A home is many things all at once. It’s a place where we eat, sleep, work and play. A place where we spend time with our loved ones. A place of comfort and security. From a financial perspective, a home is also the most important asset many of us will own. That’s why boosting the value of your home can make such a difference to your future plans.
From DIY tweaks to bigger extensions, here are some steps you can take to ensure your home becomes a long-term investment that brings value to you and your family.
One outcome of the coronavirus pandemic has been a significant increase in the number of people working from home. While just 6% of employees worked from home before the pandemic, the figure soared to 43% at the height of lockdown. And according to data from Rightmove, over a third of home buyers (36%) now look for a more suitable home workspace environment.
That means more than simply setting up a desk in the spare bedroom. If you’re adapting a room into a workspace, think about the suitability of different elements like the flooring, the wall colours and the amount of natural light the room receives.
As well as adding value to the home, creating a professional work environment can help to boost your overall wellbeing by ensuring a clear separation between work life and home life.
Estimated profit: According to Hiscox, adding a home office as a small extension could boost your property price by an average of 8.4%.
A fresh coat of paint is another easy way to add value to your home. Tired looking walls can give a bad impression to potential buyers and is often the first thing people notice when they walk into a house.
It’s also scientifically proven that certain colours can impact your mood. Soft and neutral shades of blue, for example, can have a calming effect and reduce stress and anxiety.
Estimated profit: £7,515 – based on an average cost of £2,850 and estimated value increase of £10,365, according to Ideal Home magazine.
Another consequence of more people working from home has been the increased importance of our gardens. Having access to private outdoor space is good for our mental well being, providing a sanctuary for you and your family to work, play or relax in.
Investing in a garden makeover might seem like a lot of work, but adding features like decking and heated outdoor seating areas can help to make your property more attractive to potential buyers. And if you don’t have a large garden, or don’t want the expense of a big landscaping project, then even simple things like tidying your outdoor space or giving the fence a fresh lick of paint can make a real difference.
Estimated profit: £7,898 – based on an average cost of £7,650 and estimated home value increase of £15,548, according to Ideal Home magazine.
As the climate crisis moves higher up the news agenda, attention is turning to the different ways we can reduce our carbon footprint at home. Whether that’s improving our insulation, adding double glazing or installing low-carbon heating, there are now lots of options for making our homes greener.
The financial benefit is clear too, as improving energy efficiency can save hundreds of pounds on utility bills each year. It also gives confidence to potential buyers that the property is future-proofed and fitted with the latest eco-friendly appliances.
Keep an eye out for Government incentives such as the Green Homes Grant to see whether you could be eligible for a financial contribution towards upgrades on your home. Estimated profit: £18,303 – based on an average cost of £10,720 and estimated value increase of £29,023, according to Ideal Home magazine.
If you’re feeling more ambitious, a loft conversion could be one way to add more value to your home with one big project. Most loft conversions can be carried out without planning permission, but you will still need to satisfy building regulations, so check with a builder or architect to confirm this.
A loft conversion means that you don’t just gain an extra room in your home – you gain an extra floor too. This can be used for anything, from another bedroom or living area, to a play room for the kids. The long-term value is clear, but remember to take into account the initial expense and scale of the project, and the short-term disruption this can cause within your home.
Estimated profit: £13,596 – based on an average cost of £17,500 and estimated value increase of £31,096, according to Ideal Home magazine.
A home is the most important financial asset many of us will own and even small changes such as a fresh coat of paint, organising a space or tidying up the garden can help to add more value. However, if you have the budget, some of the above changes could make a significant difference in the overall value of your home.
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