One of the top questions that you might be asking yourself as a homeowner is what are the best home improvements that add value. This is especially the case if you are looking to sell your home in the near future, as you won’t want to invest in something that doesn’t give you a return on your investment. There are several home improvements that can add value to your home and one of the most common improvement is adding a new kitchen. We talk you through exactly how much return you can expect from each home improvement and how much you should consider spending.
How Much Value Does a New Kitchen Add to Your Home?
A common train of thought when it comes to adding a new kitchen on your property is that whatever you spend on a kitchen can be added to the value of the property. However, this is not strictly true, as any value added to the property will be proportional to the value of your home. For example, if your home is worth £100,000 then you are unlikely to see a return on investment spending £30,000 on a kitchen. A new kitchen can add between 5% and 15% and this is how much you should look to spend on your new kitchen. So around £10,000 spend on a new kitchen would be more than acceptable if your property is worth £100,000.
Should I Make My Living Area Open Plan?
One of the obvious ways to increase the value of your property is to increase the amount of space that you have, with either a single or double-storey extension. However, this can be very expensive and many people don’t have the funds for a full extension on their property. A great way to increase the space that you have without extending is to make your living area open plan. This can make your property look a lot bigger and more spacious than it actually is and won’t cost as much as an actual extension. Simply knocking through an internal wall can add up to 5% more value onto your property.
Will a Loft Conversion Provide a Return on Investment?
A great way for you to add value on your property is to add an extra bedroom as this can add up to 15% extra to the value of your home. One of the most common conversions on any property is a loft conversion as this space is often disused or filled with junk. However, it is worth getting an architect or builder to check out your property first to advise on how much space you have for a conversion. If you have a garage space then you could consider converting this as opposed to converting the loft space.
What Is a Side-Return Kitchen Extension?
If you are thinking about a kitchen extension then you might have heard about a side-return extension. If you are unfamiliar with this, a side-return extension is when you extend a kitchen to the full width of your property. On many of the older semi-detached or terraced homes, you might have a narrow alley that runs adjacent to the kitchen and into the garden. Extending into this space can give you a much larger kitchen and potentially add an extra 15% to the value of your property.
There are plenty of other ways that you can increase the value of your property and of course simply decorating can make your property more attractive to buyers. However, if you are looking to add significant value and see a return on investment, then you should consider some of the above methods.