Adding Value to Your Property – Why You Should Consider Refurbishment
If you choose to refurbish your home, you are making a prudent move. However, some extensions or upgrades are better to make to than others, as they can greatly increase your home’s value. So, before you sink any money into a remodelling project, you need to review the projected return on your investment.
Major Modifications That Add Value to a Property
In the UK alone, property owners spend almost £30 billion annually on improvements, or just over £40 million per week. So, people definitely feel there is value to this type of undertaking. According to one professional real estate survey, participants said they believed the major modifications should be made in the following priority order:
- Adding a bedroom
- Refurbishing the kitchen
- Adding an extra bathroom
- Adding a conservatory
Extra Square Footage Equals Added Value
So, the above listing, according to experts, shows the additions or upgrades you should strongly consider when planning a refurbishment. Regardless of your choice, if you add square footage to your house, you will definitely increase the value of your property.
Expanding Your Kitchen Area
For instance, an easy upgrade might be an expansion of the kitchen area. This type of renovation does not normally entail obtaining planning permission or consent. You might also consider a double extension to increase your bedroom space. Anticipate paying from £20,000 up and reaping an increase of just over 10% of your home’s value, or around £30,000.
Adding a Bathroom
If you contact a refurbished building company in London, you might also consider adding a bathroom to your home. This type of addition can increase your home’s value by about 5%, or around £15,000. You might consider adding an en suite bathroom, as this type of upgrade is popular because of its comfortable and convenient designs.
Stay within Your Budgetary Limits
Just be sure to stay within your spending limits when it comes to selecting taps and tiles. The price for adding a bathroom can range from £3,000 to over £6,000. Try to think in terms of economical quality instead of over-the-top luxury. Choose enhancements that normally appeal to purchasers of area real estate rather than opting for items that you personally like.
Select an Open Design
Also, when making a refurbishment, you may want to look at open-plan designs. When people are hunting for houses, space comes at a premium. So, you want to make sure that the space in your expansion is highly useable. For example, if you are planning a kitchen upgrade, an open plan design should be a priority. A kitchen with this type of layout can increase your property’s value by as much as 6%.
As mentioned, conservatories are also ideal choices for refurbishments. Just make sure that the room is constructed with real glass, because buyers of real estate today do not like conservatories that are made with cheaper materials, such as uPVC.
In order to add value to your home then, a conservatory must be made of quality glass and other materials. If it is properly built, a conservatory that costs between £5,000 and £10,000 can increase a home’s value by as much as £15,000.