Since March 2020, as working from home became the norm, many of us have spent more time in our homes and are starting to view the space we live in a little differently.
Yahoo Finance UK found that Brits had spent an eye-watering £110.3 billion on home improvements since the start of the pandemic.
Improving your home can make it more personal to you and increase the sale price of your property. So, read on to find out which renovations could add the most value to your home.
A modern kitchen and bathroom may add the most value to your home
There are several reasons why you may want to make some changes to your home. Perhaps you’d like a dedicated office space, so converting the loft or shed presents the perfect opportunity, or maybe you want a fresh and modern feel in your kitchen?
As well as helping you to feel more comfortable in your own home, many improvements also add value.
A recent study from Royal London asked homeowners how much extra they would offer on their next property if it came with certain improvements.
Topping the list was a modern kitchen, which could add £11,159 in value, and in second was a modern bathroom, which might be worth an extra £10,915.
The kitchen is possibly the most important room to consider when selling your home. This is because the kitchen will be one of the most used spaces your house has to offer and is often an area for the family to congregate.
The kitchen is also one of the first things a potential buyer will look at when viewing your home. Indeed, an independent survey conducted by Wren Kitchens in partnership with YouGov found that that 87% of property experts say a new kitchen will increase the value of your home by up to 8%.
When it comes to the bathroom, a clean space with a modern feel is attractive to buyers.
Tom Greenacre, Divisional Sales Director at Purple Bricks, says: “9 out of 10 times, it helps the sale of the property if you have a modern bathroom, opposed to an old-fashioned one”.
Other renovations could still significantly increase your home’s worth
It isn’t just the kitchen and the bathroom that could add value to your property when renovated. Other improvements that can add value, with their estimated added value in brackets, are:
- A loft conversion (£10,845)
- A spare bedroom (£10,744)
- A conservatory (£9,390)
This data makes sense, considering that Royal London also report that the number one reason for renovating is the need for more space, with 51% of movers in 2021 wanting more indoor space, and 46% wanting more outdoor space.
A loft conversion could offer the potential for an extra bedroom or office space, especially with the work-from-home model or flexible working options being adopted going forward. A spare bedroom is attractive to families with children, while a conservatory usually extends a lounge or other primary living space.
It isn’t just the rooms you should consider renovating. Other items identified by buyers as adding value included a new boiler or heating system, a landscaped garden, modern doors, and modern windows, each of which could significantly improve just how comfortable your home feels.
New windows may even be more important than you think, as the HomeOwners Alliance ranked clean, attractive windows as the top aspect to improve your home’s kerb appeal.
Almost half of homeowners improve their kitchen within the first two years
The Royal London study also established the improvements a homeowner is likely to make within the first 24 months of living in their new home. 48% of respondents claim to have modernised their kitchen, while 39% say they had upgraded their bathroom.
And again, it isn’t just the rooms themselves that homeowners consider important. 24% upgrade their doors and 21% improve their windows after moving in, with 23% installing a new boiler or heating system.
Making these renovations now could not only improve your home’s market value, but also increase interest from potential buyers. The less a new owner needs to do and spend when they move into the property, the more attractive it may be to buy.
If you’re thinking of selling soon, or if you know that you will move eventually, it might be worth investing in these home improvements. You could reap the benefits while you remain in your home and may greatly increase the value of your home when it comes time to sell.
And the average UK house price is continuing to rise, with the Office for National Statistics reporting a 13.2% increase in the year to June 2021, the highest annual growth rate since November 2004. Any improvements you make now could continue to drive your home’s value in the future.
Get in touch
If you’re considering renovating your home and need to borrow to fund the improvements, please get in touch. Email info@alturafin.com or call us on +44 (0) 20 3411 0079.
