Top Renovation Ideas to Increase the Value of Your Home
For most of us, our homes are the biggest investment we’ll ever make. So it follows that most of us want to maximise the value we add between buying and selling. There are lots of ways to do this and in this article, we’ll run through some of the most common.
We’ve quoted some approximate costs and figures of how much they can add to your property’s value. But please remember, these are estimates. Each property, project and trade professional is so different that costs will vary considerably. That said, this is still a great starting point if you’re thinking about your options.
Without further ado, let’s take a look at some value-adding home renovation projects!
1. Kitchen renovations
A new kitchen is one of the most significant renovations you can make to a home. No surprise, then, that it can be one of the most expensive.
Estimates vary, but research shows that a new kitchen can add up to 15% to a home’s value. Why is that? Firstly, they’re high-traffic areas that get a lot of use. They’re also a focal point of the family home. Another reason is that buyers are often happy to pay slightly more for a property knowing they won’t have the expense or disruption of installing a new kitchen.
There are lots of options for kitchen renovations that cover a range of budgets. You can purchase flatpack cabinets and install them yourself (if you have the skills). Or you can choose a more bespoke service where everything is measured and installed for you. You can also explore second hand kitchens where you can pick up luxury materials for bargain prices. Depending on your situation, you could spend £3,000 or £30,000. Or even more.
Current trends in kitchen renovations include open-plan layouts, islands (if space is available), durable materials (particularly with worktops), and high-quality appliances from high-end brands. So if you’re considering an upgrade, incorporating some or all of these into your project will help maximise buyer appeal.
2. Bathroom upgrades
If you’re looking to increase the value of your home, then a bathroom upgrade is another option. Homes with just one bathroom can be a turn-off to buyers. Indeed, according to home design service Resi, an extra bathroom can add 5% to the value of the property.
Clean and contemporary designs are most popular (no coordinated avocado basins, toilets and bathtubs here) as well as luxury fixtures like premium taps and shower fittings. Smart technology is finding its way into our bathrooms as well, with items like smart toilets, interactive mirrors with LED displays, adjustable privacy glass, and even personalised water temperatures.
Depending on your property, design, chosen fixtures and tech wishlist, a bathroom remodel could cost anywhere from approx. £2,000 to £20,000+.
3. Energy efficiency improvements
The cost of gas and electricity is a hot topic right now, as is the transition to greener forms of energy. For homeowners, that means lots of potential for adding value to property through improving energy efficiency.
First, it’s important not to forget about the basics. Well-fitting windows with double- or triple-glazing are critical for reducing heat loss. You can also upgrade your insulation. Perhaps you could add loft insulation (approx. £120-£450 plus labour) or investigate whether your home is suitable for cavity wall insulation (approx. £340-£800).
Solar panels are another option. For a typical 3-bedroom property, adding solar panels could cost around £5,500 (you’ll benefit from 0% VAT until 2027). And there’s good news for selling potential when the time comes with 69% of UK energy consumers preferring to buy a property with a solar energy system.
4. Loft conversions
Lofts are often very underused spaces in the home. Many owners decide to convert them into additional living space, perhaps another bedroom, home office, or entertainment area.
If you choose to add another bedroom, you could see your home’s value jump by as much as 15% while adding a home office can give a 5-10% boost.
While this sounds tempting, loft conversions are one of the most expensive home renovation projects going. Depending on your home, the complexity of the job, and the quality of materials and finish, it can cost between £27,500 and £80,000.
5. Extension or conservatory
Just like loft conversions, extensions and conservatories can add value to your home by increasing the usable living space.
Popular options include extensions that bring in lots of natural light, for example single-story extensions or glass-walled conservatories. Typically, you can expect an extension to cost on average £1,500-£2,250 per m2 of extended space. The final cost will depend on a huge range of factors, but this is a reasonable guide.
With extension costs, it’s important to remember that you won’t only have to budget for materials and installation; you’ll also have to factor in fees like planning applications, structural engineers, architects, and surveys.
Extensions can add 10-15% to your property’s value. But before you consider extending, it’s worth getting an idea of what the maximum asking price would be for your property. An estate agent like us can help you there, so get in touch.
6. Garden landscaping
Studies have shown that attractive gardens can add as much as 20% to a property’s value. 20%! It’s easy to start tapping into this with simple jobs like maintaining the hedges and fences, or adding flowers and shrubs in pots or planters.
Back gardens are more about enhancing the aesthetics and enjoyment factor of your home. Landscaping projects like patios and decking can offer places to relax or eat al fresco, which are right up there on buyers’ wishlists.
As for costs, it depends on the size of your garden and the scale of your ambition! But you can expect a typical renovation for a 100 m2 garden to cost between £5,000 and £10,000. Of course, if you’re lucky enough to have a talent for gardening and don’t mind a bit of hard graft, you could do your own garden makeover for a lot less.
Renovation can be a sound investment
From simple garden tidying to large-scale extensions, there are many different renovation projects that can add value to your property.
As with all major financial decisions, it’s worth putting some serious thought and consideration into your plans and budget.
If you’re considering making some home improvements and would like some advice on how to add the most value to your property, we’d love to help. Drop into one of our branches or give us a call.