Research conducted by the Federation of Master Builders (FMB) and the HomeOwners Alliance (HOA) suggests that homeowners have the potential to boost the value of their property by almost £50,000 by making a few choice structural and aesthetic improvements before they sell. By making comparatively small investments to improve various areas of your home – notably the garden, bathroom, kitchen, and living areas – you could add between £9,000 and £48,000 to the asking price!
So, if you’re thinking of selling up this year, it might be worth seeing if any of the following improvements are feasible for your budget and layout, and maximise the value of your home…
Add up to £9,000 by installing decking
If you live in a suburban or semi-rural area and have outside space to play with, spruce it up with some decking for under £4,000 and boost the price of your home by around £9,000. However, according to estate agents, if you live in London or the North East, this type of home improvement may not pay out, so you’d be better off considering one of the options below.
Add up to £13,500 by building a driveway
Obviously this one depends on the positioning of your home, but if you have the space, building a new driveway can add an impressive £13,500 to your asking price. Off-road parking is in high demand, not only for convenience but also for vehicle safety (and lower insurance rates!), so it’s a definite plus for prospective buyers. Plus, it’s a relatively low investment, setting you back around £2,000 for a brand new driveway.
Add up to £14,500 with an en suite
If you have a large enough master bedroom, consider converting part of it into an en suite bathroom to add around £14,500 to the overall value of your home. A modest bathroom can cost as little as £4,500, and a second (or third!) bathroom is always a boon, especially in family homes. This kind of home improvement is a bonus no matter what part of the country you’re in, and is particularly sought after in London.
Add up to £24,000 by converting a cupboard into a downstairs toilet
As with an en suite, an extra downstairs toilet can add significant value to your house. If you have under stairs storage or space for a utility room/downstairs bathroom then it’s well worth putting in the investment (for as little as £2,500 for a simple toilet and sink) to add a whopping £26,500 to your asking price. However, this option won’t work for everyone – estate agents in the North East have reported that the addition of a downstairs bathroom only added a mere £2,000 to the asking price, so may not be the best option.
Add up to £27,000 by updating your kitchen
Investing in a new or updated kitchen, such as new flooring, worktops and cabinet doors or a kitchen island can add up to £27,000 to the overall value of your home and cost as little as £4,000 to complete. The kitchen is the hub of the home and an area that prospective buyers will be paying special attention to when looking for their perfect new property, so it’s worth making it as impressive and inviting as possible.
Add up to £35,000 by adding a garden room
If you have outside space or a garage, adding a playroom or garden office can be a fantastic way to add value to your home. Kit rooms and conversions will set you back an average of £6,500 but are a great investment – not only as a way of adding extra space to homes that are unsuitable for internal conversion, but also offer the potential for a home office.
Add up to £48,000 with an open plan kitchen-diner
One of the most significant boost to property value involves removing an internal wall to create open plan living space. Knocking down a wall will set you back around £3,500 but add up to £48,000 to the overall price of your home. Open plan kitchen-diners are sought after by house hunters in London and help to create a spacious and inviting living area. Removing a wall may seem like a big job but it can take as little as a week to complete and will add a huge amount of value.
For a free conveyancing quote and advice on making the most of your home before selling, speak to our property team at Frances Lindsay & Co!
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