Which Renovations Offer the Biggest Property Value Gains?
Most major and minor renovations can make a positive contribution to the market value of any home; the extent to which home improvements influence property values varies significantly from one property to the next.
There are several significant home improvement projects that are known for contributing significantly to market values in the current climate. If you are looking to sell your home for the best possible price irrespective of its location, these are the renovations worth considering right now:
Even a relatively rudimentary cellar conversion to create an additional room can boost the market value of a home by as much as 30%. If you have a relatively spacious cellar that could be converted into a comfortable shared living space, it could make a major contribution to the market value of your home.
The same also applies with garage conversions, where the renovation results in a fully functional additional living space for the property. A converted garage can be used to set up a home office, a home cinema, a game room or a guest bedroom; it can also be a surprisingly affordable project if the existing structure of the garage is relatively sound.
A loft conversion can be carried out to create additional storage space, add an extra bedroom to the property or create a quiet and secluded haven for relaxation. On average, it is estimated that a loft converted into a functional living space can boost the value of a home by around 15%.
The installation of a conservatory almost always boosts a homes value far beyond the associated construction costs. Exact values vary from one installation to the next, but a typical conservatory will boost a homes value by at least 10% on average.
Even something as simple as a functional yet attractive driveway is known to significantly boost curb appeal for prospective buyers. Where a property does not have a private garage, a driveway is the next best thing.
A kitchen renovation can be a great way of boosting the value of a property, but not nearly on the same level as a kitchen extension. As the kitchen is considered the heart of the home by most would-be buyers, it is often scrutinised more intensively than all other living spaces. Expanding a compact kitchen with a modest extension is guaranteed to boost the value of the property as a whole.
Last but not least, a bathroom makeover can also make a real difference. This also tends to be a space that is heavily scrutinised by prospective buyers, resulting in a renovation that almost always pays for itself with its subsequent contribution to the market value of your home.