Home improvements can seem to be a big investment, both in money and time. Financially, the figure stands at a collective UK spend of nearly £30 billion per year on home improvements, according to the Office for National Statistics. That’s around £43 million each week.
But don’t let that put you off your home improvement plans! Though the initial spend might seem high, the results and return on your investment are nothing to be sniffed at. DM Design, bedroom furniture Glasgow suppliers, has investigated the ways home improvements can impact the value of your home.
A new kitchen
TV presenter of Location, Location, Location, Phil Spencer, spoke to The Telegraph about kitchen revamps: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there.”
But the price of the kitchen needs to fit the price of the house. There’s not going to be very much value added to a house that’s valued at £170,000 if it’s fitted with a £25,000 kitchen.
With the right balance, Phil reckons a new kitchen could add around 4.6% to the home’s value. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to four per cent to its overall value.
Updating the bathroom
The bathroom is another popular choice for home improvement projects. The Nationwide Building Society states that either a new en-suite bathroom or the creation of a second bathroom can add around five per cent to a home’s overall value.
Keep it simple though, advises Phil Spencer. He points out: “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, a luxury steam shower and a glass screen or glass door instead of a shower curtain.”
Phil estimates a bathroom overhaul could add 2.88% to a home’s value.
Consider a conservatory
Speaking to The Telegraph, Mark Hayward, the managing director of the National Association of Estate Agents (NAEA) discussed the highlights of fitting a conservatory. He commented: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
Glass, therefore, is the better option compared to uPVC. A high-quality conservatory can add as much as five per cent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 per cent will be added to the value if the conservatory is part of a full-blown extension.
Spruce up the garden
Be sure to consider your outdoor space before planning a conservatory. This is because a property’s outdoor space can also add substantial value.
A good garden is accessible and enjoyable from indoors as well as outdoors. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
For a quick improvement, Phil says adding decking can bump your home’s value up by 2%.
Changing the loft
If you have a loft with a maximum headroom of 2.3 meters, you might want to look into converting it. The Nationwide Building Society estimates that a loft conversion may be able to add up to 21 per cent onto the overall value of a home, while Nationwide indicates that adding a double bedroom to your property — to which the loft can be transformed into this suitable space — can add over 10 per cent to the property’s value.
Make sure to seek professional advice before going ahead, as the project needs to conform to building and fire regulations.
Renovate the garage
As discussed, Nationwide reckons a double bedroom addition can bring 10% to a home’s overall value. If a loft conversion doesn’t work for your property, or you are looking for another room to convert, consider transforming a garage.
90% of British garages don’t have a car inside, says Phil, so they are great potential living spaces. In general, the British media personality and television presenter says that the value added can be calculated by multiplying the square footage gained by local price per square foot.