The Best Renovation Projects to Increase Your Property’s Value
Brits are, on the whole, huge fans of DIY and upgrading our homes. But what renovations should you do to your home to maximise its value when you come to sell?
Whether you love to change up your interior decor or buy a run-down property to put your stamp on, refurbish, renovate or extend, all are considered great ways to increase the value of your property. But, what adds the most value to a property? What upgrades should you do to maximise the value of your home?
It is essential first to consider the cost of the work you intend to do to a property and the ceiling price of a property like yours. The 'ceiling price' refers to the maximum value a property in your area is likely to achieve, and it's important to keep this in mind when planning renovations. In theory, there is nothing you can't do to a property, subject to planning permissions, but there is a cost to everything, and you may find that the price of the upgrade you're planning will outweigh the end value of the property.
Even if you're not planning to sell immediately, the joy of living in a beautifully renovated home is a reward in itself. So, while you may not want to overspend on upgrades, the focus should be more on creating a space that brings you joy rather than just increasing its value.
So, what upgrades will impress potential buyers and ultimately secure you the best offer when you come to sell?
- Decor and interior design - excellent interior design is likely to be very well received by buyers. Beautiful colour schemes and a high-end finish can be relatively cheap but very effective. An eclectic interior can stand out from the crowd, but you must remember that if the design is too polarising, you may put off as many buyers as you attract.
- Lighting - often overlooked, but lighting is a key factor when choosing a home. Most buyers will look for a light and bright home, which is excellent if you have many large windows. However, ambient lighting is also a great way to create a lovely, welcoming atmosphere in your home. Consider task lighting for places like the kitchen, bedside or study and dimmable lights for cosier rooms in the house.
- Kitchens - often considered the heart of the home, the kitchen is the most used room in the house. And, as a refit can be very costly, a really good kitchen could dramatically increase the value of your property. In contrast, an old, dated or shabby kitchen can harm your property's value. Opt for a kitchen that is not too wacky or in line with a particular trend, such as a neon-colored or overly industrial kitchen, as this could date the kitchen or put buyers off if it is not to their taste.Bathrooms - a beautiful bathroom can evoke images of rest and relaxation and an opportunity to soak away the day's stresses in a candlelit bubble bath. Again, a bathroom refit can be pretty costly, so if you have a less-than-desirable bathroom, this could be money well spent. If a buyer has to factor in a new bathroom, any offers they make will likely be lower to accommodate this.
- Loft conversions and extensions - significant works, such as a loft conversion, will be very pricey but will also add square footage to the home. In this case, the value of your home will likely increase considerably. However, it is vital to balance the cost with the potential value uplift to ensure you do not overspend. Adding a room or two into your loft will add playrooms, a study or bedrooms which will always increase the value of your property and make your home desirable to a larger audience of buyers.
- Energy efficiency upgrades - buyers will consider the energy efficiency of your property because an EPC must be done as part of the marketing. This certificate will highlight how efficient your property is and will directly impact the buyer's monthly utility costs. Ensure you have sufficient insulation and, if possible, upgrade things like the windows. You can always take this further by adding more efficient heating and hot water options or solar panels.
- Outdoor Garden Rooms/Summer Houses - adding square footage of useable space at your home with an outbuilding is often very simple. BBQs and garden parties can be enjoyed to the max with a summer house, and there is often no need for planning permission; although they can be expensive, they are often ready-made, and therefore, there is very little work required from you; it can be an excellent way to enjoy the oh-so-fleeting British summer.
Property upgrades can be pricey, but they are often covered by the uplift in property value when you sell. Keep a close eye on the costs, and you will not go far wrong.
If you are planning any major renovations and would like to know the potential value once the work is done, get in touch with our team today. We can provide a valuation figure for the property as it stands and also an indication of what the value might be if you were to do the work to ensure that you don't overspend or have to break the ceiling price for your area just to break even.