Whether you’re in need of more space, want to improve your standard of living or want to sell your house, you can boost its value with some home improvements. Here’s a guide to boosting your home’s worth, with some big and small budget options.
Boost the value of your home – bigger budget
Turning your loft into an extra bedroom, office space, games room or something else entirely is one of the best ways to add value to your home. Research suggests a loft conversion adds an average of 12.5% to a property’s selling price.
Things to think about:
- Can my loft actually be converted? You could ask a surveyor to look into this for you.
- Research how other people have converted their spaces – ask neighbours or look online.
- Would I need planning permission? See below.
Loft conversion costs
The costs of a loft conversion will be dependent on different factors, but as a rough ballpark, think between £20,000 and £30,000 for a light conversion and up to £45,000 to £50,000 for a full conversion.
Research by Which? last year found adding a bedroom or reception room as an extension is one of the best ways to add value to a home. Zopa says it could return £14,000 in profit. Extensions – expanding an existing room or creating a new one – give you plenty of extra space.
Things to think about
- It might not be such a good idea to build an extension on the ground floor, especially if it will eat up part of your garden. Consider how desirable outside space is when buying and selling a property.
Costs will depend on the nature of the project, but expect to pay between £15,000 and £20,000 for an extension.
Convert your garage
Do people use garages to park their cars in? A study by the RAC found only 24% of households with a garage actually used it to park their motor. So turn it into a living space – a good way to boost your property’s value. Expect to pay in the region of £10,000.
Boost the value of your home – smaller budget
An en-suite is not only a great convenience – it’s also attractive to buyers. It should cost between £3,000 and £5,000 to put in an en-suite bathroom.
A study by Zopa found adding a conservatory could return more than £5,000 in profit. Expect to pay between £5,000 and £6,000 for a new conservatory.
If your kitchen isn’t the centrepiece of your home, now’s the time to make it so. Property expert Phil Spencer says that kitchens at the heart of the home “really do sell houses”. Developing your kitchen should cost between £3,000 and £5,000.
How to finance home improvements
- Use savings.
- Use a personal loan or take out a short-term loan (if you’re comfortable you can make the monthly repayments).
- Credit card (if you’re able to pay back quickly).
The government’s guidelines for planning permission can be found here. Generally speaking:
- You will most likely need planning permission if you want to build an extension or something else that’s new.
- You probably won’t need planning permission if you’re only making minor changes to your house (like an en-suite bathroom). This falls under what’s known as Permitted Development Rights.
Generic advice is not a service regulated by the Financial Conduct Authority thus does not require authorisation.