Most renovations and extensions will add value to the resale price of your home but before you embark on any project it is important to know what the ceiling price of your property is.  This is the maximum price a buyer is prepared to pay for a property on your street before they can find a similar property for the same money in a better street. If you are already at the ceiling price, then it is unlikely that any further renovations or extensions would significantly add to the value of your property, and you could ultimately end up out of pocket. However, if there is still room to increase the value of your home then you will want to make sure you make the right improvements that will make the most money when you come to sell.

 

Loft and garage conversions are probably the easiest way to add both additional living space to your home and increase its value. The potential added value of a loft conversion, which could create an extra bedroom and ensuite, could be as much as 20% and 15% for a garage conversion. You will need to check with your local planning authority whether you need planning permission or whether it falls under permitted development, which is often the case with both garage and loft conversions. You will still need to ensure it is structurally sound though so you will need to contact your local building control service or an approved inspector to check that it all complies with regulations.

 

If you are considering either of these options, you will want to think about how you might be able to incorporate storage into the rest of your home to make up for the storage space you will lose. You may be able to incorporate built-in storage into your new rooms or think about investing in a second or larger shed in the garden.

Other key areas of the home where you can add value are, unsurprisingly, the kitchen and bathroom, often two of the most important rooms for perspective buyers. Removing the internal walls between your kitchen and dining room to make your living space open plan is one of the easiest ways to add value and could add up to 5% for minimal cost on your part. Renovating or extending your kitchen could add a further 15% to the overall value of your home. Depending on your type of property you could think about a side-return extension, gaining valuable additional space and improving the layout of your kitchen. A side-return extension may mean you lose windows that bring in natural light so you might want to consider roof lights or a partially or fully glazed roof on the new extension.

 

A new bathroom will add anywhere between 3 – 5%. If you can’t extend or improve the space you already have, consider creating an additional bathroom elsewhere. For example, adding a small ensuite to a large bedroom or creating a cloakroom with a shower under the stairs are great ways to add additional bathrooms and make the most of valuable space that otherwise would be wasted.

 

Simple updates to your existing bathrooms and kitchens are also a great way to add value and make your home more appealing. The easiest way to update a bathroom on budget is to change the taps, mirror and cabinets, as this changes the look completely. For those refurbing on a budget, adding storage is also a good idea and there are some very cost effective modular furniture solutions available. A lack of effective storage is often one of the biggest problems in UK bathrooms so adding some will increase both value and appeal.

 

New appliances, worktops and a lick of paint on existing kitchen cabinets can give a kitchen a new lease of life. If you are looking for a cost-effective way of updating your bathroom rather than a complete refit think about money-saving upgrades such as choosing a framed enclosure, exposed shower rather than concealed, floor mounted sanitaryware rather than wall hung and always choose a bathroom suite rather than purchasing items separately to keep costs down.

Finally, something that often isn’t taken into account when adding value to a property is the outside space, but having kerb appeal and an attractive, low maintenance garden can add as much as 10% to your home’s value. Relaying a driveway with contemporary porcelain, for example, is sure to make a good first impression, increase kerb appeal and add value but if you can’t quite stretch to that, simple updates like jet washing gravel driveways and weeding block paving will create an appealing welcome to both visitors and perspective buyers. Out the back, decking and patio areas are popular features and create an additional outdoor living space to relax and entertain in, whilst a summer house or garden building that can be used as an office or gym will certainly add value.

 

So, if you are thinking about renovating or improving your home, pop into your local MKM branch and our team of experts will be happy to help.