Maximise the value of your home with careful renovation
RENOVATIONS can make the home a more comfortable place in which to live and if they meet ‘permitted development’ guidelines you won’t need planning permission – although they will still have to meet building regulations.
But if you want to add value to your property, think before you book the builders. Get it right – by increasing the usable floor area in particular – and you can seriously boost the asking price when you finally sell.
LOFT CONVERSIONS
Adding a bedroom – preferably with ensuite bathroom – in the loft can add an average of 21 per cent to a home’s value, according to Nationwide Building Society. It will cost between £600 and £900 a square metre to convert, according to website Building and Renovating.
EXTENSIONS
Building an extension on the side of a house can add 11 per cent to a home’s value. These can cost between £1,000 and £1,200 a square metre. A basement extension usually costs significantly more but can add up to a third to the value of a home depending on the space created.
CONSERVATORIES
These cost from at least £6,000 including installation but many homeowners spend more.
Their advantage is they can be quick to build (and usually done under permitted development) but they will eat up garden space. Website Move with Us reckons it can add 5 per cent to a property’s value.
SECOND BATHROOMS
If you can squeeze in an extra bathroom without impinging too much on other valuable space, this will add about 5 per cent to a property’s value, says Nationwide. Depending on what fittings are chosen, prices start at about £2,500.
INSULATION
Energy efficiency ratings appear on all house particulars when a property is put up for sale. So making it more energy efficient can help boost its selling power – as well as save on energy bills. Cavity wall insulation and double glazing can help improve energy efficiency. Since 1996, the proportion of homes with double glazing has increased from 30 per cent to more than 80 per cent.
According to consumer group Which? professionally installed loft insulation for a typical threebedroom, semi-detached house with gas central heating costs around £300. It will take around two years to pay for itself through the savings made on heating bills.
INSURANCE
You need to make your insurer aware of any building works that result in a significant change to your property, otherwise it may invalidate cover.