The amount that we spend on renovating our homes surged by 36% during the coronavirus pandemic, as people spent more time in their houses and spent considerably less on outdoor activities.
There’s a world of difference between modifying a property for your own individual use and doing so in a way that adds financial value, however, particularly when you consider the costs and potential ROI associated with individual modifications.
But what are the best ways of adding value to your home? Here are some considerations to keep in mind!
#1. Take a Look at Your Home’s Structural Issues
Let’s start with the basics, as you’ll need to address any structural issues affecting your home if you’re to optimise its inherent value.
This includes potential damage that may have been caused to your roof, which may cost a significant amount of cash to repair and will be subtracted from its resale value if you fail to address this.
Ultimately, it makes no logical sense to make cosmetic changes to your house without first correcting any structural issues, particularly given that most potential buyers will be able to identify these problems quickly through a series of surveys.
#2. Add a Patio to Your Garden Space
Now that the summer is nearly upon us, it also makes sense to develop your home’s outdoor space. This is particularly true if you’re looking to sell this summer, as buyers may be swayed by an attractive garden space when completing a purchase during the warmer weather.
Central to any functional and visually appealing garden is a patio space, which can be decorated with garden furniture and used as a space to relax and unwind during the summer.
When building your patio, just make sure to use the best patio seal, so that it won’t damage easily or within a relatively short period of time.
#3. Invest in a Loft Conversion (If You Can Afford to)
While a loft conversion may be one of the most expensive home modifications you can invest in, it’s one that may also deliver a return of around 50% on your initial investment.
More specifically, it costs an average of £24,000 to complete a loft conversion, with this capable of adding an estimated £12,000 to the cumulative value of your house (especially when you convert the space into a functional bedroom).
This is a strong trend in the property market, although you’ll need the requisite amount of money to make this happen!
#4. Consider Installing Solar Panels
While solar panels are not always effective installations (depending on the location of your home and the way in which the roof is positioned), they can add immediate value to your home while also reducing the homeowner’s energy bills.
According to the analysis of more than five million property sales nationwide, installing solar panels on the average property could increase its value by between £1,891 and £2,722 (depending on other factors such as location).
Be sure to consult with an expert before proceeding, however, as you’ll also have to factor in the panels’ efficacy and total energy savings before making an informed decision.
