Property: The strong trend that could hugely increase the value of your home
Property expert Cat King has shared some of property pro and TV presenter Phil Spencer’s home improvement ideas to add value to a property. In a video for Move iQ, Cat said creating an open-plan living space is a “strong trend” which buyers “look for”, while adding an extension can increase space and boost value. However, to make a kitchen, dining room and living area into one space usually involves knocking down walls and perhaps building a small extension.
Homeowners considering this should look into getting a set of architects’ plans to get the layout right.
“Mistakes can be costly,” she added.
The cost of knocking down an internal wall can depend on the wall and the person doing the work.
However, for a typical project removing a load-bearing wall of around five metres in width, it would usually cost between £1,250-£2,500 plus VAT, according to Homebuilding & Renovating.co.uk.
Checkatrade claim it costs on average £1,250 and £1,750 to remove a load bearing wall.
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“Whether you go up or down, both options allow you to create anything from extra bedrooms to extended living areas and the potential to hugely increase the value of your property.”
For a standard single-storey extension, homeowners can expect to add around five to eight percent to the value of their homes.
According to Household Quotes.co.uk, a 30 square metre single storey extension built on a budget costs between £30,000 to £48,000.
Research from Nationwide on the value of home improvements to an average three bedroom house found that an extension creating a double bedroom and en-suite can add up to 23 percent to the value of a property.
Meanwhile, an extra bathroom could add up to six percent and an additional double bedroom can add 12 percent.
However, homeowners should ensure they do their research before tackling a major renovation.
Homeowners need to know whether the improvement they’re seeking to do is the type appreciated by buyers in the area.
Major home renovation projects will likely need planning permission or at least Building Regulations approval from the local authority.
It’s important to check the latest planning permission requirements on the Government website.
Check with local authority as planning applications can vary between regions.
The property expert also said buyers are becoming more conscious about the impact their homes have on the environment.
Homes with air pumps and solar panels, that reduce the cost of utility bills can appeal massively to environmentally-conscious buyers.
She added: “Cavity wall insulation is estimated to pay for itself within about five years.
“Solid wall insulation on pre-1920s homes can cost from £5,000 for annual savings on your utility bills.”
It’s estimated that cavity wall insulation can cost around £725 for a detached home and £475 for a semi-detached property, according to moneysupermarket.com.
According to the Energy Saving Trust (EST), the typical cavity wall insulation installation cost for a detached house is £610.
Buyers are looking for energy efficient homes so having cavity wall insulation is likely to mean sellers will receive a better offer on their home.