1. Add more space
Contrary to popular belief, it’s not the number of bedrooms which adds to the value of a house- it’s the total space which does. So if you want to double the space of your property and also add a substantial amount of value into it, the most advisable projects to take on are conversions or building conservatories.
If you’re planning to build a conservatory, it’s important that it doesn’t look like something that’s just bolted at the side of your home. Make the effort to incorporate the elements of the rest of the house with your conservatory. One tip to make the build more seamless is to not give the conservatory a separate entrance from the rest of the house.
On paper, these improvements could cost around £5,000 – £30,000, but it could add 10 to 12 percent in a home found in London worth £1 to 1.5 to million. For the rest of the UK, the increase could range from 3 to 7 per cent.
As for conversions, there are 2 ways to make this work. You can either do a loft or do the basement. If you choose to go for a loft conversion, it’s the easier way to add bedroom and bathroom space into the house. Like the conservatory, however, you have to make sure that it blends seamlessly with the rest of the house. If you’re successful, tt could add an average of 10 to 15 per cent to the overall value of the property
A basement conversion, on the other hand, is a bit more challenging because it’s the most expensive to do and it will affect the structural load of the property. It costs £200 per sq. foot to do the digging, and another £100 per sq. foot to do the fitting out. Aside from that, the serious work around the house would require you to move out of the house for a few months.
The sacrifices may be worth it in the end as it could help you sell the house faster when the time to sell comes, because all of the extra space. One of my friends recently finished a basement conversion for a property in West London. It cost him £300 per sq foot to dig and fit out, but houses in the street sell for between £700 and £900 per sq foot, depending on condition. This means that for every £1 he invested into the house, £3 was added to its value.
2. Re-do the kitchen and bathrooms
The kitchen has become the showpiece of every home in the past few years. It’s evolved from being just a place to cook into a place where the family and their friends could commune and get together.
While a kitchen won’t add a significant value to a house, according to Ben Pridden of Savills York, it is important for its total saleability. In order for your kitchen to capture the heart of every housewife out there, it has to have and attractive and allows easy access to the 3 points of the kitchen triangle which are the sink, fridge, and cooker. Also install updated kitchen equipment, so that the area won’t look dated in just a matter of years.
Great bathrooms are also important in every home, because buyers aren’t really keen on making the improvements themselves when they move in. Keep things simple, and focus on the features, not the design. In London, new bathroom could add up to 10 per cent to a home’s value, while for the rest of the UK it’s around 5 per cent.
3. “Makeover” the house
Lindsay Cuthill of Savills Fulham suggests that an extreme cosmetic makeover could boost property prices up 20 per cent in good market conditions. Be realistic, however, in your expectations, since the average price boost only range from 5 to 12 per cent.
A cosmetic makeover covers painting the house, cleaning the entire house including the driveway and outdoor portions, as well as unblocking the gutters.