Want to know how to add value to your home? Our homes are an investment so, when it comes to property value, the question 'how much is my house worth?' is one of the most frequently asked.
It's then followed by an inevitable property valuation by a series of estate agents, which then results in most homeowners asking, 'so how can I add value to to my home?'
If you're wondering if you should move house in 2024 but can't decide whether to stay put and instead invest in your current property, knowing how much extensions, renovations, eco-friendly updates and decorating jobs can add in terms of value will help you to make the most financially-savvy decision.
According to research by Beams, 2024 is officially the year of the renovation with '78% of homeowners looking to improve rather than move, with 68% citing a backdrop of uncertain economic factors as a key factor driving them to stay put'.
How to add value to your home in 2024
Before you make any big design decisions or start planning an all-out home renovation project, we would recommend speaking to a trusted local estate agent, who knows about house sale prices - and what sells - in your area to ensure that any amendments or additions that you make your home will add value to the property.
All homes have a ceiling price so it’s vital to make sure that you don't end up losing money by doing renovations that don't alter the value of your home - although they may well be worth it if they make your home a more comfortable place to live.
So, whether you're thinking of selling up or just want to add value to your home long-term by investing in it now, here are some of the most popular (and proven) ways to increase your property's value and boost its selling power.
1. Plan a loft conversion
A loft conversion is the most cost-effective way to gain extra living space and you should be able to do it if your home was built before 1975 and/or the loft has a maximum headroom of 2.3m.
Work on converting an attic costs from around £20,000 - although on average a dormer loft conversion with a double bedroom and en-suite bathroom is more likely to be in the region of £35-45k - and takes about six to 12 weeks to complete. This configuration is the most popular option and, according to Nationwide Building Society, it could add an estimated 21% to the value of your home.
Remember, take professional advice before you start to plan your loft conversion because it must meet building and fire regulations.
2. Build an extension
Whether it's a side return or a glass-box extension, adding a single-storey extension can start at around £30,000, while two storeys are generally about 50% more expensive - so from approximately £45,000 (before VAT) depending on size and location.
'When it comes to renovations, equip yourself with excellent contractors, a tight timeline and a design-led focus, you can not only transform your home but ultimately drive value,' says Grant James Bates, head of private office at a leading London luxury estate firm.
3. Buy a better kitchen
Storage is always a key factor for buyers, and the practicalities of a kitchen in particular can really have an impact on how favourably potential buyers view a house. A new kitchen will make your property more appealing to buyers and, according to the Royal Institution of Chartered Surveyors (RICS), can add as much as 4% to its value.
'If you have the budget to transform one space, it should be the one that we all spend the most time in; the kitchen,' recommends Grant. 'Buyers are impressed by light and lateral spaces, and I’ve spotted a huge trend towards maximising storage to make life easier, think pantries and utility rooms, people are willing to pay a premium for them. Likewise, if you have a spare nook, try and embed a WFH spot there and really make it the heart of the home.'
Knowing the average amount for how much a new kitchen costs will give you a good baseline to follow when planning a new project, especially if your property won't benefit from a premium spend.
4. Add value with a bathroom
After the kitchen, the next option is to spruce up the bathroom. A new en suite or second bathroom can add approximately 5% to your home’s value, according to Nationwide Building Society.
'Day in, day out, I am seeing turnkey homes going for big premiums, with up-to-date bathrooms and kitchens always being top of the priority list,' explains Grant.
5. Go for glass
Adding a conservatory can raise your house's value by as much as 15% (if it's part of a full-blown extension), which is a great return on a relatively simple and cost-effective space-enhancing option.
6. Opt for eco-friendly elements
Making your home energy efficient saves you money, as well as adding value to your home in the long run; Some sources estimate that an eco-friendly house can fetch up to 6% more than a standard one. Many of the eco-friendly home improvements you can make, such as adding insulation and fitting solar-panel heating, make a big difference to your annual energy bills.
'A third of homeowners say that they want to cut their bills with energy efficient renovations, and they’re good for the planet too,' says Grant. 'Renovations are one of the best times to make your home greener and there are lots of ways to do this, for example updating your windows in line with Energy Performance Certificate requirements - something I get asked about a lot or using recycled construction materials.'
7. Create kerb appeal
You can also add value in simple ways; make a good first impression with your front door ideas and hallway, and buyers feel more positive about the value of the property itself!
Use websites for improving your home:
For the Federation of Master Builders’ free booklet The Essential Guide to Home Improvement.
Will a kitchen extension add value?
Kitchen extensions have the ability to add value to your home, especially if they create an open plan living space that forms a hub for social living. However, you want to ensure the cost of a kitchen extension isn't going above the ceiling price for houses in your area.
It's worth researching what similar properties in your area are selling for and checking how much value you will add versus how expensive the extension will be. The ceiling price of houses in your local area will determine how much is worth spending.
Weighing up renovations, extensions and decorating ideas can be tricky, but with the knowledge of how much value you can add to your home, you'll be able to spend your money much more wisely.
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Jennifer is the Deputy Editor (Digital) for Homes & Gardens online. Prior to her current position, she completed various short courses a KLC Design School, and wrote across sister brands Ideal Home, LivingEtc, 25 Beautiful Homes, Country Homes & Interiors, and Style at Home.
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