British households plough almost £30billion into home improvement projects each year – building extensions, erecting conservatories and converting lofts throughout the country.
There’s no question that investing in your home is one of the most rewarding ways to spend your hard earned cash. But which of the many renovation options on offer will put the most money back into your pocket?
In this week’s blog post, we take a look at four of the most popular home renovation projects on Bark to discover which of them will add the most value to your home.
Cash in on spare garden space with a conservatory
Done correctly, a conservatory costing between £4,000 and £10,000 could increase your home’s value by 5%. Given that the typical UK home is worth £216,750, that’s an average increase of around £10,800.
“Conservatories will add value to a home,” says the National Association of Estate Agents’ managing director, Mark Hayward. “But they need to be made with quality materials and provide a lot of light for the value to be significant.”
Conservatories are cheaper than full home extensions, they don’t require planning permission and they can often be completed within a week or two.
Remember that the ideal conservatory is a stylish segue between your indoor and outdoor spaces. So choose a design that strikes a good balance by adding the extra room without taking up too much garden space.
Add 20% to your home’s value with a loft conversion
Experts agree that creating the space for an extra bedroom in your house is the easiest way to increase its resale value.
One of the most popular ways of doing this is by converting your unused attic space, with one Nationwide Building Society survey suggesting a loft conversion could add up to 20% to the value of your home.
How much your loft conversion will cost depends on the structure and accessibility of your building. But a typical quote from a builder will be somewhere in the region of £10,000-£15,000.
Work can often be completed in as little as six weeks and, unless you’re altering the roofline of your building, you may be able to go ahead with the project without obtaining planning permission.
Create a spectacular showpiece with a new kitchen
If you are only going to improve one room in your house, says TV property expert Phil Spencer, you should make it the kitchen.
“This has now become the showpiece of the home,” he explains. “The number one priority is creating a handsome and efficient work surface and ensuring easy access between the three points of the kitchen triangle – that is, the sink, fridge and cooker.”
“Install equipment that is as up to date as possible, so it won’t look outmoded in 10 years,” he adds. “And make sure the price bracket of your kitchen matches the price bracket of your house. There is no point putting a £25,000 kitchen in a £250,000 house.”
Phil says a new kitchen will typically add 4.6% to the value of your house – which translates to nearly £10,000 for the average UK home.
Transform your home with a property extension
Adding square footage to your home is pretty much a surefire way to boost its value, and there are a range of extension options you can choose from.
Single storey extensions like kitchens, living rooms or dining areas often don’t require planning permission – while a reputable builder should be able to handle getting permission to go ahead with larger renovation projects.
As with any building work, it’s important to compare several quotes before hiring someone. A poor extension can actually damage your home’s resale value, so take the time to shop around until you find the best pro for the job.
Expect to pay upwards of £20,000 for the project and add around 11% to the value of your home – which translates to £28,800 for the average UK home.