As a home owner, it’s important to you that your property continues to increase in value over time so that when you decide to sell, you can expect to make a healthy profit. That being said, it’s not always clear which areas you should improve in order to maximise price.
New research has highlighted which improvements could make the most money – and you may be surprised to find that kitchens and bathrooms are not at the top of the list. So, if you’re itching to get started but concerned about picking the most lucrative options, here are the improvements that can dramatically increase the cash value of your home.
Insulation and Energy Efficiency
With the cost of living continuing to rise, and at a faster rate than average wages, more home owners are becoming concerned about energy efficiency. This means that improving your home’s energy rating could help to attract buyers, but is it really a worthwhile investment?
Although not for the budget conscious – insulating your home and making it more efficient can cost upwards of £10,000 – it has the potential to boost property value by up to 14%. To do this, add loft and cavity wall insulation and sort any draughty doors and windows.
External Storage Space
Adequate storage space is a common issue among home owners and often cited as one of the main reasons for moving. As such, adding extra storage will help your home to work better for you, while also making it more marketable and boosting price when selling.
In addition to more storage inside, increasing the amount of external storage with a garage can have a real impact on value, gaining a yield of up to 20%. However, building a garage is an expensive undertaking, as it can cost upwards of £15,000, so while it delivers it’s not feasible for everyone.
Move into the Attic
When thinking of ways to add to the value of your home, you may instantly go to the idea of increasing space and you wouldn’t be wrong. However, the way in which you extend your home will depend on how much it benefits the resale price.
If you’re looking for an easier extension, then consider making use of your attic space. This form of extension can be completed relatively quickly and depending on the size of loft, could provide a master suite, office, or guest room, while also increasing value by up to 15%.
Extend Your Downstairs
Alternatively, if you’re happier to take on a larger project, then extending downstairs could have some real potential. Encompassing the living areas, the ground floor of a property tends to be the most widely used space, so extending here is a great idea.
You could create open plan living and add an extension to create a huge communal area, boost your kitchen to create an entertaining space with bifold doors, or double the size of your living room. A single-storey extension like this could add up to 11% onto your home’s price.
While these improvements are not to quickest or most budget friendly options, they can greatly add to the value of your property and also make it more appealing when selling. Consider these ideas when renovating your home and see how much they can benefit your property.