How to Add Value to Your Home
As uncertainty continues in the housing market, now may be the perfect time to look at adding value to your current home rather than moving to a new one. There are many options for adding value, from simple spruce-up to major structural work. So what are the most effective ways to add value in 2023?
1. Loft conversion
If you ask almost any homeowner what they’d like to change about their property, more space is often high on the list. This makes a loft conversion a sensible choice if you want to add value. A good loft conversion can add 10-20% to your home’s value, rising to 25% in London, where space is at such a premium. Creating a ‘master suite’ with a bedroom and en suite upstairs is popular among buyers. Of course, it’s essential to do your research before calling in the builders, as loft conversions do come with some unique considerations. For example, if there is a party wall, that is any wall or structure you share with a neighbour, you must notify them before you begin any alterations. A party wall surveyor can guide you through this often-complex procedure. Also, check on property prices in your local area to make sure the conversion makes financial sense. So, if you’ll be converting a three-bed home into a four-bed, check how much similar four-beds are going for and make sure your costs add up.
2. Garden office
As the trend for hybrid and home working continues, creating a separate, quiet space designed for working adds valuable square footage to your home and can also increase the property’s value by 5-10%. Additional benefits include that you don’t need to repurpose another space, such as a bedroom, to create a work area, and the construction itself will be less disruptive as it takes place away from the main home. Garden offices suit most budgets, and innovative design means that even a tiny garden can be utilised this way. Construction could also take place in a matter of days.
3. Bathrooms and en suites
While loft conversions and garden offices may be a more modern addition to the home, one room that has consistently added value is the bathroom. There are many ways bathrooms and en suites can be used to add value, from a modern makeover of an existing space to an en suite in the loft – in fact, adding an en suite bathroom to your property can raise its value by 5%. Adding a downstairs toilet in unused space under the stairs could add 5% to a property’s value. If you are refurbing or creating a bathroom space, it’s worth noting the current popularity of walk-in showers. Incorporating one of these could not only futureproof your home but also attract a wider range of potential buyers when the time comes to sell.
4. Extensions and redesigns
Another more recent trend is the move towards open-plan living. This can be achieved by reconfiguring your downstairs living space, adding an extension or both. The simplest option will be reworking what you have, perhaps knocking down walls between kitchens, living rooms and dining rooms to create large, spacious family areas. The more impactful in adding value, however, will be adding to that floorspace with an extension. This could involve moving out into a side return or sacrificing some of the garden, but it could add around 12% to the value of your property. Again though, be sure to calculate all the costs involved in a serious project to ensure it’s worthwhile.
5. Garage conversion
For many people the garage is seen as a space to store all those awkward things you don’t want in your house. But, rather than simply filling it with clutter, you could convert your garage into a much more usable space. And the good news is it’s generally quicker, cheaper and less intrusive than adding an extension. A garage conversion also offers flexibility. You could create a playroom, office, utility room, or bedroom or extend an existing living space – whatever you most need. Depending on how big the garage is, how you convert it and if you still have off-street parking, a garage conversion could add up to 20% to the value of your house, although expect more in the region of 10-15% as standard.
6. Energy efficiency
While energy efficiency improvements have traditionally been seen more as a nice to have, as energy prices have increased, so too has the popularity of these measures among buyers. According to research by estate agent Savills, 76% of buyers are now considering the prospective energy consumption of a new home before they buy. As sellers must have an Energy Performance Certificate, there’s no hiding if you have a poor rating. There are many potential areas of investment depending on how much you have to spend and the level of work you’re willing to do. Still, popular options include:
- Installing solar panels.
- Replacing an old boiler with a more efficient new model.
- Improving the property’s insulation.
In terms of adding value, those with a lower EPC rating have the most to gain, with MoneySupermarket stating that moving from the lowest G rating to the highest A rating could add 14% to your property’s value.
Easy ways to add value to a property
While these are all large projects potentially involving major construction work, several less intrusive, easy wins are worth considering. Redecorating, for example, can transform a home. A fresh coat of paint in a modern colour can open up a space, create flow and make a room look clean and appealing, all for very little outlay. Similarly, something as simple as decluttering can have a considerable impact. Walking into a well-organised home that doesn’t look too busy is much more appealing than looking at a cluttered space, and it can even give the illusion of more space. Investing in clever storage solutions and making the most of areas such as understairs, cupboards, and eaves storage can be well worth the money, for example.