Depending on where your property is located, there are many ways that you can add value to your home. Some of it may require planning permission and approval from building control. It may be worth speaking to a local planning advisor to discuss what paperwork you need before starting these projects, particularly if your home is listed, in a conservation area or on greenbelt land.
Homeowners across the UK have spent £41 billion sprucing up their properties over the last five years at an average outlay of £1,875 each, according to a survey for NAEA Propertymark. Around 73% of homeowners have updated their home since 2013, with 1 in 10 admitting they have carried out works due to the high cost of moving.
However, before you fork out large sums of hard earned money adapting your home, it is a good idea to consider how the changes will affect your properties price in the long run and how likely the chances are of recouping the value of your improvements in your home’s potential future sale price.
Space is such a big selling point and affects the value of your home. Adding an extra bedroom adds major appeal and often is one of the most efficient ways to boost the value of your property.
Research shows that a loft conversion can typically add 10% to 12.5% to the value of your home and may just be the number one way to add an extra room to your home as it will involve minimal disruption to the rest of the existing rooms. The first step is to measure the loft to be sure it fits in with minimum requirements with building regulations. Another point to note: can your landing handle the extra staircase?
Loft conversions can be completed quickly, and as most of the work is done in the loft, there will be little mess cluttering the rest of your house. Expanding upwards offers homeowners an extra bedroom which can be used for growing families, or for extra storage.
Add a driveway
In most areas of the country, parking close to your front door is valued and often comes at a huge premium. If you have the room to add parking, then you are sure to increase value. Estimates shows that driveways can add between 5% and 10% to the value of your home. Based on the average UK average house price of £225,621 this can be anywhere from £11,280 to £22,560 extra.
If you have a spacious front garden, it may be worth considering converting part or all into a driveway. This way, off street parking is guaranteed, also with the bonus of reducing your car insurance. It adds convenience and makes carrying heavy shopping in to your house a lot easier! RW Invest, property investment specialists based in Liverpool, offer some of the latest style townhouses complete with large gardens and one parking space to entice investors to this ultra-modern development in the heart of one of Liverpool’s most ambitious redevelopment zones.
A front garden adds little value to a property, in comparison to the potential from a driveway, so it is worth paving it all over. Then it’s down to what looks more attractive. Gravel is attractive than pure concrete, but brick or paving offers an alternative that is less mess and lower maintenance but still well presentable and appealing for reselling, suppose it boils down to personal taste. It is important to always keep curb appeal in mind as first impressions always count. If your property looks good at first glance it is inviting, therefore buyers feel more positive straight away about the interior of the house.