The main reason to convert a room, build an extension or renovate your home is to improve your quality of living and make your home a nicer place to be in. Of course none of this is cheap, so it is nice to know that upgrading your home can significantly increase its value.
As house prices continue to rise, many people are choosing to add an extra room to their home through an extension or conversion, as it is more cost effective to upgrade a property than it is to move to a new one.
Installing a new kitchen is the most popular home improvement project for property owners. The average kitchen renovation costs £9,600 and gives a profit of £4,7750, making a return on investment of 49%.
The kitchen of a house can act like the central hub of a property, and many buyers want to add their own stamp to it. If you provide a ready-made, nice looking space, buyers may be willing to pay more for the property, so they don’t have to re-do the kitchen themselves.
Adding a conservatory onto your house is the best home improvement in terms of investment. It costs around £5,300 to build a conservatory and gives a profit of £5,750, making a return on investment of 108%.
The great thing about building a conservatory is that you are adding a whole new room onto your house. The only problem is that it usually takes up garden space. Unlike adding an extension onto your home, you won’t need planning permission to build a conservatory, unless over half the area of the original land is covered.
The one thing you can do to add a room to your house, without building anything at all, is convert your loft. Converting your loft into an extra room will cost you around £24,600 and give a profit of £12,000, making a return on investment of 50%.
Your loft can be converted into another bedroom, a games room, or just a family chill out room, in which you can relax and watch television in. The majority of loft conversions wont need planning permission, but you need to stick to the rules in terms of space available in the loft and the position of the stairs leading up to it from the rest of the house.
An extension can be built to create an extra room on the bottom floor of your house, or you could double the space by building it across two floors. The average cost of an extension is £19,750, and it gives a profit of £14,000, making a return on investment of 71%.
The government have recently relaxed the rules a little bit for extensions and doubled the distances that extensions can be on attached properties. This of course is subject to your neighbours agreeing and planning permission where required.
Your front garden is the first thing prospective buyers will see when they come to view your house, so it is important that it looks appealing. Transforming your garden will cost around £4,550, and give you a profit of £4000, making a return on investment of 88%.
It can be very easy to forget about your garden, especially through the winter months, but it is important not to let it become messy and unmanageable. Keep your lawns neat and your plants alive, and this should give your home a clean and welcoming vibe.
Hunters have over 100 offices nationwide including Yeadon