Five Property Renovations That Add Value to Your Home
With spring being the prime home-selling season, demand is increasing and homes are selling faster than ever. This means homeowners could be risking losing out on thousands if they don’t make the right upgrades. Improving your property isn’t just about the aesthetics, it’s a strategic move that can remarkably boost your home’s value and appeal.
However, many homeowners still underestimate the influence of minor improvements, despite their reliable return on investment (ROI). Whether opting for simple touch-ups or considerable upgrades, these small choices can have a major financial impact. Therefore, by making the right improvements now, you can maximise the benefits in the future.
For that reason, Carmen Mata Castillo, Property Expert at WhatCost, has revealed five property renovations that add value to your home.
1: Kitchen upgrades - 12% extra value with a £10,000 to £30,000 renovation
A modernised kitchen is frequently the centerpiece of a home, thus, it’s one of the most analysed areas when it comes to prospective buyers. Updating old cabinets, countertops, and appliances will provide an efficient kitchen environment, but most importantly, it will leave you with an aesthetically pleasing room that aligns with current design trends.
Prospective buyers are drawn to homes that have move-in kitchens, reducing their upfront renovation costs. Research states that kitchen renovations can easily recover up to 70% to 80% of their cost, with minor modifications, adding a £15,000 to £30,000 boost to a £300,000 home.
Additionally, have in mind that the average to complete kitchen renovations is between 4 to 6 weeks.
2: Bathroom remodels - 20% extra value with a £5,000 to £8,000 renovation
Bathrooms play a critical role when selling your home, as buyers prefer to look for new, modern bathrooms rather than outdated models. Renovations such as replacing fixtures, installing new modern tiles, and the addition of energy-saving lights or water-saving features can improve the feel and functionality of the room.
These extensions add extra value to your property, helping you recover up to 73.7% of the value of renovation. A new bathroom adds between 10% to 12% to the value of your home, increasing a £300,000 property by £12,000 to £18,000. Moreover, it takes between 1 to 3 weeks before it’s fully ready.
3: Outdoor living spaces - 80% (patios and decks) extra value with a £5,000 to £10,000 renovation
Outdoor spaces have gained popularity as they become the new living spaces for leisure, entertainment, or working out areas. Homeowners add outdoor enhancements, such as patios, decks, pools, or outdoor kitchens, to provide lifestyle benefits for buyers who want a functional yet enjoyable space.
These upgrades also increase curb appeal and can return 5% to 15% to the value of your property, with well-designed spaces recovering 80% to 100% of their investment.
4: Energy-efficient improvements - 2.7% extra value with a £5,000 to £15,000 renovation
Energy-efficient enhancements such as double glazing, solar panels, and air-source heat pumps continue to be popular for eco-conscious consumers. They can easily save you money and resonate with sustainability-minded people, both being valuable selling points in today’s marketplace.
Properties that have energy-saving certifications, such as an EPC rating of A or B, can achieve a premium of 2% to 8%. For a property valued at £300,000, this could indicate an increase up to £30,000 in value for comprehensive upgrades to a property valued at £24,000.
5: Smart home technology - 5% extra value with a £500 to £20,000 renovation
Smart home aspects, like automatic lights, smart thermostats, and security systems, are considered more convenient, energy-efficient, and safer– all of which attract tech-oriented buyers.
Homes equipped with such technologies stand out in competitive markets and can sell up to 5% more than homes without these features. Smart upgrades can boost a £300,000 property by £9,000 to £15,000 and regain part of their investment in the form of energy savings and faster sales.
Carmen Mata Castillo, Property Expert at WhatCost:
“Renovating your home isn’t just about making it look good, it’s a smart investment that can boost its value and interest to buyers.
The correct choice of upgrades won’t just increase your home’s sale price but will also improve your living space while you’re still enjoying it. From a focus on energy efficiency to modernising key areas, these upgrades make your home more attractive and comfortable.”