Investing in a swanky new kitchen or plush bathroom suite may seem like a huge expense, but it could add significant value to your home when you come to sell.
Obviously, the cost of a new conservatory or loft conversion will depend on where you live and how big your house is, among other factors. But there are certain home projects that really pay off, guaranteeing you the best bang for your buck.
Here’s a brief rundown on the biggest money-making home improvements, along with their average cost, added value and profit. (Values are based on a three bedroom family home)
1. Loft conversion1
Whether you want an extra bedroom, bathroom or both, utilising your loft space can add value and squared metres to your home.
Average cost: £24,600
Added value: £36,600
Pitfalls: Factor in that you will need to reinforce the floor joists in order to raise the floor level into your planning and price
2. Add a conservatory1
The UK is known for its cold winters, but with a bespoke conservatory potential buyers could be swayed by the thought of enjoying natural light all year round.
Average cost: £5,300
Added value: £11,000
Pitfalls: You may need planning permission so be sure contact your council before you begin.
3. Revamp the kitchen2
The kitchen is the heart and soul of the home, but it is often the first room to be scrapped by new buyers. Invest in a spacious, attractive kitchen and buyers may be happy to pay more.
Average cost: £9,600
Added value: £14,335
Pitfalls: Try to keep your budget relative to your house price to guarantee value for money.
4. New bathroom
Bathrooms can make or break a home. So whether you want to refurbish or build an en-suite, having a stylish and functional bathroom could add some serious value.
Average cost: £4,900
Added value: £7,250
Pitfalls: Bathroom conversions can be costly business, so think about keeping your budget relative to 1.5% of the property3.
5. Upgrade your windows4
While double glazing your home may not be the most glamorous investment, you can save up to 70% on energy 5, which is great for both the environment and your wallet!
Average cost: £5,000 to £7,000 depending on size of home
Added value: £14,185
Profit: £7,185 - £9,185
Pitfalls: Consider getting a quote from a specialist to see if yours need to be fixed or replaced altogether.
6. Pave over front lawn for driveway4
Parking spaces may not be as in demand out in the countryside, but in some urban locations – such as London – they can add an incredible £50,000 to the value your home.
Average cost: £10,000 to £20,000
Added value: Up to £50,0004
Profit: £20,000 to £30,000
Pitfalls: Due to Section 184 of the Highways Act of 1980 and pedestrian safety concerns, it is essential to get permission before you start.
7. Change the garage into a living space4
90% of Britain’s garages don’t actually have cars inside. Why not spruce up this storage room by converting it into an extra bedroom, study, gym or even cinema room?
Average cost: £10,000 to £25,000
Added value: Between £20,000 and £40,000 depending on usage
Profit: £10,000 to £15,000
Pitfalls: Converting a garage may put people off if there isn’t other off-road parking available.