Which upgrades increase the value of your home the most?

There are many diverse viewpoints on which home renovations will increase the value of your house. A loft conversion is said to increase your home's value by 15%. A kitchen remodel, off-street parking, and garage conversions can all have a similar impact.

There are many diverse viewpoints on which home renovations will increase the value of your house.

A loft conversion is said to increase your home's value by 15%. A kitchen remodel, off-street parking, and garage conversions can all have a similar impact.

Renovations and upgrades that increase the value of your property

Let's discuss improvements that will increase the value of your home, the kind of properties they work best for, and the cost you may anticipate for the job.

1.      A conversion of a loft

The price of a typical home increases by 15% when a room is added to the loft. If you also include an additional bathroom, it can cost more.

Homes in cities, when floorspace is scarce, benefit most from it. In June 2022, Barbour ABI discovered that loft renovations are far more common among urban homeowners than among those in rural areas. You will need planning clearance if your plans go beyond specific restrictions and requirements. This includes extending or changing the roof space's structural design. A loft conversion typically costs a whopping £22,000.

2.      Parking available off-street

Off-street parking is thought to increase home values by a stunning £50,000. The price to turn a garden into a parking place might range from a few thousand to more than fifteen thousand pounds.

It depends on how much it will cost to modify the garden, reinforce the pavement, and lower the curb. Even if you don't drive, the switch may be profitable. Renting out their extra parking space is a common way for people to make money.

3.      A brand-new kitchen

To add value to your property, you need to go large when remodeling your kitchen. It may be more expensive and less beneficial to just replace cabinets and units.

If your property is appropriate for families, many buyers search for a kitchen where you can sit down and dine. Therefore, small changes to a galley kitchen won't make a big difference. You should budget roughly £45,000 for a complete kitchen remodel. You should anticipate a sizable 15% increase in your home's worth.

4.      A garage conversion

A garage conversion is estimated to increase the value of your home by up to 15%. It's a fantastic method to increase the floor space in your house without having to expand on.

However, you must consider whether potential purchasers will value a garage more than an additional room. When parking in a city is expensive or problematic, a garage might help you negotiate a better deal.

In contrast to some other conversions, it is more economical, and you frequently won't need planning clearance. Costs for a typical garage conversion range from £5,000 to £7,000.

5.      A conversion of a cellar or basement

Your home's worth may increase by 10% to 15% if you finish the basement. However, certain homes will benefit more than others. Buyers can question why you dug down rather than extended outwards, if you have the space, similar to a loft conversion.

More than 90% of basement renovations will be carried out in metropolitan areas in 2022, according to Barbour ABI. For older properties, when potential purchasers will believe that a basement or cellar fits with the era it was built in, it's also a nice option.

6.      Open plan living area

The trend of open-plan living rooms is one that won't go away anytime soon. It is estimated to increase your home's worth by 3 to 5%.

Large multipurpose spaces are ideal for entertaining and family living. Open-plan areas cost more to heat and keep warm, though. Given how many people are concerned about the rising cost of living, it is important to assess whether this would discourage purchasers. By knocking through a wall, an open-plan living area can be made quite easily.

7.      A modern bathroom

Your home will increase in value with a renovated bathroom, and you won't have to break the bank to achieve it. But the rest of the house must be in good condition in order to increase value with a new bathroom.

Retiling is a relatively simple DIY project, and new lighting and a vanity unit can also completely change the appearance of your bathroom. Your home's worth may increase by 3% to 5% if you remodel your bathroom.

Why do homeowners make renovations to their homes?

The reasons behind house improvements were uncovered through a survey for the Post Office Money. It was shown that 28% of homeowners make improvements because they believe they will increase the value of their home.

However, 23% claimed it was to improve their home's energy efficiency while 40% said it was to make their living area cozier.

Many people are concentrating on improving their current house due to the costs associated with relocating, including stamp duty and estate agent fees, as well as the recent shortage of available properties for sale.

Do your calculations before beginning.

Make sure you've done your math before you start any work if you're eager to increase the value of your property.

While upgrades and conversions can absolutely increase the value of your house, you want to make sure that your investment will be worthwhile. The exciting part can then begin: remodeling your home and knowing it was a wise investment.