Annually, Brits spend £30 billion on home improvements—or £43 million each week. Although home renovations can be costly, the right work can significantly increase the value of your home — as fitted kitchens in Glasgow specialist DM Design explores:
Property guru Phil Spencer is on record saying to The Telegraph: “If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. We don’t just cook in it, we do homework in it, we watch television in it and hold dinner parties there.”
If you are considering installing a new kitchen in your home, it’s important that your new kitchen spend is aligned with the price of your home — this is how most value is added.
With the right kitchen, Phil estimates you can increase your home’s value by 4.6 per cent. The Royal Institution of Chartered Surveyors (RICS) echoes this statement, acknowledging that a new kitchen will make a property more appealing and can add up to four per cent to its overall value.
According to Nationwide Building Society, you can add up to 5% to the value of your home by adding an en-suite or creating a second bathroom. Adapting existing bathrooms for disabled family members is easy done thanks to companies such as Adaptio. Changes such as fitting disabled showers can make a great difference for those lacking mobility.
Phil Spencer commented: “You don’t need to do a lot with the room, it’s all about the features that you put in, such as a set of new taps, a heated chrome towel rail, a big new shower head, a power shower, and a glass screen or glass door instead of a shower curtain.”
According to Phil’s estimates, doing so will increase your home’s value by 2.88 per cent.
The loft or attic
If you have a loft space in your property, why not clear out the clutter and undertake a loft conversion project to make the most of your space?
Overall, Nationwide Building Society estimates a loft conversion can add almost a quarter (21 per cent) to your home’s value. Remember to seek professional advice before undertaking the project, to ensure your work meets both building and fire regulations.
You can add in excess of 10 per cent to your home’s value by adding a double bedroom; if you have a garage, you could consider transforming it into a living space.
Just 10% of British garages contain a car, Phil Spencer estimates, so the work could help you make the most of the available space you have. In general, the British media personality and television presenter says that the value added can be calculated by multiplying the square footage gained by local price per square foot.
Managing director of the National Association of Estate Agents (NAEA), Mark Hayward, commented to The Telegraph: “Conservatories will add value to a home, but they need to be made with quality materials and provide a lot of light in order for the value to be significant.”
A glass conservatory is preferred over uPVC. A high-quality conservatory can add as much as five per cent to the home’s overall value, according to property valuation providers Yopa, though Phil Spencer is confident that 11 per cent will be added to the value if the conservatory is part of a full-blown extension.
Improving the garden
Consider the impact building a conservatory will have on your garden, as your available outdoor space is hugely influential on the value of your home.
Accessibility and enjoyment are paramount to any garden, so carry out work to maximise this. Consider fitting glass doors which open out into the garden and install high-quality outdoor lighting throughout the garden and create a seating area with a comfortable outdoor hammock to make it welcoming.
Phil Spencer even predicts that decking installation could increase your home’s value by around two per cent overall.