The financial crisis of 2018 saw a dramatic downturn in house prices, and indeed there are many regions of the UK that are still in the process of recovering. However, improving your property’s value isn’t just a case of waiting for the market to pick up; there are also things that you as a homeowner can also do to help.
Although smaller renovation projects might help to incrementally increase your house’s value, it is normally the larger ventures that will substantially contribute to the overall resale value.
Square footage concerns are arguably the most popular method to dramatically increase the worth of your property; particularly if you already own a home with two or three bedrooms. From a very broad perspective, these projects can generally be broken down into three categories:
- Home extensions
- Basement conversions
- Loft conversions
In terms of home extensions, it is first important to determine whether you have existing space within your garden. Assuming that this is the case, an extension can add a significant amount of value to your home, and in particular extensions to a kitchen.
Basement conversions are another popular option although it must be mentioned that such projects can be quite disruptive and time consuming. You will have to address variables such as working around load-bearing walls and dealing with existing issues including mould and moisture. Still, there is no doubt that basement conversions are extremely beneficial if you happen to own a larger property. Ventilation concerns and fire exits are other areas to address, as conforming to all council regulations is critical. Other metrics include:
- Lighting, plumbing and heating.
- Adding insulation and waterproofing materials.
- Potential excavations.
- Hiring an architect and a surveyor.
While costs can run well into the thousands of pounds, the ultimate payoff could very well be worth the effort.
Converting a loft is a third option to consider. This tends to be the easiest to complete and yet, it can add as much as 12 per cent to the value of your home. You will naturally be required to adhere to all relevant building requirements and other issues such as raising the height of a roof or adding plumbing fixtures could need to be addressed. The installation of bathrooms and entirely new electrical circuits are other tasks which might be necessary in order to pass inspection.
Conservatories have become an increasingly popular option in recent times due to their relative ease of installation as well as the fact that they can increase the internal space of a home. There are numerous styles to choose from, so be certain that the end product is able to work in synergy with the existing exterior decor. The only potential downside is that the average conservatory will not add as much value to the property as the projects mentioned above.
Off-street parking is a very attractive amenity and if you happen to have enough space within your front garden, it could represent a welcome addition. Gravel, bricks, slate and raised borders are all options which will increase the aesthetic appeal of your home, resulting in a slightly higher resale value.
Finally, you can always upgrade existing features such as windows (from single- to double-glazed), exterior lighting, the internal wiring, the plumbing, or the boiler. Such projects can be tackled on a piecemeal basis, so you will not be required to commit yourself beyond a financial “comfort zone”. Surprisingly enough, even the smallest of updates can have a significant impact upon the value of your home.
Substantially increasing the value of your home will require an equally substantial amount of time and effort. Still, these very same efforts could very well be rewarded in the long run. It is wise to speak with a professional in order to determine which of these projects is feasible. You might also want to consider using an online valuation tool to see where you can add most value.