Residential property prices have significantly increased over the last year with a rise of more than 8%. In March 2021, the average house price was £256,400 which apparently is the highest price ever registered.
As prices are rising and the market is growing, now may be the perfect time for people to add more value to their house. Here are 5 ways to upgrade your home.
Most popular home renovations in the UK
The most popular improvements on homes in the UK in recent years have been renovations in the bathroom and kitchen. Many homeowners have chosen to update these rooms by creating open plan spaces, installing walk-in showers or heated flooring. According to data by Statista, the most common home upgrade was building a new bathroom. 38% of participants chose to install a new bathroom while 34% focused on the kitchen instead. Just as popular were new central heating boilers which can help reduce costs significantly even though the initial cost of a new boiler when purchasing one may be higher. However, the costs of a renovation can have another important advantage: Taking advantage of a bad credit loan to help paying for the home improvements can help improve your credit score. Many home owners also chose to replace windows and invest in landscaping, according to the study.
– Extend your home
Adding more space to your home will increase its value by 12% if it’s a bedroom and 23 % if it’s a bedroom that is connected to a bathroom, according to Nationwide’s studies. Extensions are now easier to do then before since certain regulations that used to apply have been removed by the government. Size requirements such as the depth have been increased or even doubled. These vary depending on how close the house is to other homes. Rules that apply to attached houses won’t necessarily be the same for extensions on a detached property
– Convert your loft
Converting a loft is a great idea that doesn’t involve as much money as a home extension or building a new basement. Planning ahead and analyzing the costs to consider when converting a loft will help you avoid errors during construction. Factor in costs associated with plumbing and electricity that could contribute to the overall price of the renovation and also take time to install. Loft conversions are a great way to add value to your home.
– Update the bathrooms
A new bathroom or renovation usually costs up to£5000 unless you want to add some luxury items or appliances. Another option is to add an en suite to a bedroom which instantly contributes to the value of the bedroom and the house.
– Renovate the kitchen
Kitchen renovations can increase the value of your house by as much as 10%. Since the kitchen is used so frequently and is such an important place in a house, newly renovated kitchens are highly valuable. Have a look at new trends for kitchens in 2021 and consider asking a specialist for advice.
– Add a garage
Adding a garage may seem like a relatively simple task, but it is important to take some things into account. First of all, determine if there is enough space available for the new structure.
Carefully follow rules and regulations that may apply and consider size limitations. Adding a garage can add to the value of your home by more than 10%. If you decide to sell your home later, you can offer new buyers more space to park their car.
