Renovating your home to increase its value is common in the UK, with it registering as the second most popular motivator behind home improvement in 2023.
A home’s value is usually determined by unchanging factors, such as its size, age and location. The local area is taken into account, alongside the proximity to transport links, schools, shopping, the primes of comparable properties and the general state of the property market.
The interior of a home is always factored into its price, and is a great way for homeowners to extract more value from their homes. Well executed home improvement ideas, such as a loft conversion for example, adds extra space and improves the quality of life in a home.
When deciding on a home renovation project, focus on those that offer a higher home renovation value and align with your goals.
Let’s dive into the four areas of the house that can provide the most home renovation ROI.
In most houses, the loft or attic is filled with clutter, old toys, suitcases and all sorts of things that are old or only needed sometimes.
Converting that space into a bedroom can help increase the value of your home by providing an additional bedroom, and even a bathroom if the space and budget allows for it. It’s especially effective in urban areas where floorspace is limited and getting permission for extensions can be a long and costly process.
This home improvement idea can raise the value of your home by a staggering 20%, and if you’re in London, by an extra 4.5%. The home renovation value makes it a worthwhile project for homeowners to undertake.
Homebuyers are always looking to get as much as they can for their money, and want all the practical bells and whistles that make life easier, one of which is on-street parking.
Around 33% of homes in the UK have more than one car, so creating on-street parking will be hugely attractive to prospective homebuyers with multiple cars. Opting for this home improvement idea is most effective in urban environment, but is increasingly being seen as a must-have in rural communities.
With the most costly off-street parking conversions costing up to £15,000 at the upper end, the home renovation value of this idea is indisputable. Even if homeowners don’t have any intentions of selling, or buying a second car, they can rent the space to other car owners.
The kitchen is the centrepiece of every home, and a modern, well designed kitchen decked out with modern appliances can make a significant difference to the price of a home.
You cannot compromise on simply replacing cabinets and units to raise the value, the home renovation ROI would likely be negative. Rethinking the kitchen layout to include an area where the family can sit, have ample storage space, natural light and enjoy a few premium fixtures and fittings is the way to go.
Home-owners without big budgets can be clever and add home renovation value in small ways. For example, adding brushed brass taps, elevated cabinets in small kitchens or replacing cabinet doors and handles can add a little bit of value; just make sure you aren’t spending more than you’ll gain.
The kitchen is a place that benefits from all kinds of home improvement ideas, so do plenty of research and speak to professionals about your options.
An updated, well designed bathroom can add up to 4% to the value of a home. Next to the kitchen, it’s the most used room in the house and needs to be comfortable for everyone to use, as well as aesthetically pleasing.
Bathroom renovation costs can provide good home renovation ROI, but it depends on the potential value of your property, and the scale of the bathroom remodel. Homeowners should factor in the potential value increase when deciding on materials and labourers.
If you have the space already, remodelling a bathroom can cost anywhere between £2,500 to £6,000, but could be more if an extension is involved. For the relatively small outlay, bathroom remodels provide a high home renovation value.
Every home renovation has at least some steps that can be done by yourself. From ripping an old kitchen out to removing tiles in a bathroom, save on labour costs by getting as much done by yourself as possible.
Here are some areas where you can save money by doing it yourself:
However, you should always consult with professionals if you are unsure about something.
Bringing an architect or project manager on-board can help to focus costs from day one and keep everything on track, as that may be difficult for someone with no experience in construction.
While the value of homes are mainly decided by unchanging factors, homeowners can make a significant difference by upgrading other parts of the house.
By doing research and assessing which home improvement ideas net the highest home renovation ROI, homeowners can make their money go further. From large-scale kitchen remodelling to making some upgrades in the bathroom, there is something for every homeowner to improve, with varying budgets.
If you’re unsure about what to upgrade, or find the idea of calculating the ROI on renovation projects daunting, speak to an expert! Our team at Design Spec is happy to speak to you about what you’re looking for, and if we can help.