How can I add thousands of pounds to my property’s value without spending a small fortune?
It’s the question asked by many homeowners that often conjures up images of knocking down walls, adding floors or even installing state-of-the-art swimming pools.
But it needn’t be so complicated, as simple improvements in appearance and the addition of a few key features can help add up to £100,000 to your home’s worth, the latest analysis shows.
Times are a changing, and in the post-Covid era, and especially during the cost-of-living crisis, buyers have different priorities – whether its spaces that allow them to work from home, or renewable energy installations that keep their bills low.
Here, MailOnline reveals the best ways you can increase your property’s worth.
Garage conversion: £28,751 added value
Increasing the square footage of your home is likely to add more value than putting in a fancy new bathroom or kitchen.
A garage conversion that creates an extra bedroom with an en-suite bathroom can give a £28,751 boost, for example.
It is important to research the market in your local area before going ahead with any works.
Catherine Merrett, of Richmond-based estate agents Antony Roberts, says: ‘Many people assume an extension or loft conversion will add value, outweighing the cost of the works. But much depends on your location.’
Ms Merrett suggests scouring property websites Rightmove and Zoopla for homes similar to yours and comparing prices between those that have been extended and those that have not.
In demand: An insulated and weather-proofed garden office, or ‘shoffice’ (shed-office) at the bottom of your garden can provide a £22,000 boost to the value of your home
Check the photos and floorplans of properties for sale and those that have recently sold. This should give you an idea of the potential return from improvements.
She adds: ‘For example, we have a pretty house on our books for £1.7 million that’s not been extended.
‘But a similar property in the locality which had been extended and refurbished sold for considerably more at £2.3 million.’
Before you embark on a home improvement project, make sure the fundamentals are sound first.
James Forrester, of Barrows & Forrester, says: ‘There are some home improvements, such as repairing or replacing a boiler or a roof, that may not provide any payback at all.
‘But without such repairs, you may struggle to sell at all. Address basic defects before considering any improvement project.’
Following the pandemic and lockdowns, having an office in the garden can add £22,000 to the price of your house
Garden office: £22,000 added value
Buyers are also seeking out properties with work spaces because many are still working from home a few days a week.
Even if you do not work at home, you may wish to carve out a work space to impress potential buyers.
You can do this by adding a work station with a desk and nice lamp to the corner of a room — just enough so buyers can imagine themselves working comfortably at home.
An insulated and weather-proofed garden office, or ‘shoffice’ (shed-office) at the bottom of your garden can also do wonders for a property’s value.
The cost of installing one of these is around £9,500, but they can provide a £22,000 boost to the value of your home, according to analysis by Birmingham estate agents Barrows & Forrester.
Kitchen upgrade: £15,000 added value
For years, open-plan rooms that combine a kitchen, dining and even a living room were highly prized. But during lockdown, many families found that these rooms were noisy and lacked privacy.
Today, the ‘broken-plan’ layout is the new ideal. This can be achieved by reintroducing walls that were previously removed, or using furniture and furnishings to create the sense of specific zones for cooking, dining and studying.
A new kitchen or bathroom could impress buyers, but you may be able to achieve the same result on a much lower budget.
You can bring the wow factor to your kitchen by repainting or replacing unit doors or worktops and fitting new lighting.
Petra says the trickiest part of the project was laying the self-adhesive vinyl as air bubbles can form under the surface
Updating the kitchen hardware such as handles and knobs can be another cheap fix.
B&Q has a range of antique and contemporary styles. Browse the latest trends on Instagram, online and in property magazines to give you an idea of what buyers may be looking for.
A quick redecoration can offer one of the best returns on your investment.
The typical cost for an entire repaint is £2,975, but should give an uplift of £8,913, according to Barrows & Forrester.
Some of the most effective home improvements require no budget at all.
A spring clean and declutter can help make your home look much more desirable.
Ms Merrett adds: ‘Pruning trees and hedges if they are blocking the light to the property will help as well.’
Utility room: £14,000 added value
Think about what type of house buyer you are hoping to attract.
For example, if you think families are your potential buyers, Ms Merrett recommends a downstairs toilet and utility room, as well as plenty of integrated storage.
The typical cost of a utility room is £8,100 – but it can add £14,375, according to Barrows & Forrester.
The average cost of installing the panels costs £5,875, but their average added value is £11,500
Solar panels: Up to £11,500 added value
Since the Ukraine war was launched last February, homeowners have been hit by soaring bills due to the UK’s reliance on energy from abroad.
It means any home which can rely more – or entirely – on renewable energy can be seen as a much more attractive investment.
According to idealhome.co.uk, in areas such as London, one can save up to £270 a month by switching their energy supply to solar panels, and up to £230 in rural areas.
The average cost of installing the panels costs £5,875, but their average added value is £11,500.
According to Barrows & Forrester, it means it could net you a profit of £5,625 when you come to sell.
Source : https://www.dailymail.co.uk/news/article-12015325/How-add-100-000-house-garden-offices-solar-panels-garage-conversion-more.html?ns_mchannel=rss&ito=1490&ns_campaign=1490&rand=1270