RENOVATIONS – What are the best and worst renovations to do to your home in relation to adding value to your home
What are the best and worst renovations to do to your home in relation to adding value to your home
Before you spend your hard-earned money on property renovations you should work out the costs and see how much value it will likely add to your home or rental property, and whether the time and effort is worth your time and money. Thornley Groves are always happy to assist you in making the right choice to ensure you secure a greater return on your investment.
As a general rule of thumb, the more expensive the improvements, the more they will inflate your property value. However, it is also very important to ensure the right area of your home receives the investment.
An extension, Conservatory or loft conversion
Adding this extra space can significantly improve your quality of life in your home and add approximately 15 to 20 per cent to the value of your home. Whereas creating an extra bedroom from your existing space, while still a significant project to take on, would add only half as much value. However, I have seen many a loft conversion that just doesn’t work due to poor access, poor light, restricted head height etc. and would therefore always recommend speaking to a professional and securing 3 quotes. Conservatories; love them or hate them are a great way to create an extra reception room or spacious dining kitchen with entertaining space and I would say this is one of the safer investments to see a property value increase and secure a good return on your investment.
Extra bathroom or downstairs W.C
A Downstairs W.C will appeal to the vast majority of buyers, especially families, and if you can utilise some ground floor space do it! Equally if you already have one make sure it is clear of a hundred coats, sweaty shoes and a dead plant on the window sill, keep it to a W.C, basin and some soap. Adding an extra bathroom can be a good selling point, with the popularity of en-suites increasingly in demand, especially families to avoid the battle of the bathroom every morning! Subject to the standard of the appointments it can add as much as 5% on to the value. While upgrading an existing bathroom could add 2 to 3%, and this can be as simple as re-grouting, upgrading sink and bath taps and a shower screen. Bathroom ceilings can also advertise poor ventilation, look grubby, and prior to listing your property to the market a fresh paint with the appropriate Bathroom paint is worth its weight in gold!
I have seen some horrors over the years, but equally seen the retro fit appeal to many a buyer due to trends turning full circle. Kitchens often tend to be very personal to the homeowner and are one of the first things that a buyer looks to replace. Prior to marketing your property, replacing a kitchen can be costly and blow all of your budget, but a fresh-looking functional kitchen can be a big draw for prospective buyers. If you have a neutral, up to date kitchen or even better a dining Kitchen then a buyer may be willing to pay over 5% more to save the stress, hassle and money of refitting a kitchen. Remember to keep it plain and simple and not re fit to your own tastes as you want it to appeal to the masses and not everyone loves your taste!!
Simply re-decorate and upgrade carpets and flooring
Ask any Agent and they will tell you the smell of new carpets and fresh paint is like walking into a bakery and smelling fresh bread! Step back, detach yourself from your emotions and ask yourself is your property going to appeal to everyone? Often simply giving your home a lick of paint, changing all or some heavy traffic area carpets, whilst undertaking some general maintenance at a very low cost can be very rewarding and enhance the saleability and value of your property. I love animals, but they can make my job harder! Clear your pet’s bed, litter box, food bowls and have the carpets steam cleaned as buyers will sometimes fail to see beyond the smell or come in with low offers to compensate.
Off-road parking & gardens
Prior to having the luxury of a driveway I hated the stress of not having somewhere to park when I arrived home from work, and it was raining and I had bags of shopping! Buyers ideally want peace of mind and will pay extra for a parking space. Equally, if you have the space ensure you promote it; ensure gates look fresh, trim the hedge, paint the fence, make sure the surface is weed and litter free and if the budget allows re-surface a driveway if needed.
Gardens need to be well presented, lawn mowed and your patio, like the driveway, looking fresh! With any property sale you are selling space, so make sure you show off as much as possible. It amazes me how much an overgrown hedge, lawn or BOTH can make a garden look smaller. Buyers will pay more for a bigger garden, driveway or simply an off road parking space.
By Doug Plant
Altrincham Branch Manager