Even five years after the collapse of the UK housing market, the number of house sales show little signs of recovery. Despite this sobering fact there are still a number of ways to add value to your home; whether your intention is to enjoy your own improvements yourself, or to make sure your property is the one that stands out from the crowd.
Nationwide’s House Price Index Special Report October 2011 concluded that adding either a loft conversion or traditional extension to create a double bedroom and en-suite bathroom to an average three bedroom house could add 23% to the value of the house. Under current planning laws, many loft conversions to a single family dwelling may be carried out under permitted development, without the need to obtain planning permission – a fact recognised by HSBC’s experts in the 2012 Home Improvement Survey which chose loft conversions as the best way to increase the value of a home, quoting an average value of £16,125.
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According to Robert Gardner, Nationwide’s chief economist, “A 10% increase in floor space, other things equal, adds 5% to the price of a typical house.” With the government’s recent announcement of relaxed planning laws on single storey extensions, extensions may soon start to rival loft conversions as the preferred method of increasing living space.
Add an Extra Bathroom
Nationwide’s Special Report concludes that adding an extra bathroom could add as much as 6% to the value of your home. Clever planning and smart use of space can allow for the installation of an en-suite bathroom within the existing layout of a house, perhaps by taking a small amount of space from two bedrooms or a hallway. The creation of an en-suite bathroom really can take the pressure off a family bathroom, helping to create a more relaxed lifestyle.
Improve the Kitchen
It is often said that the kitchen is the heart of the home. Whilst opting for a complete re-fit is not recommended purely for re-sale purposes (adding an average of only £4,577 according to HSBC’s survey) for a longer term investment it may well be worth the outlay. A clean, modern, functional and well-designed space will definitely attract more buyers, as will the “outside in” feel created by the addition of patio doors from a kitchen diner out into the garden.
Quick & Easy Recommendations for Re-Sale
If you are looking at worthwhile home improvements to increase your property’s appeal on the open market, try looking at your property through the eyes of a potential buyer. Two key factors should immediately spring to mind – kerb appeal, and the feel of space. Give the front door a lick of paint, and ensure the front of your property looks well maintained and cared for, adding fresh plants if appropriate. Always take time to de-clutter and re-paint walls with fresh, neutral paint colours and ensure windows appear clean and cared for. Don’t neglect the garden, keep it simple and well maintained leaving a blank canvas ready for your buyers. If you live in a street where many other homeowners have extended, do consider investing in planning permission to ensure you are a step above the competition.
- Nationwide’s House Price Index Special Report October 2011
- HSBC Home Improvement Survey
Abbey Lofts are a well established company based London, UK, with a conversions branch in St Albans. Abbey Lofts provide the highest qaulity of loft conversion and extensions for their customers, adding value to homes all over the St Albans area.