10 Renovation Projects To Add Value To Your Home
Whether you're selling up or staying put, renovations are a failsafe way to add value to your home.
But what's the most cost-effective way to turn a property into your forever home? And how can home renovations create a serious return on investment that propels you up the property ladder?
The “improve, don’t move” trend has grown significantly over the past five years. Back in 2013, only 3% of us were tackling renovation projects, whereas 15% of us – which added up to more than 4 million UK homes - took the plunge last year.
However, the subject of home renovations can be a real minefield. There are so many different projects you can take on, with varying pricepoints and benefits.
Some renovations can seriously pay off when it comes to valuing your home for sale, but is the investment really worth it?
Let’s explore some of the most popular type of home renovation projects and delve into the cost, benefits and profit potential to help you decide whether it’s the right option for you and your home.
Adding a conservatory to your home has been revealed as the most expensive home renovation project you can take on, costing an average of £11,000 in statistics revealed by Sainsbury’s Bank.
But how much value will a conservatory actually add to your home? It’s estimated that a conservatory can add between 5% and 15% to the value of your home, with an average return of 5% for a £10,000 conservatory investment.
However, selling your home isn’t all about the cost, and conservatories can deliver a serious wow factor to potential buyers when they come to view your property.
Done properly, a great conservatory will see house hunters immediately picturing themselves living in your home, soaking up the sunshine with a chilled glass of something on a summer’s day or cosied up with a good book and warm blanket in winter.
2. Loft conversion
If you’re considering different options to create extra space in your home, you may be weighing up the pros and cons of an extension versus a loft conversion.
If you’re working on a strict budget, a loft conversion can be a far more economical option, costing around half the price of an extension in some cases.
Just make sure that when planning a loft conversion, you factor in a storage solution to account for the space you will lose out on by turning your attic space into a liveable area. After all, how many of us use our lofts as a dumping ground for Christmas decorations and old suitcases?
You may be wondering, does a loft conversion require planning permission? And the good news is, in most cases it doesn’t. However, if you are planning to add dormer windows to your converted attic space, this may need planning, so make sure you know where you stand before taking on your loft conversion project.
On average, a loft conversion costs around £500 to £600 per square metre, and can add up to 22% - or £42,700 to the value of your home, according to research carried out by Nationwide Building Society.
3. Garage conversion
A garage conversion has been declared as the top home renovation project for adding value to your home and delivering a return on investment, according to Sainsbury’s Bank.
In fact, their research states that a garage conversion can add £34,222 to the value of your home, and deliver a profit of £27,722.
When you take into consideration the average cost of a garage conversion is £6,500, you can soon see the benefits of converting your garage to add value to your home.
And while a garage conversion features in the top three most expensive home renovation projects, it’s clear to see your investment can seriously pay off when it comes to selling your home.
Of course, renovating your garage and turning it into a living space offers plenty of opportunities, so it’s up to you how you use your newly discovered space. You could convert your garage into a kitchen diner, living space, office, gym, bedroom, workshop or even a home cinema – the possibilities are endless!
Many garages are used for storage, so if you do plan on converting your garage into a living space, make sure you have a good old clear out, or find an alternative storage solution for all of your stuff – otherwise, you could soon find yourself with a cluttered home.
4. Upgrade bathroom
Bathrooms are the most popular home renovation project for UK homeowners, with a whopping 54% of us either in the midst of one, or planning one in the near future.
And while bathroom renovations can be costly, there are plenty of budget-friendly options, especially if you are open-minded.
Unless your existing bathroom layout is making life difficult, then keeping it the same can save you a great deal of money when it comes to renovation. When you begin to factor in the cost of moving pipes and inlets, your budget could quickly be blown before you even start.
If you are renovating your bathroom on a budget, then choosing floor-mounted sanitaryware and a framed shower enclosure can be an easy way to keep costs low, as they will involve much less work (and therefore labour costs).
There are great bargains to be had on bathroom suites if you shop around during sales seasons, and buying a suite instead of individual pieces usually works out much cheaper.
Overall, a new bathroom can add between 3% and 5% to the value of your home, so it’s a great way to attract new buyers. Or, if you are simply renovating your bathroom for your own pleasure, a little careful planning can go a long way towards adding a touch of luxury to your day-to-day life.
5. Open plan living
If you’re looking for a relatively inexpensive way to add some serious value to your home, converting your living spaces into an open plan area can really pay off.
In fact, open plan living has been revealed as the second best home renovation for adding value, increasing the price of your property by an average of £18,251.
What’s more, an open plan renovation is the second best way of making a profit on selling your home, with an estimated profit of £16,751 according to data calculated by Sainsbury’s Bank.
So how much does open plan living cost?
Opening up internal living spaces in your home usually involves knocking down a wall. For this, you can expect to pay between £1,000 and £2,000. And when you consider the huge profits to be made if you are opening up your living space to improve the value of your home, that’s a massive return on investment.
Renovating internal living spaces to create an open plan area is a great way to make smaller homes more attractive to prospective buyers, as even the smallest of rooms can look a great deal more spacious in an open plan setting.
If you are renovating your home to enhance your own lifestyle, open plan living renovations come with a host of benefits. Open plan living enables you to spend more time with your loved ones, creating a more sociable and engaging family atmosphere, as well as making the space much lighter and brighter.
Open plan living is also fantastic if you love entertaining, as it can make room for a large dining table, a spacious seating area or a seamless kitchen diner where you can chat to friends (or keep an eye on the kids) as you cook.
6. Double glazing
Double glazing is a renovation project which comes joint third in the top five most expensive home improvements, costing an average of £6,500.
But if you are thinking of forking out for double glazed windows, you are likely to see a good return on your investment, as double glazing is also the fifth best home improvement for adding value to your property.
Installing double glazed windows in your house or flat can add an average of £13,688 to the value of your home, more than doubling your investment.
Of course, double glazed windows have a financial impact on your home by increasing its potential sale price, but if you are improving your home for your own benefit, you will see significant cost savings too. Double glazed windows make your home much more energy efficient, dramatically reducing the amount of heat lost from your property. Not only will your energy bills cost less, but with fewer draughts and better temperature controls, you’ll also find yourself switching on the heating less often.
And the benefits of double glazing don’t end there, as you’ll also experience less outside noise, less condensation, better security and a reduction in your carbon footprint.
7. Outdoor decking
Adding outdoor decking to your property is a proven way to make a profit when selling your home, as it has been reported by Sainsbury’s Bank to increase profit by an estimated £12,288 on average.
The average cost of fitting timber decking in your garden is between £1000 and £1500, based on an area of around 20 square metres, but this can increase to around £2500 if you choose a premium timber option.
However, even for the premium pricetag, this is a relatively minimal investment in home improvements compared to the potential profit from decking your outdoor space.
The benefits of outdoor decking are plentiful. It looks fantastic, is comfortable to walk on and provides you with a highly user-friendly outdoor space to relax, entertain and enjoy your garden. Decking is classed as part of your living area, so it can increase the area of your property and offer potential buyers more bang for their buck.
8. Kitchen renovation
Kitchens are a close second behind bathrooms when it comes to the UK’s favourite kind of home renovation project, with an incredible 51% of us working on updating our kitchens.
And it’s no wonder, as a new kitchen can increase the value of a property by up to 10%, paying serious dividends on your investment if you are looking to sell your home soon.
As with a bathroom renovation, it’s best to keep to your existing kitchen layout during a renovation if you want to keep costs low. Moving plumbing can make it a lot more expensive, so unless you have any serious objections to the current layout of your kitchen, keep things simple.
When renovating your kitchen for yourself, make sure you plan it around your lifestyle and your family needs. For example, if you cook frequently, make sure you have plenty of worktop space to get creative. If you’re more into microwave meals than cooking from scratch, then preparation space can be kept to a minimum and the space can be used elsewhere.
Think about hazardous areas for children, too, keeping the hob away from heavy traffic areas and the microwave out of reach for small hands.
9. New drive
A new driveway can add an estimated £17,111 to the value of your home, ranking it the third best home renovation project for increasing your property’s worth.
If you’re looking to make a good return on your home renovation investment, a new drive is estimated to make a tidy profit of £14,986. In fact, this impressive figure ranks a new driveway as the third best home improvement you can make to make a profit on selling your home.
The cost of a new asphalt driveway is between £3000 and £5000 on average, so it is a mid-level investment compared to other home improvement projects.
The benefits of having a new driveway fitted at your property start with the obvious – kerb appeal. When prospective buyers come to view your home, first impressions count, so the drive is the first thing they will see. If you make a good impression at this stage, it can set you on the path to a successful sale.
Upgrading your drive can also save you money in the long run, if you plan to stay in the property rather than sell it, when you factor in the cost of repairs to the driveway itself, or even damage caused to vehicles parked in it.
Floorboards have been ranked in the top five home renovation improvements you can carry out in order to make a profit on selling your home.
Fitting new flooring in your home can increase its value considerably, with wooden floors ranking highest for adding worth to your property.
A good quality wooden floor has more longevity than carpets, so it’s a great investment for your home.
But how much does it cost to install hardwood flooring in your home?
The average cost of installing hardwood flooring in your property is around £1080 per room. This can add up, yet it has been said to increase your profit by an estimated £10,457.
In fact, flooring is big business at the moment, with natural, recycled and sustainable flooring materials topping the lists of the top trends for coming seasons as we all try to be more environmentally conscious. Eco alternatives to traditional hardwood flooring include cork, bamboo or reclaimed hardwood.
Planning your home renovation budget
Whichever home improvement you choose to add value to your home, be sure to plan your budget wisely and stick to it, to avoid incurring extra costs and finding yourself out of pocket by the time you come to sell your house. We all know selling your home can be a costly process, so manage your renovation budget to prevent any problems further on in the process.
We would love to know more about your experiences of renovating your home to add value, please share your experience with us on our social media pages!