Well, the answer to this question is ….. maybe!
Some might, and some are unlikely to. Some may add to the value, but some may be valuable in other ways. So, here, we at RIGHT-STEP Real Estate take a look at whether all home improvements are equal.
We have bags of experience in property in and around London, so if you need some expert advice on exactly what could add value to your home, just get in touch. Call us on 0203 092 2987 or email us at firstname.lastname@example.org.
What classes as a home improvement?
To start with, what exactly constitutes a home improvement? This is an interesting one. A new central heating system is undoubtedly an improvement, but chances are that a new system is being installed because the old one isn’t up to the job.
So, yes, it is a home improvement, but it’s not the same as, for example, building a conservatory.
Get a bit lofty
Many people are looking for a home that gives them space. Perhaps a growing family needs a couple of extra bedrooms, or a room is needed to use as a space in which to partake in a hobby or to work.
There’s no doubt that in the right area, the number of bedrooms can help increase the price of your property. You could go up into the loft, making good use of a void, or you might decide to have an extension built.
The thing to consider here though is why you are having the improvement done and what it costs. If it costs you £25,000 to have your loft converted, and it will only add an extra £10,000 to the property, does it make sense? Perhaps not if you’re doing it to sell your home, but it will if you intend on staying there and need the space.
They say that the kitchen is the heart of a home. A tatty, tired-looking kitchen with units from the 1970s may well put people off. If you have a brand new, sparkling kitchen, then you can certainly up the value of your home.
If you don’t want to go the whole way to getting a new kitchen, have you thought about putting new handles on cupboards, painting doors, installing a new worktop? There are alternatives.
Drive up the value
You may be tempted to create space by adding a bedroom, office or playroom by converting the garage. But, put the brakes on and have a think. If you need to, fine. But, think about those who may buy your house when you sell. Are they likely to need a garage? So will you be driving up the value or making your property harder to sell?
By changing the use of the garage, you may be devaluing the price and attractiveness of your home – particularly if you’re in a busy town or city centre where parking is at a premium.
Decorating and landscaping
You’ve chosen some lovely wallpaper. And while you were at the DIY store, you picked up some ideas about landscaping the garden too. But, wait a minute. If you’re decorating or landscaping, you’re probably doing it to your tastes. That’s fair enough, but if a potential buyer comes along and really doesn’t like what you’ve done, you may not be getting any future value out of it – although landscaping may make your home more attractive and so easier to sell.
It’s about the value of kerb appeal!
What’s the added value?
It’s difficult to put a value on home improvements as they vary so much. A bathroom in one house may add £10,000 to a property, but a bathroom at another house that doesn’t match the same quality finish, may add just a couple of thousand. A decent loft conversion could add up to £30,000 to a property, but the profit depends on exactly how much it cost you in the first place.
As you can see from a brief look online, a lot of “value” is based on estimates.
Based on our experience and knowledge of the local property market in London, we can tell you what your property is worth now, and what it might be worth with a few home improvements.
RIGHT-STEP Real Estate are your local property experts for the London area. Call us on 0203 092 2987 or email email@example.com to chat with a member of our friendly and experienced team.