Value can be added to a home by making improvements and adding desirable attributes. Due to the nature of the current property market, the average UK home will usually fluctuate in value regardless of changes.
However, there are upgrades you can make to increase the value of a home. Examples include restoring original features in a period property or adding an additional bedroom.
Be aware that there is a difference between adding market value and increasing saleability. Saleability refers to a home’s appeal to buyers and ability to sell. The value is the worth of the home.
7 Upgrades that Add Value to Your House
Whether you preparing to sell or want to enjoy the benefits yourself, there are several ways a home can be improved. The return on investment for these improvements can make the initial expense worthwhile.
These changes can increase the equity you have in the home and enable you to sell the home for more than you paid for it.
Below we look at some of the best ways to add value to your home.
Increasing the energy efficiency rating
An energy-efficient home will be cheaper to run and are thus more desirable. Savills estate agents reported that 76% of buyers now consider the energy consumption in a new home. Moneysupermarket.com found that an improvement from a rating of G to an A or B can increase the value of a home by around 14%.
- Energy efficient upgrades can include:
- Relaying or replacing attic insulation
- Replacing faulty or failing double-glazed windows
- Block/repair drafts
- Install solar panels
- Use of smart home technology
- Repair cracked or broken cladding
Converting the loft
Loft conversions, especially if turned into an additional bedroom can add up to 20% to the value of a home according to Unbiased. Making the most of the roof space is a way to add a room without the need for an extension.
Adding a downstairs toilet
A downstairs toilet or cloakroom can add 5% to the value of your home. Downstairs toilets, separate from the main bathroom, are often highly sought after by buyers.
Adding a conservatory
Conservatories continue to hold their popularity with homeowners and buyers alike. They can also add up to 7% to the value of your home according to Anglian Home Improvements.
Restoring original features
A well-maintained historic home has its own unique selling points. Restoring the original features of a period home can add both value and saleability to a home. Many buyers are looking for a home with character, with Victorian and Edwardian homes proving to be popular choices. According to Check a Trade, restoring original and existing features to your home could increase its value by 30%.
This includes:
- Fireplaces
- Stairs and banisters
- Wooden beams
- Original floorboards
- Original Tiles
- Original doors
- Stone flooring
- Cornices (crown moulding/ceiling roses)
Building an extension
Adding an extension to your home can add value to your home such as another bedroom or a downstairs toilet. The amount of value an extension adds will depend on the type of extension and what it is used for. Even having the planning permission for a future extension can increase the value of your home.
Updating a kitchen or bathroom
If your kitchen or bathroom is dated or needs upgrading, updating them can add value to your home and entice buyers when you sell. Schofields Insurance reported that kitchen renovations could add up to 12% in value to your home, with an updated bathroom adding 4%.
Updated cabinets and new appliances can impress buyers but they can also be enjoyed by homeowners looking to create their dream home.
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Cheap Fixes to Increase the Saleability of Your Home
Increasing the saleability of your home is essential for enticing potential buyers. For example, a lick of paint or improving your home's kerb appeal may attract buyers and increase the chances of your property selling. But, it is unlikely to add real value to the average property.
These may not necessarily increase the market value of your property, but a buyer may be willing to pay more than the sale price for your home. Improving the aesthetic appeal of the home doesn’t have to include big projects and many of these changes can be very cost-effective.
They include, but are not limited to:
Decluttering the home
A deep clean of the property
Staging the house for viewings
Clearing and improving outdoor spaces such as the garden, sheds and outhouses
A new front door
Cleaning and repainting the outside of the home
Painting and decorating
Fix superficial defects like broken lightbulbs and mouldy sealant in bathrooms
Add mirrors to make the most of natural light and give the illusion of more space
Home Improvements That Do Not Add Value
There are a number of home improvements that will not add value to the home. These may be expensive and desirable to the current owner, but will not increase the property’s value. Some changes may even decrease the value or put off a buyer.
Removing original features
Although the original features may not be to your taste, having them ripped out or replaced can drop the value of your home. Also be aware that if you remove or alter original features in a listed building or from a home in a conservation area, you could face fines.
Swimming pool
Although a swimming pool may seem desirable to the current homeowner, it might not be everyone’s choice. The combination of the upkeep and the minimal use in a wet and temperamental Britain could put off buyers. Additionally, a swimming pool can become a hazard to those with small children and animals.
Converted garage
Extra bedrooms help both the value and saleability of a property, making it more enticing to buyers. However, converting the garage into a bedroom might put off buyers specifically looking for a property with a garage. Parking is something considered by buyers and a designated parking space is very often far preferable to street parking.
Removing the bath
Although a wet room or large walk-in shower may be appealing to some, buyers can overlook a property if there is no bath. The value of the home can be impacted and the property will likely take longer to sell.
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What Can Devalue Your Home
Some factors that can devalue your home are red flags that may need repair or removal. They are likely to be found during a buyer’s property survey. If you are selling, you may want to address these concerns ahead of time.
Japanese knotweed
Japanese knotweed is an invasive plant that can cause structural damage to properties. According to Total Weed Control, Japanese Knotweed can devalue a property by up to 20%.
Damp
How much damp can devalue a house will depend on the severity. Advanced Damp Ltd states that damp can depreciate the market value of a home by approximately 10%. However, CS Damp Proofing reported that damp can devalue a home by up to 53% if it impacts the structure of the home.
Poor energy efficiency
Drafts, poor insulation, and faulty or old heating systems can all contribute to the poor energy efficiency of a home. Even if your buyer doesn’t arrange a survey, they will receive a copy of the EPC certificate as part of the conveyancing process, which rates the home’s energy efficiency.
Subsidence
Subsidence can be a serious concern for both homeowners and buyers. It can cause catastrophic damage and be expensive to repair. If a home is suffering from subsidence, it can devalue the property by up to 25%.
For more information see: What to do if a surveyor devalues house?
Finding a Valuation Surveyor
If you want an accurate market value of your home, a RICS-registered surveyor can provide a professional valuation.
At Compare My Move, we can match you with up to 6 qualified surveyors in your local area. Rest assured, all of our valuation surveyors are RICS-registered. They have also passed our strict verification process. Save up to 70% on your surveying costs when you compare valuation surveyors with us.
