If you’re looking to sell your home, you’ll be amazed at the value that can be gained by doing interior or exterior renovations. At Honest Renovations, we have some tips you can use when renovating your home to add lasting value (and save you some money!)
Six Home Renovations that Add Lasting Value to Your House
Adding an Extension
House buyers are always looking to maximize the amount of livable space within a property. Adding an extension to your home can add up to 15% on its value, while the actual cost of building it is only a fraction of your potential return.
There are a lot of options when it comes to extending your home. An extension to an existing room at the back or side of a property is a popular choice, particularly for social spaces like living rooms and kitchens.
You might also wish to re-configure more than one room to create an open-concept living area; an arrangement that has become extremely popular in recent years. Open plan is no longer the reserve of apartments; family homes benefit from the bright and airy ambience, too!
You can also build an extension that will become a new, separate room. Again, this serves living spaces well, and some people choose to transform the extension into a kitchen, living room, or den. Depending on the space at your disposal, you may be able to use the new extension to create more than one room.
Another option is to build a two-storey extension. These are generally built at the back of a home, and they maximize the amount of living space generated from a single extension footprint.
Of course, before you commit to an extension, you must seek the appropriate planning permission. It’s also a good idea to assess what kind of impact the new part of the building will have on your garden; if you have a small outdoor space, this might not be the best idea.
Converting Your Loft or Attic into a Bedroom
There’s a lot of extra value to be found in refurbishing the top level of your house to become one or more bedrooms. This renovation has the potential to add up to 15% to the value of your home. It can be a relatively simple and inexpensive job, depending on the current state of your attic and the complexity of the work you wish to do.
An attic in good condition might not need a lot of work. Reinforcing the floor, insulating and decorating the walls, installing electricity, and adding windows can transform the space into a bedroom at a low cost. In more complex cases, there may be a need to change the shape or height of the roof or add structural support. This will involve several specialists and can be expensive; however, the house value enhancement will rarely – if ever – be less than the cost of renovation.
Splitting a House into Apartments
If your house is sufficiently large, you may be able to convert it into a duplex. This will involve extensive planning with an architect, and you may need to go through a lengthy application process with your local authority to make such a substantial change. Once the work is complete, you will also be required to register the two new addresses.
Splitting a house in such a way will require the installation of separate entrances. If you are having one upstairs and one downstairs apartment, you may be able to solve this issue easily, by having one door to the entire property, then two secure internal doors into each apartment. Otherwise, you might wish to add an external staircase to the second-floor apartment and retain the original door for the ground floor.
If you are willing to undertake this potentially complex renovation, you can expect to be rewarded with a property value increase of up to 30%.
Converting your Basement into a Living Space
The principle here is similar to that of converting an attic or loft space; that is, to create a living area from an otherwise unused section of the house; one that is generally dedicated to storage.
Converting a basement into a second suite is usually easier than working on the top floor of the house. This is because space is already reinforced and most basements will have some kind of independent ventilation and access to natural light, as well as an existing staircase.
What you will most likely need to consider is outside access to the basement space if you are intending to rent or sell it separately. An external entrance needn’t be hugely problematic, although you will need to ensure it doesn’t interfere with the structural integrity of the outside wall of the building. It’s also advisable to add as much natural lighting as possible; adding windows at the same time as an external door is ideal.
This renovation has the potential to add up to 30% to the value of your home.
Updating the Bathroom
An outdated bathroom can be an eyesore, putting off potential buyers or prompting them to make a reduced offer. The good news is that bathroom renovations are relatively straightforward, require no planning permission, and can be feasibly completed as a DIY project.
You may be able to salvage your existing fixtures, such as the sink and bath, and simply update the tile work and decoration. This is by far the simplest and cheapest option.
However, in most circumstances, a complete overhaul is recommended. New fixtures, replacement tiling, and complete redecoration are usually needed to get the maximum payoff. This can be expensive, but you can save some money by completing some of the work yourself. For example, you may wish to hire a plumber to undertake correct installation of the fixtures, but the tilework and decorating can be finalized by you.
This type of renovation can net a house value increase of up to 5%.
Landscaping the Garden
Don’t forget about your outdoor spaces! Modern life can make it difficult to schedule time for garden maintenance, but it’s essential to get it done before any prospective buyers visit. It needn’t be an elaborate renovation; simply mowing the lawn, trimming back hedges, planting flowers, and adding new furniture can secure an increase in the value of up to 10%. Time to get outside!
We hope you enjoyed this list. Which renovations have added value to your home? Sound off in the comments below!