Home improvements can breathe new life into a property and ultimately add more value.
You could spend thousands building a new kitchen, bathroom or conservatory, but which would give your home’s value the biggest boost?
We look at the top home improvements and how you can fund them.
Building blocks: Home renovations can add value but working out how to pay for them is essential
Will you add value?
Before you splash out on an extension or conservatory you should work out the costs and see how much value they will actually add to your property and whether the time and effort would be worth it.
A survey by the National Association of Estate Agents last year revealed the top home improvements that could add the best value to your property.
Half of estate agents who responded ranked adding a bedroom, usually by converting loft space as the best modification.
A third of respondents suggested a kitchen added the best value, while others suggested a conservatory or turning a garage into living space.
Similar research by estate agent and property consultancy MoveWithUs, based on those who have sold properties, shows the most valuable additions are an extra bedroom, loft conversion, bathroom, new kitchen and central heating.
So how much would the top home improvements cost and what value would they add?
Extensions can vary hugely, from two-storey ones that almost double a house in size to the addition of an extra downstairs room.
Because they are so varied it is difficult to put a figure on how much they cost or how much value they will add.
An extension done well that adds good-sized extra rooms in a way that is sympathetic to your home or transforms its character coherently can be a major selling point – and one you can enjoy for many years as an owner.
A loft conversion
Adding an extra bedroom can add around 9 to 10 per cent to the value of your home, according to Movewithus, and the NAEA particularly if it’s a loft conversion.
It is important to not eat into living space to do it, but if there is room to expand into your loft you could get a decent return – and some much needed extra space.
Depending on the size and the location of your property, you should expect to pay £15,000 for a small loft conversion or £25,000 to £40,000 for a big one.
You will need to inform your home insurer of any changes.
Loft conversion: Putting a new room in your loft creates more space and adds 9-10 per cent
An extra bathroom can be a decent selling point on a property with the demand for en-suites fuelling this trend.
According to Movewithus an extra bathroom could add 6 per cent to your property value.
Depending on the type of tiles, fixtures and fittings you want, data from website TradeAdvisor shows a new bathroom could cost from £2,500 to more than £6,000.
A kitchen is often the focal point of a home and can reflect the owner’s tastes and personality.
It may be the first thing a buyer looks to replace, so if you can provide a ready-made, attractive space, buyers may be willing to pay more to save themselves the hassle of arranging a new kitchen.
The big change in recent years has been the trend for open plan kitchen, dining and living spaces
Research by consumer watchdog Which? shows a new kitchen costs on average £8,000, but could add around 6 per cent to the value of your property according to Movewithus.
Kitchen: Updating a kitchen can add around 6 per cent to your property value
A conservatory provides an extra room in your house, but means giving up some garden space.
If it is under a certain size, you won’t need planning permission and could do it under permitted development
A conservatory can be a good way of delivering extra space for less or getting some open plan living, although be aware you may have to abide by rules on doors closing off areas.
According to Movewithus, your conservatory could boost your property value by 5 per cent, but expect to pay between £4,000 and £10,000.
Source: This is Money