Moving house is costly and with so much uncertainty in the market at the moment, there is a growing trend for homeowners to improve their current properties rather than moving. Home improvements are not just a short term solution however, because making improvements now to your home adds value to your property in the long run. So should you choose to move in the future, you will reap the rewards of any work that has gone into making your home better over the years that you have lived there.
CanopiesUK produced a useful infographic last year, showing how home improvements can affect a property’s value.
Here is our pick of the best large scale and small scale home improvement projects to make your property more desirable to live and to sell. If you need mortgage advice at any time, Visit www.propillo.com for a range of guides, calculators and free advice from an expert.
Large scale projects
- A roof extension or loft conversion
- Converting a garage or cellar
- An extra bathroom
The biggest property value gains come from extending floor space so converting loft space into a bedroom or building an extension using roof space can increase property value by 14% on average.
Creating extra living space such as converting a garage can increase a property’s value significantly depending on the size of the conversion and converting a cellar into more usable space can increase a property’s value by up to 30%. When converting a garage, you may need to consider creating other parking space however as parking is also a selling point and if there is no undercover parking - it may put some potential buyers off.
Adding an extra bathroom can add 4% to the value of your property. Having ensuite bathrooms is an ongoing trend and if you are wanting to improve your property rather than move, then adding an ensuite bathroom is a good start.
Smaller scale projects
- Renovating a kitchen
- Central heating
Renovating a kitchen can add 4.3% to a property’s value and it is one of the main assets of a house that home buyers look for.
If your property is an older property and doesn’t already have a good central heating system then consider installing it to make your home comfortable and cosy and easier to sell in the future. You could see it add £5,000 in value to your property.
Adding decking to an outside area is a relatively easy project to undertake. It can make a previously outdated, unkempt outside area look contemporary, neat and tidy. Decking can add 2% to your property’s value.
Making improvements to your home can be a wise alternative to selling a property when the market conditions are not right. And when you do decide to sell your property in the future, your effort and financial investment should pay off. You can use our house value calculator to get an idea of where you stand right now today in terms of property value. If you have already made improvements to your home and are looking to move up the property ladder however, Visit Propillo.com for free mortgage advice.
Prefer to speak to an expert?
Our award winning team of mortgage experts are ready to call you back.