Looking to make money on your home? Here are the top renovations that can add thousands to your property’s value…
At the beginning of last year, the number of people searching Google for tips on how to sell a house in the UK quadrupled as the pandemic hit and everyone was looking for advice on how to maximise the value of their property.
It is estimated that Brits spend approximately £83 billion each year on home renovations, but which ones are most likely to add value to your home? One online real estate agent did the work and discovered the five home renovations that can add up to 49k to the price of the average £245k property, read on to find out exactly what they are.
Kitchen Renovation
There is one thing that all of the experts from the online real estate agents who compiled the figures to some of the best independent property estate agents in the country, such as Maida Vale Estate Agents, agree on and that is if you want to maximize the value of your property, installing a new kitchen that gas the wow-factor is a sure-fire way to do it.
Added value potential: £49,000 (20 percent)
Period Features
A lot of buyers are really into their period features and they are more than willing to spend more on things like original beams, cornice, skirting boards and fireplaces., If your home has any period features, it could then be well worth giving them some TLC, restoring them, and making them look as good as possible, The work will more than pay for itself.
Added value potential: £24,500 (10 percent)
Improve Natural Lighting
Most people prefer to live in homes that are light and airy, so it is not surprising that the research shows that adding features such as skylights, bifold doors and bigger windows can result in an increase of as much as 8 percent for the property owner when the time comes to sell.
Added value potential: £19,600 (8 percent)
Loft Conversion
Loft conversions turn unused space into a useful extra room, so it is a no-brainer that this is potentially one of the most lucrative renovations homeowners can make, but it is especially lucrative for homeowners who turn the loft into a modern office space where people who are working from home can do so in as much comfort as possible.
Added value potential: £36,750 (15 percent)
Bathroom Renovation
Bathroom renovations can increase the price of a home by as much as 5 percent, and can be as simple as switching out work fixtures and fittings for more fresh modern ones, but if your bathroom is already in a generally good state, it probably won’t be worthwhile, so this is one renovation that you should think about carefully before proceeding with.
Added value potential: £12,250 (5 percent)
As you can see, there is a great potential to add thousands of pounds to your property with just a few renovations. However, if you are unsure about undertaking any work, be sure to consult with a good real estate agent first.
