Moving home from a house filled with memories and in a location that you like can be heart-wrenching at the best of times. But with the current uncertainty in the London property market, the thought of packing up and moving out seems even less appealing.
That’s why many homeowners happy with their postcode are taking the opportunity to improve their home and make the most of the space they have in the hope of adding value and riding out the downturn in property prices.
But where to start?
If you’re contemplating making some changes to you property, here’s a quick rundown of some of the best ways you can do to add value to your home.
Renovate Your Kitchen
Well, we would say that, wouldn’t we?! But in all seriousness, giving your kitchen a makeover is a surefire way to increase the value of your property. In fact, according to property guru, Phil Spencer, renovating your kitchen can add a pretty impressive 4.6% of value to your home.
This doesn’t surprise us too much. After all, the kitchen is the hub of the modern home. It’s not just where we cook food anymore – often, it’s where we eat, watch TV and where everyone congregates at a dinner party with friends or family get-together. It’s a multipurpose living space – and one that (when designed well) has the potential to sell the whole house.
Renovate the Bathroom
Research by Direct Line Home Insurance agrees that the best room to renovate to add value to your home is the kitchen. And the second? You guessed it! It’s the bathroom. How much value it adds, of course, is dependent on the location and specification of the property – but because this room plays a similarly (somewhat crucial) functional role in our lives as a kitchen, a beautifully renovated bathroom just as an important selling point for prospective owners.
Add a Loft Conversion
Ok, we’re getting into more serious construction works now… but if you have the space (and the funds) to go up into the loft and create more bedrooms or even a big master ensuite, you’re going to be able to add some serious value to your home. A study by Nationwide found that adding an extra bedroom and bathroom with a loft conversion could increase the value of a home by up to 20% and it’s possible that this figure could be even higher in homes located in London, where living space comes at a premium.
Convert the Basement
Adding a basement level (especially when you need to dig down to make room for this) is by far one of the most costly and disruptive changes to your home that you can make.
And yet, in London where every extra inch of livable square footage has the potential to add significant value to your home, it could be worth considering.
This article from Property Price Advice suggests that although adding a basement can add value, it’s also pricey so you should spend some time crunching the numbers to figure out whether it will be worth it:
“If your property is worth £750 per square foot, then you can expect a return on investment of 1.3 per cent … However, a small basement may not deliver the same results because of the costs involved … If you’re building a 20 square metre basement, the amount of waterproofing and structural work is quite substantial … So, there’s a cost to value ratio that you need to take into account.”From Propertypriceadvice.co.uk
No matter whether you make new space or simply renovate the existing rooms of your home, it’s clear that there are plenty of ways to add value even in these uncertain times.
And while it might take a bit of hard work, money and patience, the rewards of renovation are worth it. Not just because you’ll add value to your property but because you’ll create a home that you’ll love living in – for as long as you choose.
Brayer Design has worked with clients across London and Surrey, creating beautiful bespoke furniture for kitchens, bedrooms, bathrooms and cinema rooms. Get in touch here to discuss your next home renovation project.