One of the most important considerations when planning renovations to your property is the value you could be adding to your home- or not adding! For some people, if it is their ‘forever home’ they may not be too worried about affecting the value of the property, however if you are likely to sell in the future is is important to weigh up the costs vs value and future saleability. Some renovations, such as removing a bedroom to make way for a bigger master suite, could reduce the value of your home but make it much better for you. Other renovations such as extending can add value to your home, but still cost more than it’s worth. Here we discuss ways to add value to your property and how to work out whether they are worth it.
Work out the ‘Ceiling Price’ of your home
The ceiling price of your home is the maximum amount it could sell for on your street/in your area. No matter how much you spend on a property, it is unlikely you could sell it for a great amount more than this as the location of your property has a significant influence on the value. The best way to find this out is to look at sold prices on your street or in your local area. Try to find properties that have already had the work done that you are thinking of, for example a fourth bedroom or a ground floor extension, as this will give you the most accurate price that you could achieve. Speaking to an estate agent can also be helpful to get an idea of your homes current value vs what it could be worth with various combinations of improvements.
Ultimately, if you want to make money on your home, or at least add the value you have spent on works, you don’t want renovations to exceed the difference between your homes current value and potential value.
TIP: This isn’t a fixed rule! If you know you are going to spend many years in your home you may not be concerned with spending more than it’s final worth if it makes the perfect home for you!
It is the obvious answer- adding to your property will usually increase the value and there are multiple ways achieve this.
Extending your property will typically add value, especially if you can add an extra bedroom/s. Extending requires various permissions and there are lots of options to make your home exactly what you need, whilst making it more saleable for the future.
2. Loft Conversion
A loft conversion, if possible, can be a great way to add an extra bedroom or master suite and typically don’t require the same permissions as an extension. Read more: https://www.house-architects.co.uk/blog/a-guide-to-converting-your-loft/
3. Convert Your Garage
Converting your garage into another reception room can add value, however it is important to be mindful of storage. Whilst less people use their garages store cars these days, they are usually used as storage space. If you have a smaller home it is worth considering whether sacrificing your garage will make the home less practical.
4. Basement/Cellar Conversion
Basement/Cellar conversions are increasingly popular in city locations where there isn’t space to extend outwards. They are usually relatively unused spaces and with the help of an architect you could create a great additional living space.
TIP: If you’re thinking of selling in the near future but don’t want to spend on renovations now, going through the process of gaining planning permission ready for future owners can add some value as buyers will know the scope of future work allowed.
Make it feel bigger
If extending or converting isn’t for you, there are lots of less extensive renovations you can carry out improve your homes value.
Sometimes simply reconfiguring your internal layout can make your home a much more practical and liveable space. An experienced architect will be able to advice the best way to reconfigure your internal layout to make the most of your homes existing footprint, for example adding an extra metre to your bathroom or removing an impractical hallway.
6. Remove Internal Walls
In some cases removing internal walls can create the large, open-plan space you’re looking for. A popular way of doing this is removing downstairs walls to create an open plan kitchen/diner.
7. Increase Light
Increasing the amount of light in your home can give the illusion of it being much more open and spacious. Check out our blog on how to add light: https://www.house-architects.co.uk/blog/let-there-be-light-5-ways-to-get-more-natural-light-in-your-home/
8. Add off-road parking
Off-road parking is extremely desirable and if your property doesn’t currently have any available, adding it can increase your property’s saleability and value.
9. Build a summer house
If your garden offers the space summer houses are a flexible and practical addition that can become a home office, play room or even party room!
10. Landscape your garden
Having liveable outside space that you ca actually make use of is very desirable and reduces the prospective workload for future buyers. Read more about making the most of your outdoor space: https://www.house-architects.co.uk/blog/upgrading-your-outdoor-space-for-summer-2021/
11. Restore period features
If you live in an older property, restoring original features can add both character and value.
12. Modernise your kitchen/bathroom
Having a modern, well planned kitchen and bathroom can add a huge amount of saleability and value to your home. As the kitchen and bathroom are usually the most expensive rooms in the home to update, if these are already modernised it reduces the amount of work a buyer needs to do and money they need to spend on the property.
13. Add storage space
One thing we can never have enough of- storage space! Make the most of awkward spaces, alcoves and under your stairs by adding fitted storage options.
14. Make the most of your loft
Carrying on with the storage theme, boarding out the loft and insuring it is properly insulated is a simple, practical addition that adds much more useable storage space.
If you are thinking of improving your home, we offer an initial free consultation with Catherine to discuss your needs and ideas, and the potential solutions, costs, timescales and permissions that could suit your requirements. Book online at: https://www.house-architects.co.uk/book-a-consultation/