When it comes to selling your home, you want to make sure you have built on the value of your investment. One way to help achieve this is to be smart about what renovations you take on. Avoid missing the opportunity to increase the value of your home thanks to a few nifty renovations.
As we all know, it is easy to get carried away with home improvements, but we don't have unlimited budgets and we'll want to spend wisely. Here we've compiled our top list of improvements that can have the biggest impact on the value of a home and how quickly it will sell.
The Office of National Statistics found we spend nearly £30 billion a year on home improvements in the UK. So, what renovations can make a difference and truly increase the value of your home? Find out below.
1. Kitchen and Bathroom Remodelling
Prospective viewers will pay a lot of attention to your kitchen and bathroom, two key rooms in the home. Some reports suggest a new kitchen can add up to 6% to the value of your home.
You don’t want to make a poor impression by having doors hanging off and a really dated or particularly garish kitchen. You need to keep the buyer in mind, which means neutral colours often work best.
The lighting in both your kitchen and bathroom, and throughout your house is crucial. What’s the point in paying all those pennies for a flashy new design if you can’t really see much of it. Consider lighting which exacerbates the rooms features and creates a feeling of space.
Investing in top quality work surfaces and units for your kitchen as well as modern furnishings and appliances, can really make sure your home is a product of it’s time.
HGTV estimates that you can recoup 80%-130% of whatever you spend adding a bathroom. Your bathroom needs to come across as very clean, hygienic looking and well laid out. One of your bathrooms should definitely have a shower, as some buyers will be put off straight away if this isn’t the case.
Impressive little touches and convenient features will also make a big difference. Luxuries like underfloor heating and a heated towel rack can really stand out to prospective buyers. Strategically placed large mirrors can also help create a feeling of light and space. Another essential for your bathroom if you plan on selling is an extractor fan so that the bathroom is well ventilated.
2. Ensuring your Home is Energy-Efficient
Another key area to focus on is energy-efficiency. With bills appearing to be rising by the minute, prospective buyers will be looking for a cost effective home when it comes to its energy use. A house filled with ancient appliances, poor insulation and a lack of eco-friendly touches may put buyers off straight away.
Switch all those energy-draining, old appliances for energy efficient models. Check to make sure your home is well insulated and invest in double glazed windows if you don’t have them already. All of these modifications to your home will ensure your home has a great EPC rating, which again will make the property far more attractive to new buyers.
3. Create Off-Street Parking
If you’ve ever lived in a house or flat without private parking, you will understand the frustrations that this presents. Having to park a distance from your house when you have ten bags of shopping in a massive pain. You also have to worry about your car being safe and secure, as wing mirrors can often get damaged with on-street parking and your car is vulnerable to thieves.
All these things will be running through buyer’s minds as soon as they arrive at your property, which may put them off even going inside. So, if there’s any way to create private off-street parking, then it’s a worthy investment and could even lower the cost of car insurance.
If you don’t have a drive but have the space to create one, then building a low maintenance one is a worthy investment. Check whether or not you need planning permission before adding vehicle access so that you don’t waste your money. You may need to check a few things before making alterations with your local council or authority.
4. Permanent Landscaping
Permanent landscaping is another big area to consider. A conservatory can get you up to a 108% return on investment of the build. A lot of research suggest this could be the best renovation to increase the value of your home. The Telegraph also claims that a conservatory costing between £4,000 and £10,000 could increase value by five per cent – an average of around £15,000.
Improving our garden should also be at the top of your to-do list. Reinventing your garden and making sure it doesn’t look like an untouched jungle could result in around £4,550 worth of profit according to This Is Money. Decking is another popular addition that seems to always be on trend. It certainly seems to impress potential buyers as it looks smart and is fairly maintenance free compared to grass.