Sunday, 17 December 2017

Best home improvements to increase the value of your home

Written by Posted On Saturday, 22 July 2017 10:04

Improving your chances of getting a great price.

While it’s almost impossible to predict what the housing market will do in the future, one thing that’s certain is that adding to the value of your home is never going to be a bad thing. So, what are the best home improvements that will help to increase the value of your home?

A loft conversion

The advantage of a loft conversion is that it makes use of a previously useless space, adding a precious additional bedroom, games room or study. Some people even turn their lofts into a separate living space, complete with bathroom and bedroom but even just converting it into a large open space or unspecified "bonus" room can still add value and keep the conversion costs down. Access has to be easy for the conversion to add value so a full size staircase is a must and the overall aesthetic must fit with the rest of the building. You can add roughly 12.5% to the value of a property with a loft conversion.

Convert the basement

If the loft is not an option – or simply doesn’t appeal – then look to the basement instead. Basement conversions can be used as games rooms, a den, an extra bedroom and self-contained apartment (think AirBnB for some additional income) so the value they add to a property is quite considerable. However, this depends enormously on how well the conversion has been carried out – the design and installation needs to make the space feel less like a dank basement and more like a cosy and light room. Basement conversions are the most expensive type so this should only be an option if you have the right property. For example, if the extension cost is around $200 per sq foot to dig out and $100 per sq foot to fit out, your property needs a value of at least $300 per sq ft to really see the benefit.

Repaint the house

Overhauling the exteriors of your home will give it an instant makeover that contributes enormously to buyer perception. There are plenty of cheap home improvements you can do in a day. This could be anything from simply clearing out gutters and cleaning windows, to painting the whole of the outside. However, if you’re going to go for an unusual colour when the rest of the street is all plain brick then be wary of adverse reactions from the neighbours and potential buyers. A paint job could cost anything upwards of $100 (especially is you do it yourself) and add $5,000+ to your home’s value.

Create a brand new bathroom

After the kitchen, it’s the bathroom that makes the most impact on buyers so that’s where value-adding resources are best spent. A complete new bathroom could add up to 3% to the value of the property. However, you don’t have to go all out if you’re looking to do a cheaper upgrade. Heated towel rails, glass doors to replace shower curtains and a new shower head should all come in under $150 each.

Refurbish the kitchen

And last, but not least, let's not forget the kitchen – new kitchens are a significant outlay but you don't have to install a completely new kitchen to increase the value of your home and tempt buyers. Instead consider painting units and just replacing the worktop and splashbacks to keep costs down. If you're a fan like I am of Jonathan and Drew Scott on HGTV's Property Brothers then you'll know they are fans of updating kitchens without ripping out all the units.

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