Winners and Losers of Home Renovation
Dream-home building conveniently summarised in an hour long TV programme is great for spurring inspiration, as well as potentially misguiding those who want to maximise the resale value of their home. Shene Insurance look at which alterations boost, and which can hinder your property’s “sell-appeal”.
Loft conversions are a popular way of adding a much needed extra bedroom for those fighting for space, and adding value onto the sale price. According to Legal & General, a loft conversation or extension can add 21% to the value of your home.
But outlay and ceiling price of your street shouldn’t be overlooked. If you spend £30,000 on your £200,000 home but the top price for a property on your street is £215,000, you’re not going to see a return.
The heart and soul of most homes, a new kitchen is a move-in ready sign for potential buyers and can add 4.6% onto the value of your home. The whistles and bells of high-tech kitchens may be a step too far both in alienating those with alternate tastes and tipping you over from profit to loss.
The battle of the bathroom is a mainstay in plenty of one-bathroom households – probably why an extra one is so appealing. One way to restore early-morning co-habitation harmony is to have an en-suite put into any new bedrooms you have planned for an extension or loft conversion. Sprucing up your bathroom could add 2.8%, while adding another could give you a 5% return on your property value.
Be warned, turning an existing bedroom into a bathroom will have a negative impact on the price of your home.
Conjuring a parking space may not be achievable for some, but if you have a property with both a front and a back garden, transforming the front plot into off-road parking could notch up your home value by 2.2%.
An “acquired” taste
It’s important that you’re happy with your home and its décor when living there, but prepping it for sale is another story. Using up valuable space for a cinematic screen and speaker system isn’t going to win the house brownie points if you’re potential buyer doesn’t even have Netflix, and a hot tub screams “legionnaires disease” to some.
Think about broadening the appeal of your property by toning down gaudy wallpaper and showing off the best use of redundant space without reaching out to only the film or miniseries buffs.
Taking out old features
Original tiling, fire mantles, cornices and slate roofs enhance a property’s characteristics as well as adding to its value. If you don’t want to detract from either, leave them well alone.