Looking to sell your home? Or perhaps you’re looking for savvy ways to invest in your property for the future? Regardless of your reasoning, investing in your home is a smart way to spend your money, especially considering the impressive trajectory that the housing market has been on over the past few years. In fact, property is now regarded as one of, if not the single best asset class to focus your time, energy and funds into. But what changes to your property will yield the most significant value increase? Centrick investigates…
According to property portal giant Zoopla, converting your loft space can add up to 15% to the value of your home, with this added value being even more significant if you choose to add a bathroom to your loft conversion too. This is a particularly beneficial investment if you do not have an abundance of garden space, as extending ‘upwards’ as opposed to ‘outwards’ can help you avoid eating into your precious outdoor space. However, if your home is already lacking in ample storage space, a loft conversion to create additional bedrooms and bathrooms may be counterintuitive – in this case, it is worth consulting a seasoned valuation professional for their advice on what drives value in your area.
Zoopla estimate that having off-street parking can add up to £50,000 to the value of your home. This addition can be extremely impactful in more built-up areas where on-street parking is the most accessible way to park your vehicle, with most people preferring to have a dedicated parking space rather than having to compete for a tight space to parallel park in.
To provide your property with an even more significant value boost, you could add the facilities for electric vehicle charging. With nearly 25% of EV drivers not having access to a personal off-road bay, it’s no wonder that home movers are looking for properties with dedicated EV parking – and they’re willing to pay a premium for it. With electric cars set to become the norm, and the sale of gas-guzzling automobiles scheduled to end in the UK by 2030, accommodating for electric cars early can truly make your home stand out in the current market.
Speaking of increasing kerb appeal and making the exterior aspects of your home more desirable, it is certainly worth investing time into your garden and front of your house. The Times suggests that this can boost the value of your home by 2 to 3%, but you needn’t spend thousands of pounds to see a tangible impact on your house value. Here are four top tips for making your home look as wonderful as possible on the outside:
Kitchen and bathroom renovations are a popular choice for those looking to add value to their homes, especially if their existing appliances are outdated. By implementing new white goods, adding modern fixtures and fittings, and getting rid of stained tiles and grout, you can boost the value of your home significantly. Zoopla estimate that a full redesign of your kitchen can add £15,000 to your home value, whilst a bathroom refurbishment could add 3 to 5% to your property value.
What’s more, refurbishing your kitchen and bathroom can boost the energy efficiency of your home, with certain appliances helping you to save money in the long run – from fan-assisted ovens to LED lighting, there are plenty of smart choices you can make when designing your kitchen to make it look modern whilst also slicing your energy bills. Having an energy efficient home in general can help to boost your house value: however, with the current cost of living crisis encouraging many movers to look for homes with energy saving appliances, making an energy efficient refurbishment is a great option for those looking to sell their home as well as introduce practical money saving appliances.
Extending your home can catapult its value significantly, with Nationwide reporting that a home extension that includes a double bedroom and ensuite can add up to 23 per cent to your home value. If you’re hoping to get the biggest boost in value from your home extension, it is recommended that you opt for a two-storey extension, as this could add up to 12 per cent to your property’s value when compared to a single-storey extension, which typically adds between 5 and 8 per cent. This is because single-storey extensions tend to impact the size of your downstairs living space, giving you the option to make your kitchen, living room or dining room more open plan, whereas a second-floor extension is typically used to add additional bedrooms.
It’s important to know how much your home is currently worth to see the impact of any investments you make to improve your property. Book a free property valuation with Centrick in Birmingham, Nottingham or Solihull.
It can be difficult to know exactly where to start when it comes to achieving your property goals, which is why we’ve created the At Home With Centrick hub!
Whether you’re looking to boost the value of your home, want to boost the energy efficiency of your property, or aim to get your foot on the property ladder with your first purchase – we’ve got you covered. Explore the resources available on the At Home hub here, or fill in the form below for more tailored advice from one of our residential property experts:
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