If you want to add value to your home on a budget and make it more desirable to potential buyers, then there are some improvements that can make a huge difference.
And they don’t have to cost the earth!
There’s no doubt that home improvements can be something of a minefield and homeowners will need to know which of these improvements will be worth their time and money.
Perhaps the most important tip when considering what you should do is this: first impressions count.
Indeed, one poll from estate agents Foxtons reveals that a potential house buyer will take just eight minutes to know whether your home is ‘The One’.
But the first few seconds could be crucial if you want them to have a closer look at your property.
Which brings us onto our second most important tip: Most home sellers are too focused on the interior believing that it’s this that will make or break a sale.
However, the same poll from Foxton’s highlights that a scruffy front door would put 15% of potential buyers off and they probably will not even enter your home.
It doesn’t take much to give your front door a fresh coat of paint and you should also replace rusty house numbers with brand-new ones.
Property Road guide to add value to your home
So, here’s the Property Road guide to help you add value to your home, but doing so on a budget.
What will add value to my home?
For many potential homeowners looking to add value to their property, the answer may come down to the question over whether you want to renovate or not renovate.
You will need to maximise your property’s value so it’s worth finding out what your property is worth currently before spending your budget.
Here are some quick tips and the potential boost to your home’s value:
Convert the cellar
Lucky enough to have a cellar? Transforming it into a storage or living space could lead to a 30% boost in value.
However, you will need to carry out a conversion that costs less than the increase in the property’s value.
Usually, you don’t need planning permission (though it wouldn’t hurt to check!) and it can be one of the least complex projects to undertake.
Convert your garage
Along with converting the cellar, converting your garage into a comfortable living space could see the value increase by 15%.
If yours is an integral garage and you no longer use it to park a car, then it may make sense to convert it.
Check that your garage is suitable for conversion and whether planning permission is necessary, and then put together a project and stick to it so you don’t overrun on cost.
Extend the kitchen
An easy way to add 15% to the value of your home is to extend the kitchen. If you don’t have space then consider what is known as a ‘side return extension’ – this is a narrow alley that runs next to a property so the extension may appear to make the kitchen much larger.
Other ideas for adding value is to convert the loft so you add an extra bedroom, that’s a 15% boost to the price while adding a conservatory will add 10%.
However, one cost-effective way to boost your home’s value is to simply apply for planning permission so that the new buyer can carry out the major improvements or extension work. Knowing what they can and cannot do will be of huge interest to some buyers.
Other tips include improving the garden by making the most of what you’ve got, or you could fit a new bathroom or make a living area open to appeal to many buyers and add 5% to the price.
Does an ensuite add value to your home?
From the list above, you may be asking whether an ensuite will add value to your home.
Sorry to be vague but the simple answer is, possibly.
One survey from Direct Line Home Insurance highlights that a property’s value will be increased by 5% or £12,000 on average. But there are regional variations.
Also, creating an ensuite may cost around £4,500 and most estate agents say that the extra bathroom will help sell a property.
Do patio doors add value to your home?
Again, if you want to know whether patio doors add value to your home, then you may find that installing these doors will boost your selling prospects.
However, you’ll need an impressive and usable outdoor space for the patio so the doors essentially open up the living area for everyone to enjoy the patio.
And since one study from a house selling firm found that having a quality patio is a top 10 feature for many homebuyers, then investing in quality and stylish patio doors will add value – whether you add bifold, sliding or just ordinary patio doors.
How to add value to a flat
If you’re looking to add value to a flat then there are fewer options plus budgetary restrictions.
However, research from HSBC reveals that investing in a new kitchen, or having it revamped, will be a sound investment.
Indeed, you don’t even have to rip out everything in the kitchen – simply replace the unit doors and do a great paint job.
There could be potential in renovating the bathroom too and generally tidying up the property to look spick and span.
Otherwise, you should look to extend your lease with the freeholder or even buy the freehold – don’t leave this last tip too late – that is with just a few years left on the lease – because this can be an expensive undertaking.
Does a new roof add value to your home UK?
This is one that could be a hefty investment and therefore isn’t necessarily the first thing that comes to mind when thinking how to add value to your home on a budget.
Yet, while it may appear to be very expensive, a new roof can boost your home’s value and help it sell quicker.
A new roof will also improve your home’s safety and/or structural integrity and according to one survey, it can return up to 63% of its cost and will beat the return on investment for a bathroom or a new kitchen.
Don’t forget too, if your roof appears to be in a poor condition then a potential buyer will realise that they need to spend money on repairing or replacing it, and it may also highlight other serious defects in the property that the homeowners have let slide.
How much value does a driveway add to a house?
Considering how important street parking is to many homeowners, then the issue of how much value a driveway will add to a home’s value could be significant.
One study highlights that 84% of homebuyers will not even look at a potential property that doesn’t have its own drive, so the potential value of this addition will be much more than the driveway will cost to put in.
The price for materials and labour will vary around the country as will the size of the driveway to be installed.
However, by simply creating a driveway you will add around 10% to the property’s value
Also, if yours is the only property in the neighbourhood without a drive, then this may well impact on its overall value and attractiveness to potential buyers.
If you can’t stretch to a new driveway, then Phil Spencer, the property expert from TV’s ‘Location, Location, Location’ says you could create a parking space by simply paving over the front garden.
If your home is in a prime location then a parking space could add an astonishing £50,000 to the overall value though the Federation of Master Builders says that realistically the most anyone will add will be around £11,000 for a new driveway or parking space.
How to add value to your home in the UK
The bottom line for how you can add value to your home on a budget in the UK is to invest wisely and not overspend on any potential projects you believe will boost your home’s value.
That’s because you run the risk of your property becoming more expensive than neighbouring homes and you will find yourself priced out of the market.
All of this is part of the research you need to carry out beforehand and you may find it a good idea to see what properties are offering currently in your area and their asking prices to see where you can match or improve what is available.
If you want to add value to your home on a budget then these ideas will have a range of impacts but the main point is to make an effort – even if it’s just a lick of paint to smarten up your home for a potential buyer which will make the most effective investment possible.