With property in London being so expensive home renovations are increasingly popular. Altering the layout of a home to make it more efficient, or create extra space, can be easier and cheaper than trying to move to a larger property. If done correctly home renovations can also add extra value to your home.
Even if your primary motivation isn’t making a profit it is important to make sure the figures add up when planning a home renovation project. If not properly thought out it can be easy to spend more on your renovations than you would ever get back if you sold the property. For instance while kitchen renovations are one of the most popular projects for homeowners to do a HSBC survey found that on average they add less than £10,000 to the value of a home in London. If you have had even a quick look at kitchen prices you will know that you can easily spend a lot more than this on a kitchen renovation.
More Space = More Value
HSBC found that the top 3 renovation projects for adding value to a home in London were extensions, conservatories and loft conversions. These are all projects which will add more rooms and more space to a home, leading to a very simple equation: more space = more value.
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How to add more space (and value) to your home
So, we know that the best renovation projects for adding value are the ones which also add space. How you add the extra space to your home will depend on your current layout and on planning permission. Obviously building a conservatory or an extension will normally require you to have some garden space which you don’t mind sacrificing. You will then need to look at what planning permission you may be able to get. It is always worth taking a look at who else on your street has done an extension and what type they have as this can be a good guide to what might be allowed.
Increasingly people are choosing to combine the features extensions with conservatories by creating garden rooms. Often these are kitchen, dining or sitting areas with a whole glass wall on at least one side and a clear connection to the outside space such as continuous flooring. This gives the you space you can use everyday while also letting the maximum amount of light and heat into your home.
If you don’t have the garden space to extend, or are more interested in extra bedrooms then a loft conversion is an excellent way to go. As a company we do several loft conversions every year and they never seem to lose popularity. What we are finding in recent years is that people aren’t just using them to add a bedroom for the kids. Increasingly loft conversions are being turned into master bedroom suits for the parents with their own bathroom and plenty of bespoke storage space. We also have clients who have turned their unused loft space into home cinemas, studies and hobby rooms.
Whatever type of renovation project you choose to do it is important to make sure that you understand the costs and the potential additional value it will add. Take a look at the local estate agents to see what similar homes to yours with an existing extension are selling for. Then, when you get a quote for your renovation project you can do a quick comparison to see how much extra value you will really be adding. Of course your home renovation project is much more likely to be a success if you have a good builder on-board to help you.
Absolute Building and Construction Ltd are members of the Federation of Master Builders and are TrustMark endorsed. We work across London providing a range of services including home renovations, loft conversions and extensions. To find out more about our services please give us a call on 020 3719 5864