What home improvements add the most value?
Renovations, extensions or even whole new constructions can work wonders in adding a zero or two to any property’s price. But with budget and time spans an ever-present concern, it can be difficult to know which home improvements are the most effective in increasing the value of your home.
In general, anything which creates more liveable space and a higher quality of life for the house’s inhabitants is a sure-fire way of boosting the property’s price tag. Here are a handful of ideas for those looking to implement home improvements, enhance their enjoyment of the space and increase the market value of their assets all in one fell swoop.
Independent living space
Whether it’s converting an existing space, enlarging its dimensions or creating one entirely from scratch, an area that is completely independent from the main property is guaranteed to add value to your home. One typical way to achieve this is through a basement conversion with its own separated access point.
The new space can then become an office or a small independent flat which can be rented out, creating a source of income which can go towards repaying for the works more quickly and negating the need to sell. It could also be used by a member of the family who needs to stay close while still maintaining their own self-sufficiency, such as an elderly relative or teenager. Whatever the final purpose of the space, it will undoubtedly increase the potential selling price of the property.
Improving energy efficiency
Any kind of refurbishment geared towards increasing energy efficiency will have the doubly beneficial effect of lowering the running costs of the property on the one hand and increasing its selling price on the other.
Some suggestions for energy efficient home improvements include: a more efficient heating system, such as a new boiler, underfloor heating or infrared heating; new window fittings with better glazing and more efficient insulation; energy efficient lighting and electrical systems; Smart devices to automate and optimise the use of appliances and central heating; and enhanced ventilation and insulation techniques to minimise heat loss.
Home buyers with families, especially those with small children, are often willing to pay higher property prices for a home that was obviously designed to cater to their needs. With that in mind, any improvement to or enlargement of the family spaces are beneficial. Rear and side extensions, for example, are very affordable and can add nice living space to an existing kitchen, or can be used to create new rooms full of light.
These can become playrooms for the children or small dens for leisure time to be spent with the whole family. Even without extending, often new living space can be created simply by rearranging the existing space and optimising its layout. A trained professional can provide unique insight and advice on this subject.
Bathroom or kitchen renovations
Certain rooms of the house – especially the bathroom and the kitchen – lend themselves more readily to renovation than others. This is because of the availability of sleek, modern appliances that are specifically designed to offer intuitive solutions to everyday problems, often for a price which won’t break the bank.
Indeed, it’s common for bright furnishings and intelligently-designed appliances to be available for very affordable prices. Even the smallest touches can add to the quality of life for the home’s inhabitants and make the property appear special and unique in the eyes of a potential buyer.
Vinz is the CEO and co-founder of houseUP. He is a true authority in financial planning and risk management, coming from years of working in financial services and digital payment industries