Homeowners have many motives for carrying out improvement projects but when you want to add to the value of your property, it’s important to know what is a good return on investment.
Loft conversion
By converting your loft, you could gain an extra bedroom and potentially an ensuite. This can add up to 15-20% to the value of your home. In areas where space is at a premium, such as central London, this type of home improvement is a good return on investment.
If you live in a more rural setting, extending outwards rather than upwards may be a better option. Although, if your loft is sitting empty or only used for storage, it’s worth considering. Extra bedrooms and bathrooms will always add to the value and appeal of a property.
Double storey extension
By building a double storey extension, you could increase the value of your property by up to 15%. In most instances, you will need to obtain planning permission but the addition could significantly increase the footprint of your home.
With extra rooms both upstairs and downstairs, you could transform the house while adding to its worth on the housing market. If you intend to stay, you’ll have the addition of extra space which improves the quality of life for you and your family.
Add a garage
The return on investment for a single garage is approximately 4%. While this may not be as high as other home improvements, a garage could increase the appeal of your home for future buyers.
Even if you’re not considering selling up, building a garage is still a good option. Your car is protected from the elements, from theft and you always have somewhere to park. Which in itself, is priceless. You will typically also pay less for your insurance if your car is kept overnight in a locked garage.
Off-street parking
If you don’t have space to build a garage but you do have a front garden, off-street parking is potentially a good investment. In large cities, where parking is not only hard to find but often expensive, having a guaranteed parking space when you get home will pay for itself over time. It also reduces the stress of wondering where you can leave your car if you live in a busy street or where several households have more than one car.
It’s difficult to gauge how much you could increase your home’s value by when adding off-street parking but it will certainly increase the marketability of your property. If you don’t use the parking space all the time, you could also rent it out to raise some extra cash.
New kitchen
A new kitchen can add between 10-15% to the value of your home. However, be mindful that if you want to sell in the future, you should keep your choice of kitchen cabinetry fairly neutral and classic.
The kitchen is one of the prime selling points of a house and if you choose something based purely on your personal taste, it could impact future marketability. Stay mainstream and you won’t go far wrong. That doesn’t mean it has to be boring but avoid strong colours or quirky features that may not have broad appeal.
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