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What adds value to your property?

17/10/22What adds value to your property?

When you are renovating your home or making home improvements, it is natural to think about whether your work will add value to your property when the time comes to sell. Alternatively, if you are thinking about selling your property, you might be tempted to renovate first, in order to increase the value of your home. However, you might find it surprising as to what actually adds value and what might actually cost you more than the amount it will increase the property value by. Ultimately, it is up to you and your potential purchaser to decide what is important, but to help you work out what might help, we have identified some of the best home improvements to do to add resale value – and also identified a few that may cost you more than you will realise.

Loft or Garage Conversions

A loft conversion that can function as a home office or another bedroom, or a garage conversion that can increase your living space or provide another bedroom, are both investments that are worth considering. In fact, either of these conversions can add up to 15% onto your home value – and perhaps even more if your new bedroom comes with an en-suite bathroom. Most lofts and garages are suitable for conversion, but it is always worth getting advice from a professional first. They should also be able to tell you if you need any planning permission too.

Kitchen Extension

The kitchen has always been considered the heart of the home, and the larger kitchen/living areas have become very popular, although the increase in value isn’t massive. However, if you can make your kitchen space bigger, without losing your other living areas then you are likely to increase the value more. Side-return kitchen extensions have become very popular but will require planning permission. This is worth looking into, as it could potentially add up to 15% onto the value of your property. Always speak to a professional before knocking down any walls and supporting structures that may be dangerous to remove or alter.

Garden Design

In recent years, particularly since the lockdowns, garden spaces have become more important to many home buyers. So, redesigning your garden to include decking, patio or garden rooms, will not only increase the value of your property, but will increase its desirability too. However, avoid installing a swimming pool! As much as this provides a ‘wow’ factor, the installation costs are high and the on-going maintenance costs could deter many buyers.

Securing Planning Permission

If there is the option to apply for planning permission on your home before you sell your property, this could well encourage more buyers. On the open market, properties that are allowed to have additional work undertaken on them ‘subject to planning permission’ (STPP) are often more desirable for both investors and families looking to up size, as they will look at the potential of the property.

Extending a room but losing a bedroom

On the flipside, while increasing the size of the master bedroom to include an en-suite or walk-in wardrobe sounds attractive, it won’t increase the value of your property if extending means losing out on a bedroom.

Installing high-end appliances

If having the best cooker or integrated sound system is important to you and you plan on staying in your home long enough to see a return on investment, then go ahead. However, don’t install these types of high-end appliances in the hope of increasing your property’s value, as not everyone is that interested in having the best, as long as what is there, is fit for purpose.

Solar panels

If your property is older and still has an outdated central heating system, then installing a new one makes a lot of sense, particularly as this should also improve the general energy efficiency of the property and this in turn can add value to your home. However, installing solar panels, although good from an environmental perspective, won’t necessarily increase the property value as much as they will cost.

In reality, it is quite subjective as to what will increase your property’s value and what won’t. But as a general rule, it is worth remembering that improvements and repairs to your home's basic elements, such as the electrics, air conditioning, water services, the heating system, the roof and structure will all boost your home's value, while cosmetic improvements, such as a change of decor won't have a dramatic effect.

If you are considering home improvements and would like advice, please speak to the team at Forge today.

Call us today on 01691 610317  
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