We all know that doing up your property can boost its value. But which home improvements will actually give you the best return on your investment? To help you decide how to add value to your home, we’ve been looking at which renovations are actually worth their salt.
The best home improvements for small budgets
Not got a lot to spend on your home? No problem. There are still a few things you can do to start adding value to your home.
Add decking
Average cost: £600
Increase to property value: Up to2%
As far as home improvements go, installing decking in your garden to create an entertainment area is particularly good value. Boosting your property value by around 2%, this garden upgrade is often worth the effort.
Paint and decorate
Average cost: £990
Increase to property value: Up to2.6%
This simple solution can be incredibly effective. Neutral tones are often more popular with potential buyers, although updating any outdated décor will instantly add value to your home. And the best part? You can often keep costs down by doing most of the work yourself.
Create an open plan kitchen diner
Average cost: £1,030
Increase to property value: Up to3-5%
If you’ve currently got a wall separating your kitchen and dining room, knocking it down and creating one big open space can be pretty lucrative. Giving the illusion of more space, this home improvement can boost your property value by up to 5%.
The best home improvements for medium budgets
With a medium budget, you can take your home improvements up a notch and really start to increase your property’s value.
Renew your kitchen
Average cost: £6,300
Increase to property value: Up to4.6%
One of the most popular home improvements, a new kitchen can boost the value of your home by around 4.6%. If space it tight, think about including clever storage solutions and stacking fixtures and fittings to make your kitchen more functional.
Add a conservatory
Average cost: £6,000
Increase to property value: Up to10%
If you’ve not got over £10,000 to spend, adding a conservatory to your home is one of the simplest home improvements you can make. By increasing your home’s square footage, the extra living space can add up to 10% to the value of your property.
Convert your garage
Average cost: £7,000
Increase to property value: Up to15%
Less disruptive than converting your loft or cellar, transforming your garage into a living space can add a whopping 15% to the value of your property. Without needing to consider an additional staircase, converting your garage can be significantly cheaper too – making it one of the most profitable home improvements out there.
The best home improvements for big budgets
If you’re happy to splash the cash renovating your home, you’re set to make a big return on your investment. Here are some of the best value improvements you can make if you’ve got a big budget.
Convert your loft to add a bedroom
Average cost: £11,500
Increase to property value: Up to15%
Converting an attic into an extra bedroom is particularly popular with home renovators. An extra bedroom can open up your property to a wider range of buyers – significantly boosting its value. Just remember – when converting any space in your property, make sure the cost of the build per square foot is less than value of the added space.
Convert your cellar
Average cost: £20,000
Increase to property value: Up to30%
So, what adds the most value to your home? Well, aside from an enormous extension, converting your cellar is set to add the most value to your property. But, it doesn’t come cheap. This kind of home improvement project will set you back around £20,000 and can be quite disruptive while the work is going on. You will however, reap the rewards when it comes time to sell.
No matter if you want to boost your property’s resale value or you’re simply doing up your home, making a few home improvements can be a worthy investment.
Don’t have the spare cash to invest in your home? A home improvement loan could help your property reach its full potential. Compare home improvement loan offers by checking your eligibility.
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