How Much Do Home Improvements Add To a Home’s Value?
The price tags associated with home improvements can easily put you off going ahead with a project. After all, data from the Office for National Statistics has predicted that those in the UK collectively spend almost £30 billion on home improvements annually. That works out at £43 million each week.
Before you decide to cancel your home improvement projects due to high initial costs though, DM Design, a specialist design of fitted bathrooms, bedrooms and kitchens in Glasgow, has carried out research to discover how much home improvements can add to your home’s value:
Fitting a new kitchen
As pointed out above, Nationwide estimates that over 10 percent can be added to the overall value of a home with the addition of a double bedroom. If a loft conversion doesn’t work for your property, or you are looking for another room to convert, consider transforming a garage.
Phil Spencer states that 90 percent of British garages do not contain a car, so could be better served as either a living space or indeed another bedroom. 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.
Adding a conservatory
Mark Hayward, the managing director of the National Association of Estate Agents (NAEA), has underlined to The Telegraph why homeowners should consider fitting their homes with 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.”
Therefore, aim to create your conservatory with glass as opposed to uPVC. A high-quality conservatory can add as much as five percent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 percent will be added to the value if the conservatory is part of a full-blown extension.
Improving the garden
Before you push forward with adding a conservatory to your home though, be sure that it doesn’t take too much away from the property’s main garden. This is because a property’s outdoor space can also add substantial value.
When improving the look of a garden, you should aim to ensure it is accessible and can be enjoyed even by those who are in the house. For this, consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden.
Furthermore, Phil Spencer has advised that simply installing decking around your property’s outdoor space can add up to two percent to the home’s overall value.