Home improvement ideas for 2022

February 22, 2022

Where can you add real value to your home?

HOW CAN I INCREASE the value of my home? That’s likely to be a question you’ve asked yourself at some point. Home improvements give you more than just a little more living space, they can add potentially thousands of pounds to the value of your home. 

Even if you have no immediate plans to sell your home anytime soon, it’s still useful to know how you can go about increasing the value of your property – that way, if you ever come to sell at a later date, the asking price you can set for your home is likely to be much higher. 

Adding a conservatory, upgrading your kitchen or widening your bathroom space are just a few of the many home improvements you’ll be considering at some stage in your life. But what are the most popular building projects and rooms to renovate so you know exactly where you can add real value to your home? [1]

LOFT CONVERSION Many homes have an untapped potential for unused space in the loft, which can be converted into another room. A loft extension can cost anywhere between £10,000 and £40,000 depending on the structural condition of the building and quality of conversion, but it could add up to 15% to the value of your property due to the increase in square footage it can give you in living space. 

You need to be mindful of the fact that a loft conversion is a large project requiring planning permission and help from an architect and engineer, which adds to the expense of the project. It can also cause a lot of disruption in your home compared to other renovations due to the time it takes, and the number of different trades required to complete the conversion. 

PROPERTY EXTENSION Adding to the square footage of your existing property will almost always add value to your home. Extending your living space can be as simple as adding a single storey extension onto your home for a bigger kitchen or dining room, to a more complicated project adding a few rooms with a double extension. You should expect to pay upwards of £10,000 to £20,000 for a single storey extension, but you can expect to add an estimated 10% on to the value of your property. This project causes a greater level of disruption than some light painting and decorating, and could also require planning permission and help from an architect to complete. 

If you don’t want to add an extension to your property you could consider adding an extra room in the garden itself. The understated garden shed is quickly being replaced by bespoke offices, workshops and sun rooms at the end of our gardens. An extra room in the garden could add value to your property and, depending on the size of the project, you’re unlikely to need planning permission for this addition.

“Catch the best of the summer weather while adding as much as 10% to the value of your home with a conservatory.”

KITCHEN REFURBISHMENT A new kitchen could potentially add 4% onto the value of your home. It’s also something many prospective buyers look for – most likely because of the cost and difficulty that comes with replacing a kitchen, which makes one that’s already complete very attractive. 

A new kitchen could cost you anywhere between £5,000 and £40,000 depending on the size and scale of the refurbishment, and because of the number of services including gas, plumbing and electrics that might need to be moved or altered to meet your requirements. Compared to other, larger projects, a new kitchen is only likely to cause a week or two of disruption. 

BATHROOM REFURBISHMENT Adding a bathroom to your property, or upgrading an existing one, can increase the value of your home by up to 5%[2] and can be a valuable future selling point to prospective buyers. A new bathroom can cost between £2,500 and £6,000 depending on the quality of fixtures and fittings you choose. 

If you are adding a bathroom, it’s always better to create an en-suite from a large room or existing cupboard rather than converting a whole room, as you may ultimately devalue your home if you remove a bedroom or study to create a bathroom. This project is likely to cause the least disruption as it requires fewer trades to complete than other home improvements. 

CONSERVATORY Catch the best of the summer weather while adding as much as 10% to the value of your home with a conservatory. Having previously fallen out of favour with many home owners and prospective buyers, the conservatory is back and no longer just the uPVC box added on to so many suburban semis. 

A new conservatory with bi-folding doors, self-cleaning glass and timber framing could cost you between £4,000 and £10,000, but is an easy and fast way to increase the value of your home.

LOOKING TO REMORTGAGE YOUR PROPERTY TO FUND HOME IMPROVEMENTS? In order to carry out and pay for home improvements, some homeowners release equity in their property by remortgaging. Raising finance through remortgaging can be the most efficient, and often least expensive, option to obtain the money for home improvement work. To talk to us about your requirements, please contact The Official Mortgage Company – telephone 01777 809700 – email admin@officialmortgages.co.uk.

Source data: [1] Shawbrook Bank 09/2021 [2] https://www.idealhome.co.uk/projectplanning/how-to-add-value-to-yourhome-73696

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Debt consolidation is not always the most suitable option and consolidating debts must be carefully considered. It will usually mean more interest over a longer repayment term and there may also be early repayment penalties on your current mortgage, so you should think carefully before securing other debts against your home. You can find out more by contacting the Money Advice Service http://www.moneyadviceservice.org.uk/en/articles/where-to-go-to-get-free-debt-advice.

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