Increasing the value of your home is all about choosing the right project. Here are ten winners that will enhance your living space and boost your property's value when you come to sell.
1. Lofts and attics
A loft or attic conversion is a great way of adding space, particularly in urban areas where it's impossible to extend outwards - plus they can be a much cheaper alternative to upsizing. A basic loft conversion starts at £15,000, though prices are subject to regional differences.
The value your property will accrue also depends on location, but the average profit is £60,000. Loft extensions are more popular in London and the South East.
2. Basement
Unlike a loft conversion, redeveloping your basement allows you to play around with a whole new floor's worth of space, which can be turned into several different rooms - particularly good for rental properties.
It is a longer and more involved project, and potentially means structural changes to your home and getting the professionals in. If you already have a cellar, conversion costs are around £200-£250 per sqare foot. If there's nothing there, expect to pay around £250-£350 per sqare foot.
Again, basement conversions are more popular with buyers in London and the South East. Returns are less easy to predict and depend on the size of the property and the local property market. You could be looking at upwards of £50,000.
3. Gardens
Green space is a precious asset, and making the most of yours is an easy way to add value to your home in the eyes of buyers.
Sprucing up your garden can be as simple as laying down new lawn, planting seeds or starting a vegetable patch. Or you could get a professional garden makeover - which can cost several thousand pounds but work wonders.
According to the Halifax, over 50% of homeowners would forgo a second bathroom or bedroom for outdoor green space. However excess decking or a swimming pool can devalue your property if it's not to the taste of your target demographic. With a little research and some loving care, this is one of the easiest ways to push up the value of your home.
4. Open-plan living
Modern Britain is increasingly in favour of an open-plan approach to living, merging eating, entertaining, even sleeping areas to create a spacious, contemporary feel. An open-plan approach can also be an effective way of combating space limitations in the home.
If this is the right project for your home, make sure you seek professional advice before knocking a wall down. Also bear in mind that you are effectively reducing the number of rooms, so plan carefully before you bring out the sledgehammer.
With the right sort of buyer - the 20-something or first time buyer market in particular - you could make a tidy return on a relatively inexpensive job.
5. Period features
Another long-standing attraction for buyers is period features, which give your home personality and a sense of history. Original wood flooring and restored fireplaces for example can be a real selling point.
Good quality restorations don't come cheap, and can run into thousands of pounds, particularly if you have to enlist the help of a specialist. Done well though, you can create an authentic style that appeals to family-free buyers such as the 20 and 30-something market.
› Next: more ways to increase your home's value
Related articles
Home improvements at a glance...
1. Lofts and attics
Good for: increasing space
Appeals to: growing families
2. Basement
Good for: creating an extra floor
Appeals to: buy-to-let investors
3. Gardens
Good for: areas lacking green space
Appeals to: families with young children
4. Open plan living
Good for: modern, contemporary living
Appeals to: young professionals
5. Period features
Good for: extra style and originality
Appeals to: family-free buyers
6. Energy efficiency
Good for: going green
Appeals to: buyers with high household bills
7. Add a garage
Good for: extra storage & parking
Appeals to: the rental market
8. Roof & guttering
Good for: outward appearance
Appeals to: all buying groups
9. New kitchen
Good for: creating a strong focal point
Appeals to: large families
10. First impressions
Good for: achieving your asking price
Appeals to: all buying groups
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Useful links
- Average property prices - Property market trends for Plymouth
- Neighbourhood profile - Get the lowdown on Plymouth
- DIY and home improvements - Find stores and suppliers near Plymouth
Your comments (1)
Vernon (Lichfield), on 19/03/2008 at 23:14
In light of recent mistake highlighted by the Tonight with Trevor McDonald program where property has been placed in the wrong band of council tax, is it possible that you could incorporate some guidance as to the price of houses in 1991 as a guideline to help those who think they are in the wrong banding to assist. the list on price of house only goes back to 1996 in comparison to other areas. appreciate you cannot go into different type or category but generally what they were brought or sold for at that time
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