PHIL’S TOP 10 TIPS TO BOOST YOUR HOME VALUE BY THOUSANDS
1 BUILD UP
When estate agents were asked to specify how they would add value to a home, 41 per cent advised adding an extension of some kind. Mortgage lender GE Money says a loft conversion can add 12.5 per cent to the value of your home. With the average UK home costing £226,906, according to April’s UK House Price Index, that’s £28,363.
2 BUILD OUT
A quality extension that gives you, say, a family room, an extra bedroom or a bigger living room can add 11 per cent (an average of £24,959) to the value of a home.
3 ADD A CONSERVATORY
A good conservatory that seamlessly blends in and offers extra usable space to the ground floor could add 6.7 per cent to the value of your home, which is £15,200 on the average house price. Expect to get your money back at least for a decent conservatory costing £5,000 to £30,000. And for top-of-the-line conservatories, in the right house, you might get ten to 20 per cent more value.
4 INVEST IN BATHTIME
Replacing a bathroom is a job most people don’t want to do themselves. While cost can range from £2,000 to £20,000, at the top end of that scale, a smart new bathroom could add as much as £25,000 or more to the value of your home. Even spending a small amount on an update – from £500 upwards – can add at least three per cent to the potential selling price of your home, according to GE Money. To the average UK homeowner, that’s £6,800.
5 DIG DEEP
Digging out a new basement to create a whole extra floor is generally deemed to be a good idea, although there is some debate whether it adds to a property’s value. I think it can, but it depends on where you live and how much the work costs. Expect to pay on average from £200 a square foot to convert something already there and from £250 to £300 a square foot if starting from scratch. Not every house suits a subterranean extension, but an estate agent will tell you the local value of property per square foot. That will help you work out whether the cost justifies the expense.
6 SPLASH OUT ON WARMTH
Central heating almost always more than pays for itself. The cost to install central heating ranges from £1,000 to £3,000 depending on the system you choose, but value added can be as much as £5,000. Doubleglazing likewise doesn’t cost a great deal – anything from a few hundred pounds to a few thousand, depending on the size of the task – and it can add £10,000 or more in value.
7 BANK ON GARDENING
Estate agents reckon a garden is one of the best value-adders, swelling value by 20 per cent or more. In cities and large towns, a simple balcony, terrace or patio can augment a home’s value. In the country, buyers tend to expect a property to come with a garden. As with interiors, spend money on the structure of the garden if you can. Buying lots of expensive plants might add less value than working out where a good big feature tree can go, along with a patio and pathways. Installing decking or a patio can add two per cent (£4,538 on the average house price) to a house’s value, says GE Money.
8 STORE THAT BIKE
With more people cycling to stations, work or school these days, secure, waterproof bicycle storage is becoming as important to buyers as parking space or good public transport. A readymade bike shed costs about £400, and a simple bike rack less than £100.
9 GO GREEN
Installing sensible green devices such as solar panels or wood turbines could certainly add value to your home. Research by the Energy Saving Trust shows that a third of those polled said they would be willing to pay more for a home that uses energy from renewable resources, such as wind, solar or hydropower.
10 STAGE A TAKEOVER
If there is a patch of land nearby – big or small – it is always worth doing your research to find out who owns it and see whether you can rent or buy it. There are so many options for how you might use it – including a kitchen garden, an office, a pool, tennis court or a children’s play area – and it will certainly return your investment.
Adding Value To Your Home, by Phil Spencer, is published by Vermilion, priced £14.99.