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When looking to renovate our homes, we do tend to keep an eye on whether the renovations or upgrades will add value to the property. Yes, it is awesome to have a clean, up-to-date and potentially state of the art property, but is it really worth putting in a new kitchen, adding an extra bathroom, converting the garage or loft or even building a conservatory? You could be spending a large sum of money, which when you finally come to sell, makes little difference to the value of your home. In this article we will look at some common home improvements and see if they add value to your home.
Conversions
The three most common conversion projects are on the garage, cellar and loft to create more usable living space. Being honest, how many of us use our garages or lofts for anything but storage these days? Cellars are a much rarer commodity but even in properties that have them, how many use them, again, for anything but storage?
Converting a garage to an office, dining room, games room, gym or even a downstairs bedroom is always going to make your property more attractive, especially if you have off street parking as well. This extra space is much sought after. Similarly, a loft conversion to create another bedroom, especially with an en-suite, is a very productive use of the space. A good cellar conversion into a downstairs lounge or office space will also pay dividends and, with a good builder, isn’t as complicated as you would think. These conversions typically add up to 16% to the value of your property, so as long as the conversion costs are reasonable, they will pay back in the long run, but make sure that you do things correctly and comply with both planning and building regulations. Be careful what you convert these spaces into, however. For example, you might have always wanted a wine cellar but converting your current cellar into a wine cellar that most sommeliers would be envious of is unlikely to reap you the rewards from the average home buyer. Another thing to consider is bedroom size! Many people feel that there is a benefit to knocking two bedrooms into one and adding an en-suite. This is rarely the case and most often people will be more attracted to more bedrooms than fewer but larger rooms.
Bathrooms and Kitchens
Over time bathrooms and kitchens can start to look a little tired and simply replacing the sanitary ware or the doors on the kitchen units can make a real difference, but these are unlikely to make a huge difference to the value of your home. Carrying out a complete bathroom and kitchen upgrade, as long as the rest of the property is in good condition, might not be cheap, but it will make a difference. A fully upgraded and well-designed kitchen can add between 5 – 15% to the value of your home and a sparkling new bathroom can add between 3-5% to the value. Bear in mind though, that going super high end on sanitary ware or ovens and hobs is not likely to pay back as most people aren’t willing to pay much extra for them.
Additions
If you already have that lovely kitchen and new bathroom and you can’t covert any other space, then you might be considering adding other space to your home. Options include single or double storey extensions and conservatories. These can add anything from 9% to 15% to the value of your property and give you much more space to use as well. As these are all quite large projects, it is worth looking at the cost vs the potential gain in value as there might be an overall loss as far as return on investment is concerned.
Technology
In a rapidly changing and more and more technological world, creating a smart home with smart heating, lighting and entry systems is not only convenient for you, but will really make your property attractive to potential buyers. Upgrading to a good level of smart control could add around 6% to the value of your property.
Making improvements to your home is always going to be something that you will do for yourself and your love of your home, but it doesn’t hurt to cast an eye to the future and well chosen, well designed and well-built renovations can certainly make your home a lot more attractive and can add significant value.
