Whether you live alone in a one bedroom traditional tenement flat, or with your growing family in a 4 bedroom new-build house, there are always ways of making your home work harder for you while adding value to your property.
We’ve researched 5 of the best ways to add value to your home – on a variety of budgets. So, whether you’re looking for a little DIY inspiration, or planning to add a room or two, check out our helpful list.
If you are only going to make changes to one room, make it the kitchen. Adding a whole new kitchen can add around 4% to the value of your home*, but for those without the budget to go this far, even making small improvements here can pay dividends.
Replacing tired old cabinet doors and drawer fronts with fresh new ones, or even something as simple as changing the lighting in your kitchen can transform the entire look of your space.
If a full kitchen refit is in order, take advantage of the free design service offered by most kitchen suppliers. And remember that you’re not obligated to buy from them so even if you decide to go with their design, you can still source your fittings elsewhere!
*Source: Royal Institute of Chartered Surveyors
2. Don’t forget the first room people see
The humble hallway is often the first (sometimes only) impression of your home that visitors will see. Unfortunately, many of us treat this room as a storage space for coats, shoes, bikes, prams, school bags, dog beds and other bits.
If you’ve got space, fit some proper shoe storage and a coat rack, and move any spare shoes, jackets and hats somewhere else. If you live in a tenement flat – make use of the high ceilings by installing a wall-mounted bike rack to free up floor space.
Adding a mirror in a small hall not only gives you somewhere to check your reflection before leaving the house but also helps to add a sense of space and light. Better still, add one on either side of a wall, facing each other and your cramped entrance can magically feel twice as big.
3. Turning up the heat
Replacing an older boiler with an efficient new one not only adds value to your home but can also save you money on your monthly heating bills. The Energy Saving Trust estimates that in an average mid-terraced house, installing an energy efficient boiler could save you up to £175 per year on gas bills.
All gas work needs to be carried out by a Gas Safe registered engineer and as with all major projects, it’s worthwhile getting at least 3 quotes from different installers to make sure you’re getting a good price.
4. The space race
There are a number of ways to add extra space and value onto your existing house if you’ve got the funds and patience to put up with your home becoming a building site for a few weeks.
Converting existing space, such as a loft, means you don’t have to worry about compromising your outside space. However, you will need to think carefully about access to the new space from within your property. According to The Home Owners Alliance, a good loft conversion can add up to 20% onto the value of your home.
Often the cheapest way to add an extra room onto your house is to build a conservatory – which can cost anywhere between £5,000 and £30,000 depending on size and features. To maximise return on investment, make sure the conservatory matches the style of the existing house, is south facing and is heated so that it is useable all year round.
5. All the little things
On their own, a dripping tap, cracked tile or peeling wallpaper won’t directly affect the value of your property, but when you add them all together, all the little things that need fixing can knock ££s off your property.
If you’re feeling handy, get online and find a free DIY tutorial (YouTube is great for this), or look out for night classes at your local college or high school. You’ll be amazed at what you can do when you put your mind to it.
For jobs you don’t feel confident tackling yourself, ask friends, family or colleagues for recommendations or use a site like MyBuilder or ReviewCentre to find a reputable handyperson.
We’re committed to working with members, local organisations, and employers to increase financial awareness in the wider community.
For more hints and tips check out our Financial Wellbeing Hub, which includes articles and guides covering everything from budgeting to getting onto the property ladder.
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