There are a number of cost effective ways you can add value to your home. From small structural changes to much large projects, whatever your budget may be, even the smallest of changes can make it a more appealing space to live in. Whether you are planning on selling, or just to want to freshen things up, here are 5 ways to add value to your home.
1. Build a loft conversion
Converting your loft has long been one of the best ways to add more value to your property. On average it will cost around £500-600/m², which is half as cheap as building an extension. According to Nationwide Building Society, you could see an increase in value of up to 20% depending on the type of property you own. Even if you are not planning on selling up any time soon, it is one of the most cost effective ways to increase space in your home.
2. Add new windows
New windows will not only give your home a refresh but also add a lot of value. If you have old single pane windows, installing double or triple glazed windows increases the energy efficiency of the property and should help you see a reduction in energy bills over time. If you live in a period home you should try to replace them with modern versions of the same type – double glazed sash windows for example – as this maintains the original aesthetic and financial value of your home.
3. Transform your kitchen
The kitchen is probably the most important room in the home as it’s a communal space that brings everyone together throughout the week. If you are selling, it’s a room that most buyers will have high up on their list of importance. Even if you have no intention of moving, extending or renovating your kitchen rejuvenates the space and how you use it. According to Checkatrade, a budget renovation costs an average of £3,250, while a fully bespoke makeover is around £35,000.
4. Carry out repairs and maintenance
Over time, wear and tear starts to show on every property, and if any key structural issues appear these shouldn’t be ignored. For example, subsidence will significantly reduce the value of your home if not dealt with and if you plan on renovating your kitchen or adding an extension, this has to be resolved first. Other structural issues that could occur include bowing walls, cracks on walls, rising damp, leaking roofs, broken roof tiles and an unstable chimney stack. In most cases you will need a professional tradesperson to asses these before any work can be carried out.
5. Decorate your home
A new coat of paint can do wonders for your home and it is one of the first things you should consider if your décor needs a refresh ahead of putting the property on the market for sale. It’s a relatively cheap way of brightening up rooms and making the home feel more appealing to prospective buyers. It won’t directly increase the financial value of your home, but it will help sustain the value and enhance the idea of what it could be like to live there for others.