Even though budgets remain tight for many, 32% of UK homeowners say they are planning renovations during 2024. House renovations are a brilliant method of reinvigorating a space, whether you plan on enjoying the upgrades for yourself or as a way to make a property more desirable for sales purposes. Even though the method is chosen by many, households spend £10,000 on each update on average, and the return on investment is not always guaranteed. Even though money may have been spent on a property, if it’s not a change seen to enhance the quality and usability to a certain extent, you may not benefit from the expected value-add you had hoped for.
As experts in building solutions for adding value to homes, we at Albino Builders are passionate about helping homeowners seek financial ROI from improving their properties. Keep reading to learn how you can add value to a property by choosing the best renovations.
Top Renovations for Adding Value to a Property
Let’s jump straight into the home renovations we recommend for enhancing the value of a property. You can check out some of our completed projects to see some of these changes. Even though the following ideas are great examples of how to add value to a property, you should always check the ceiling worth of your home before commencing a project. This is determined by the property itself and postcode, meaning that not all renovations offer the same value-added value.
Front of a property including the door The exterior of a home is a proven way to enhance its value through what is known as curb appeal. Not only does the outside of a home give an idea of the styling of the interior, but it also creates a memorable first impression, which is essential to consider if you plan on selling a property. Changes such as the cladding on a home, state of brickwork, groundwork, plus the front door and windows are all ideal areas to invest in.
Upgrade a properties energy system to be sustainable and efficient. Making a property run energy efficiently can improve its value by as much as 14%. This could include renovations such as improving insulation, replacing the heating system or even upgrading the electricals. Another idea that we recommend is choosing a renewable energy system as this will service a property in the long run as well as providing cost savings that can help recoup some of the money spent on the renovations.
Choose open plan living where possible. Many older homes relied on segmented rooms with separated spaces depending on their usage. Modern homes are no longer built this way as more families prefer to create communal areas ideal for entertaining. Open-plan living also gives the illusion of a bigger space and enhances natural light.
Removing walls to achieve open-plan living is a cost-effective way of upgrading a property that can be completed in any home as long as it’s not a supporting wall.
Add a downstairs toilet or washroom if you have the space. This is a surefire way of adding value as it instantly enhances the usability of a home. Having a bathroom downstairs, no matter how small, also means that a property has more washroom space, enhancing its worth. This is also a great way of future-proofing a home as it means anyone from young children to old people who may struggle with stairs has a place to use the bathroom. Homes designed to suit the future generate benefits from enhanced value.
Work through any defects around the property Anything from chipped door frames to grubby paint can all de-value a property. Whilst they will not have the biggest financial impact, a lack of finesse by way of finishing touches can be enough to negatively impact a property.
Renovate areas that owners will not want to change for a longer period of time such as kitchens and bathrooms. A new kitchen or bathroom can add an estimated 10% to a homes value. This can also be a quick and easy way to upgrade a property as it doesn’t always mean completely ripping out an old suite. Instead, you can also opt for smaller edits such as cabinet changes or flooring upgrades.
Consider adding an off-roading parking space. Having just one parking space for a property can add as much as 5% to its worth. If you have a front garden or rear access bordering a road, it’s a good idea to consider if this is an investment that would suit you. Even if someone living in a property is not a driver themselves, having a place for visitors to park is essential.
If you have a loft space, planning a conversion is a strong value add. Loft conversions come in many forms, with designs available for various homes. This type of renovation allows an extra room to be added without spending on costly external works by way of a large extension. If you have a cellar, this is another great way of turning an often dormant area into a usable space. Similarly, you could also choose to turn a car garage into a room as let’s face it, these areas are often used for storing items that a garden shed can provide the same purpose for.
Choose an extension or conservatory to enhance usable space. If you have a larger garden space and don’t mind forgoing some outdoor area, an extension is a great idea. When working with a professional team of builders, like our experts, this can be a simple process with full support from the planning permission application phase.
Do All Renovations Increase the Value of a Property?
Even though renovations, no matter how small, can add value to a property there will be some examples in which this amount is lower than you may think. That’s why we always recommend that homeowners take the time to understand the value that a change could add to decide how best to proceed.
Some considerations to account for are as follows:
Long Term Value
If you want to add higher value to a property, the renovations you select should be ones that can enhance a home in the longer run. Changes such as adding more rooms or upgrading a layout can achieve this as they cater to needs that future homeowners will likely have.
Ceiling Worth of a Home
A property’s ceiling price is based on the location and type of home. This cannot be exceeded in terms of expecting to achieve the value based on what has been spent. Some homeowners may choose to spend more of their home than they may receive back, but the fact that this value will not be reflected in what a property is worth should always be considered.
Keep Things Neutral
If you are looking to add value for the purpose of selling a home, try to make changes that don’t add too much personality. This will appeal to more people and reflect a property that doesn’t need changes adding to the overall value.
Does Adding Value to a Property Affect Mortgage Repayments?
No, you will only experience a change in mortgage costs if you re-mortgage to take money out for completing worth. If the value of a property changes, your payments will remain the same.
How Can Albino Builders Help to Add Value to a Property?
If you are interested in any of the home renovations outlined in this article, or want to discuss any other changes, please contact our team.
Our experience covers a range of purposes from residential homes to remodelling hotels. This proves how varied our experience is and represents a wealth of knowledge ready to be applied to your next project. You can also click this link to learn more about us.