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Your house isn’t just your home; it’s also an investment. Home improvements not only add to your enjoyment of your home, if done correctly they’ll add to its value too. It could be as little as a lick of paint or as much as an extension; if you improve your home in the right way it may be worth more when it is time to sell.
Many experts believe that when you’re looking at improving your property you should start in the kitchen. Modern day life revolves around the kitchen. It’s where we make our meals, where children do their homework and it’s often the most important room at a party. The kitchen will be one of the first ports of call for any prospective buyer. If it’s functional and looks good a buyer might not feel the need to change anything and your house will be much more appealing to them.
On average a family in the UK spends £8,000 to replace a kitchen. While a whole new kitchen suite may be appealing, you could also do smaller jobs to improve the room. New work surfaces or new flooring can totally change the room without the need to rip everything out.
Maximising space in the kitchen is key. If you’re short of cupboard space you may be able to add one or two units rather than replacing all of them. If counter space is a problem you could add an island unit in the middle of the rooms. You know the limitations of your kitchen better than anyone else. If you were coming into it for the first time what would you change?
Whether you prefer a quick shower in the morning or a long bath in the evening the bathroom is an important room in the house. After the kitchen it’s probably the next room to look at when considering home improvements.
A full remodel can cost between £2,500 and £6,500 but as in the kitchen you can make small changes which can change the whole room:
The number of bathrooms in your home is important. An older four bedroom house might only have one bathroom. In this case adding a bathroom or en-suite could really improve the value of your home. It may cost between £4,000 and £20,000 but it could add 10% to the value of your home. Whether you’re considering a new kitchen or a new bathroom it pays to shop around. Get quotes from as many tradesmen as possible and make sure to look for reviews of their previous work online. Shopping around could save you thousands of pounds but it’s only worth it if the fitter is trustworthy and the end result is good.
Even just a lick of paint could improve the value of your home. It can be desirable to a new buyer to be able to walk straight into a house without having to change anything. Ceilings, skirting boards and doors can often be overlooked when painting. If they’re faded and old a new paint job on the rest of the room will just make them look worse.
Light, neutral colours make rooms feel bigger, so try to go for these if you’re looking to increase your house’s value. With all redecorating and improvement projects the colour scheme can be crucial. You may prefer dark colours or loud patterns but not everybody else does so these won’t add as much value to your home. In the same way minimalist design is always preferable.
New flooring can also add value to your home. Carpets wear particularly badly in rooms you use a lot like halls, living rooms and staircases. The price of carpets can vary depending on quality and you have to remember that there will be a charge for fitting, unless you plan on doing it yourself. To lay a carpet in an average room sized 5m by 4m should cost around £90.
Your garden or outdoor space is a huge selling point of your home. Landscaping your garden might cost around £4,000 but it should add the same amount to the value of your home. A new driveway might increase your home’s value. If your area is short of parking then paving the whole front garden to provide more could also help.
It goes without saying that if you add more floor space to your home its value will go up. The key is to work out what your home really needs. Luckily you know your home better than anyone. What does it lack just now? It may just be making an existing room bigger or adding something new.
A conservatory can be an efficient way to add value to your home. Conservatories can cost between £5,000 and £30,000 and have the potential to add around 7% to the value of your home.
Make sure that you have the funding necessary to complete any project, starting a job and not finishing could actually cause the value of your home to fall. It’s also important to check what planning permission is required, especially if your home is listed or you live in a conservation area.
If you have loft space, a loft conversion might be the easiest way to add a new bathroom or bedroom to your property and since they don’t alter the outside of your house they’re not likely to require planning permission. Converting your loft might add between 12.5% and 20% to the value of your home.
Garages are also ideal to convert to living space. It’s estimated that 90% of garages in the UK aren’t used to store a car. Instead of wasting it as storage why not convert it to living space. On average it might cost around £10,000.
In general the amount of usable space in your home is more important than the number of rooms so sometimes it makes sense to bring down internal walls to create more open space.
Before considering any large conversion plans it’s best to consult a reputable builder to check your property is suitable.
Although all these projects have the end result of improving the value of your property they could also improve your enjoyment of your home. Why wait until you’re thinking about selling to improve for the next owner? Start your next project in time so that you can enjoy it and you’ll still get the benefit of the added value that it brings.
This article is intended as general advice only which is not intended to cover specific circumstances and needs. The information in this article is also not linked to any of the products offered by Yorkshire Bank.
To give you more protection against fraud we have changed the way you verify payments online and via mobile banking.
Business & Personal Customer Accounts
We need to ensure it’s really you making the payment before the money leaves your account. How you do this depends on whether you’re using:
Will this happen every time I make a payment?
No, it’s not for every payment. Once saved the payment will become ‘Trusted’. That means you may not need to do the identity check again, unless you change details like the sort code, account number, name or reference.
What’s changed for your Business?
To make payments of more than £500, or totalling more than £1000 per day, you will now need to use the Mobile Banking App to verify your payments. Business customers using a One-Time Passcode will no longer be able to make payments greater than £500. Talk to us to learn more about the benefits of using the Mobile Banking App. Further info on your daily limits can be found here.
You may see a difference to when you’re asked to authenticate a payment via Business Internet Banking and the Mobile App, how you do this will remain the same by using:
For more information visit our online help.
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