The NAEA Propertymark, an estate agent association, recently released the results of a survey it conducted. Some of these results were nothing less than eye-popping. Sample this, Britons have spent over £40 billion in home renovations since 2013. The average spending is close to £2,000 and almost 75 percent homeowners have reworked at least some part of their home. While these figures can come across as mindboggling, they do make a lot of sense.
That’s because any physical addition you make to your home increases its market value significantly. This can be useful if you are looking to sell your home and want a premium price for it. One of the most obvious ways to achieve that is by opting for a loft conversion. You can convert the attic space into whatever you want but since we are talking about home improvements that increase the home’s value, a loft bedroom conversion works best. An extra bedroom pushes up the value of your home by roughly 15 percent, which is a sizable premium considering the costs incurred.
You can also extend your home to increase its value. A classic example of a home extension is a conservatory which can raise the home’s value by around 7 to 15 percent. The larger and more elaborate the conservatory (or any other home extension), the higher the value addition to your home.
Overhauling the kitchen can also help you demand a handsome premium for your home. By renovating it floor to ceiling and wall-to-wall, you can easily up your asking price by 10 percent or thereabouts. While the exact cost differs across kitchen fitters, expect to shell out £4,000 to £10,000 for a complete renovation. A new bathroom too can boost your home’s value by 5 percent. And even if you do not intend to sell your home right away, an extra bathroom is a nice luxury to have.
What’s definitely a luxury these days though is parking space. Whether it’s a covered garage or an uncovered but paved parking space, the value it adds to your home can go up to £10,000.
As a final point, if you are looking for replacement windows, consider installing double glazed windows. Some of its benefits include greater security, better soundproofing, and a lower energy bill for your home. When seen in context of the monetary value they add to your home (nearly 5 percent), double glazing windows seem like a no-brainer.
For a more accurate insight into which improvements can boost your home’s market value, get in touch with your contractor. While doing so, remember to factor in the qualitative enhancement to your life brought about by these home improvements instead of focusing on the monetary returns alone.