Five renovations that could add up to £50,000 to the value of your home

Five ways to add up to £50,000 to the value of your home that are ‘important to buyers’ (Image: Getty) With house prices falling by more than five percent year-on-year, many sellers are looking for ways to maximise the value of their properties. According to the experts, extra bedrooms and loft conversions can add up to 20 percent to the value of a property depending on the area and type of conversion. Nationwide’s latest house price index revealed that the price of an average home in the UK was £257,808 in September which means adding an extra bedroom of loft conversion could add around £51,561 to the value of your property. Adding value to a property can be the difference between a quick, successful sale and waiting months for a buyer. Making different changes and modifications can increase the value of a home depending on the area. With this in mind, experts at ModernGardenRooms have shared a list of top tips that will help to add value to a home and make it more attractive to prospective buyers. 1. Make the structure solid Before looking at your interior, homeowners may want to look at their home’s structural integrity. If there are any subsidence issues or dampness in the home, these must be fixed. These projects can be expensive, costing anywhere between £5,000 – £15,000 but the property should retain its value if these issues are resolved. The experts said: ‘Prospective buyers will be reluctant to pay the asking price if issues like this exist, resulting in the price being decreased.’ 2. Add outside space With more people working from home, adding an outside space like a home office or garden room is becoming more ‘important to buyers’. The experts added: ‘Garden rooms are multi-purpose, and many don’t require planning permission before building. The average garden room can add over £10,000 to a property, depending on the area.’ If a house is more than 50 years old, it is worth to examining the plumbing and electrical systems to determine whether they require upgrading. Similar to subsidence and dampness, these problems can be expensive, so recent rewiring or new plumbing may comfort prospective buyers. A full rewire of the average three-bed home can cost between £4,000-£5,500. Upgrading plumbing in the bathroom costs around £3,000, while a complete re-piping of the home can cost up to £20,000. It’s worth conducting a survey of the existing pipes to see what work is necessary because a second bathroom is valuable to potential purchasers. 4. Consider an extra bedroom or loft conversion Extra bedrooms and loft conversions are expensive but can add far more value to a property, up to 20 percent, depending on the area and type of conversion which could equate to around £51,561. A loft conversion can be used as an office space, a bedroom, or even a room for hobbies and is useful for larger families who need extra space. The average cost of a loft conversion can reach anywhere from £40,000 – £80,000, but there is often no planning permission needed. Buyers love a blank slate but it’s also important to show off what a garden or outdoor area can be used for. The experts said: ‘Adding a driveway for off-street parking at the front of the house is essential now that the average household owns two or more vehicles. ‘According to Direct Line, a driveway can add around 13 percent to the value of a home. This also helps keep insurance costs low as the chance of damage is decreased.’ Jonathan Creber, commercial director for ModernGardenRooms said it’s ‘essential’ to speak to estate and leasing agents to get their view on how much the value can be increased by doing certain renovations. He said: ‘Smaller projects like a garden room or general painting and tidying are sometimes all that needs to be done depending on the area, as prospective buyers are most interested in kitchen space, bathrooms, access to the garden, and the outside space itself. “With the UK housing market currently at a low point due to high mortgage rates, improving the saleability of a property is crucial. ‘Buyers are looking for homes that offer a lot for a reasonable price. Researching the average prices in the area and other properties for sale can also assist in quickly selling a home.”