Though the global pandemic has slowed down the national economy in myriad, unpredictable ways, one thing that is for certain is this; the UK property market moves and grooves to its own rhythm.
And so it goes; so far, house prices here have only seen modest drops in 2023, with the Guardian reporting that they were ”down by 4.2% or 3.2% since their peak in August last year, according to the Halifax and Nationwide respectively.” When compared to the huge drops reported in Sydney, San Francisco and beyond, this doesn’t seem too dramatic.
Yet… Though it’s still largely a seller’s market right now, with experts predicting big price drops whilst mortgage rates may remain high. Indeed, it’s not all smooth sailing from here on in for those looking to sell.
If you’re looking to put your property up for sale a little later down the line and are keen to enter the market on the front front via some smart, savvy upgrades, then rest assured that there are domestic investments to be made which can pay off handsomely. With that in mind, here are the 5 home renovation projects that can add value to your home in 2023.
Cellar Or Garage Conversion
Converting your cellar or garage into an extra bedroom or even small flat is consistently ranked as the number one domestic investment for adding value to your property. In fact, the experts at Property Price Advice (they’d know, right?) suggest that ‘’Transforming an existing cellar into a living or storage space can boost a property’s value by up to 30 per cent’’.
If you don’t have a cellar, then it’s recommended that, to eke serious value from largely forgotten areas of your house, it’s best to transform them into living spaces. Accordingly, Property Price Advice say that a garage conversion could, too, add 15% of potential value to your property.
In many cases, converting either your cellar or garage will require you to seek planning permission; you can check if you need it via the UK’s official Planning Portal.
Loft Conversion
Though a cellar or garage conversion adds undeniable value, it’s also one of the most costly, time consuming renovation projects you can undertake.
Giving potentially better value for money, to add more living space to your home, then it might be prudent to consider a loft conversion. Similarly to above, you may well need to seek planning permission, but generally speaking, a loft conversion isn’t as complex or impactful, and could add, on average, £23,754.74 of value to your home.
For more on the logistics of such an undertaking, check out these 5 IDEAL things to consider before starting your loft conversion.
Kitchen Renovation Or Extension
Though it feels almost perverse to build your dream kitchen only to move on from your property once it’s complete, it does make financial sense; to the tune of 15% added value, according to the Times Money Mentor.
House buyers are increasingly prioritising homes with expansive, open plan kitchens which enable families to eat together in the same room that the food is prepared. If this isn’t possible in your current layout, then consider renovating or extending to make this a reality. One such renovation to consider is adding 2 pane bi fold doors, which allows for extra storage space for food items and kitchen utensils. This not only will increase the size of your kitchen, but also makes it so that items are organised more efficiently.
You can find extra room for your kitchen by extending it outwards, into your garden or by using the space currently dedicated to an exterior side passage. Alternatively, you can create a more generous feeling space by knocking through a wall which currently divides your kitchen and another room in the house. These tips on maximising the potential of your kitchen extension might just help you focus your mind a little.
Fix Structural Issues
It isn’t all additions, extensions and upgrades which can help your home accumulate value prior to you putting it on the market. Instead, taking a long, hard look inwards; identifying any lurking structural issues and fixing them can also add value to your property.
Fortunately, the fixing of structural issues may well be covered by your house insurance, though that is dependent on what has caused them. You’ll likely need to get a Specific Defects Report, carried out by an independent property surveyor, before moving forward with any claims.
Addressing any underlying issues with your roof is one of the most sensible investments you can make to add resilience to your property and, in turn, value to your home. In fact, This Is Money suggest that you can get a 63% return on your investment, adding that ‘’If a buyer thinks they are going to have to fix the roof of a house then it is likely they will try to push you down on price’’.
While replacing your roof won’t do much for the overall aesthetic of your home, it can certainly ensure that you or any future owners won’t have to deal with leaks.
Read: How to avoid spiralling home renovation costs in 5 IDEAL steps
Kerb Appeal
Real Homes believe that ‘’A fresh, attractive exterior could add up to 10 per cent to your home’s value’’ and we couldn’t agree more. First impressions count, and many potential buyers will have made up their mind about your property before they even reach your newly painted front door (green or blue, incidentally, to maximise its appeal).
A perfectly manicured lawn, a fresh looking facade, a newly laid driveway…it all adds up to the perception of a well run, inherently valuable home.
We think this one’s so important, in fact, that we’ve written a whole article on the subject here; check out these 6 exterior design ideas for a stunning, standout home.