house a car, you might want to consider converting it into extra living space, as this can often be worth more in terms of property value than an actual garage. This is particularly true if you also have a driveway or an allocated parking space.
Get a couple of local builders to come over and check whether your garage is suitable for conversion. They’ll be able to advise on whether planning permission is necessary (it’s not always in this case) and give you a ballpark cost.
If you use the space to create a ‘wow factor’ kitchen diner or an additional bathroom, you could boost your home’s value by 15%.
3. Divide your house into flats
If you have a large house and don’t need all the space, or you’ve bought an investment property and you’re looking to maximise your return, you could think about splitting it into separate, self-contained units. You can then sell these off individually or rent them out, which could add at least 30% to the value of the original property.
You’ll need to obtain the relevant permissions before you begin, and we’d recommend carrying out some research to make sure there is a demand for flats in your area.
4. Loft conversion
If you have a loft, it’s well worth looking into converting it into an extra bedroom, along with an en-suite bathroom if you have the space. There are different types of loft conversion, with varying levels of complexity and of course, varying price tags. A good builder will be able to talk you through your options and advise on necessary planning permissions.
An extra double bedroom with an en-suite bathroom could increase your property’s value by as much as 15%, as well as giving you additional living space.
5. Upgrade your kitchen and bathroom
Beautiful kitchens and bathrooms are the key to selling homes. They also help to boost the sale value, so if your kitchen or family bathroom could do with a little TLC then it’s well worth spending a bit of money on upgrading them.
6. Create an open-plan living area
Save on the cost of an extension by knocking down an internal wall to create a desirable open-plan living area. It’s an elegant and simple way to add up to 5% to your property’s value.