If you’re seeking to add value to your home, the fastest way to do it is by renovating. But did you know that some home renovations add more value than others? Obviously, some projects are more expensive and more challenging to deliver than others.
Here’s our guide to the most challenging, but financially beneficial home renovations.
1. Add or expand a garage.
Adding a garage makes big financial sense as it can boost the value of your home by up to 20 per cent. On average it costs around £15k. But clearly it’s a challenging project, because you will need to find space to put it! Not every home has the outside space or layout to house a new garage. If you do have the garden space, you’ll need to connect the garage to a roadway, which can involve planning permission.
2. Make your home more eco-friendly
The environment is on everyone’s minds these days and many people are seeking a home that is more carbon friendly. As a result, good energy saving measures can add a lot of value – almost £30,000 on average. It’s partly because your buyers recognise that their energy bills will be lower in your green home.
But we’re talking about big renovations here. It’s not just cavity wall insulation and lagging the loft – it’s heat sealing your home, adding solar panels or wind turbines and more. Just navigating the options is time consuming enough. It’s a worthwhile project but needs real commitment.
3. Convert your loft
Converting your loft into an extra bedroom or living space is thought to add around 15 per cent to the value of your home, and costs around £15,000 to £20,000. While this is a fairly standard piece of renovation for most homes, it’s not without its challenges. You may need planning permission, especially if you live in a conservation area.
Not every home is right for a loft conversion either. The loft needs to have enough headspace (2.2m at least) and you need to have space on the floor below to accommodate the staircase.
4. Add an extension
Adding an extension usually adds around 11 per cent to the value of the property, but it does depend on what the new build provides – an extra bedroom or a large kitchen space are often the most valuable. But if you are eating away a lot of the garden to create the extension, that can affect the property value, so seek advice before going ahead. An extension often needs planning permission, which can add months to the renovation period. It’s costly too -with the average single storey extension costing £20,000 it may not give you as much profit as you might hope.
5. Renovate the bathroom
While renovating your bathroom adds a less exciting 5% to the value of the home, it’s less invasive, less expensive and can really make a difference in how quickly your home will sell. The average bathroom refurbishment costs £4,000 to £5,000, can be done in just a few weeks and can turn a sub-standard room into something really special.
For more on home renovations and interior design, see Soak.com
[All stats from Towergate Property Insurance via Daily Mail]