What are the best ways to improve the value of your home in 2023? As interest rates continue to rise, it’s helpful to know how to make the most of your home – whether you’re planning to sell or stay put.
For those looking to move, the interest rate hike will reduce the number of potential buyers and increase competition in the housing market. Making home improvements can not only increase the value of your property, but also help it to sell more quickly.
If moving house is not on the cards, making the right improvements to your property allows you to make the most of your home, while improving its value in the process.
Here are our top ways to improve the value of your home and make it a more inviting place to be.
The best ways to improve the value of your home 2023
It all depends on the type of property you live in, but according to new research from Post Office Money, garden landscaping is most likely to provide the best return on investment. Gyms, kitchens, walk-in wardrobes, hot tubs and driveways also offer high returns.
Improvement Estimated cost of improvement Value added on average (%)
Garden landscaping £2,750 77%
Gym £10,000 44%
Extension £80,000 37%
Walk-in wardrobe £3,400 34%
Jacuzzi/hot tub £6,000 27%
New kitchen £7,500 26%
Driveway £25,000 9%
(Common home improvements over the last five years by % value added, Source: Opinium Research for Post Office Money)
We’ll take a look at some of the most popular improvements in more detail to give you an idea of what is involved and what the benefits will be.
Gardening has always been a favourite hobby in the UK, but the stay-at-home rules of the pandemic saw people spending even more time in their gardens.
Whether your garden is at the front or the rear of your home (or both), it is likely to be the first thing a potential buyer will look at. A well-presented and maintained garden can add considerable value. According to sold.co.uk:
- A nicely presented garden can add 20% value to your house
- 70% of home buyers would pay more for a property with an outdoor green space
- 57% of people without a garden at their property would look for one at a new home
Here are a few of our favourite ideas for creating a stylish, beautiful garden.
Create a patio
A space for al fresco dining, BBQs, entertaining and relaxing, patios give the feeling of an extra room in your home. According to the National Association of Estate Agents, a well-executed patio can add up to £10,000 to the value of your home. Installing a quality patio came second (behind a garden shed) in a list by sellhousefast.uk of ten improvements to outside space with 76% of respondents said that they look for this feature.
Patios not only look attractive, but they are easy to clean and maintain and can be used in wet weather along with an awning. You can opt for paving, tiles, decking or chippings for your patio, but we would like to suggest imprinted concrete which can mimic the appearance of other materials while offering lower costs and maintenance levels. Imprinted concrete is available in a range of colours and designs, is 100% UV stable so the colours will not fade and it’s quick to install. It is also free from sinkage and dreaded weeds.
Install a home gym
Keeping fit at home is another post-Covid trend, with many people turning to YouTube fitness videos or home equipment in lieu of a trip to the gym. A home gym is extremely convenient as it saves having to travel, there are no queues for equipment, and you can say goodbye to gym membership costs. Plus, having a workout space at home gives you the freedom and flexibility to train when it suits you.
A home gym is a unique and appealing feature that sets it apart from other properties and gives you a competitive advantage in the selling marketplace. According to Post Office Money, houses in the UK with a home gym sold for 44% more than those without. This could make an enormous difference in a market where house prices are slowing down and are likely to drop.
Tips for installing a home gym:
- The ideal rooms are secondary living spaces like basements, garages or living rooms (a converted bedroom may decrease the value of your home dramatically).
- A living space in a shed or at the top floor of your property could become a pilates or yoga studio or a sauna or steam room.
- Don’t forget to price up the equipment you need first.
Add an Extension
If you’re outgrowing your home and need more space for a gym, office or extra bedroom, adding an extension is an option that can also improve the value of your property.
Adding an extension requires some thought – once you’ve decided on the type of extension you would like, then you will probably need planning permission before work begins. Be sure to enlist the help of a reliable contractor to carry out the work to prevent any future issues.
If you simply would like a larger kitchen or living area, a single-storey extension will work well and can add around 10% to the value of your property. A single-storey extension could cost around £1,350-£1,750 per square metre, as well as VAT for labour and materials.
If you have the budget and space, a double-height extension is a good choice as you could add an extra living space downstairs and a new bedroom upstairs. The cost of this can range from £2,000 to £2,500 per square metre, excluding finishes, and can add around 12% to the value of your home.
The most profitable type of extension is a loft conversion, which can add between 15-30% to the value. However, this is the most expensive option costing anywhere from £15,000 to over £60,000 depending on the type and condition of your roof.
When it comes to value, the bigger the extension the better as it means more space and more value.
Build a walk-in wardrobe
A walk-in wardrobe can help to organise your home by decreasing the stress of a morning routine. As well as creating a greater space for various storage solutions, you can designate an area for dressing, putting on makeup or ironing and folding clothes.
Walk-in wardrobes can be made in a variety of sizes and designs, with the possibility of customising them to match your specific requirements. Some are relatively inexpensive, while others can be rather costly. Regardless of price, they appeal to purchasers, particularly those who have an abundance of clothes, dresses, shoes and suits.
Adding a walk-in wardrobe in your home will increase the value of your home, as a buyer who finds them appealing may be willing to spend significantly more if a walk-in closet is already built. If nothing else, it’s a functional investment and will allow you to stand out from the competition when buyers come to see it.
Indulge in a jacuzzi or hot tub
Hot tubs and jacuzzis are popular additions to outdoor spaces and can add value to your house. Before you take the plunge, it’s worth considering a few points first:
- The price of the hot tub/jacuzzi
- Any costs for installing
- Can you regularly clean and maintain it?
- Where it will go in the garden?
- Does it need an electrical hookup?
- Is there drainage nearby for ease of emptying?
- Is there water nearby to fill it with?
Where you put your hot tub or jacuzzi is very important – if you can incorporate it into your landscaping it won’t look out of place. You might also need to consider a new patio area to house it on.
Fit a new kitchen
A new kitchen is the most popular improvement undertaken by homeowners, accounting for 25% of all home modifications undertaken in the last five years. Not only does a newly fitted kitchen look great in any home, but it can also provide a large return on investment, with a £7,500 layout adding up to 26% to the value of your home.
Installing a new kitchen is a huge project that can include work on the plumbing, electric, and gas supplies, as well as any construction work, so it’s important to get an accurate quote and to hire a trustworthy company to carry out renovations. You could also consider combining the dining room and kitchen to create a more appealing, multi-functional living space.
Invest in a new driveway
As your driveway is one of the first things visitors see when they arrive at your home, making a strong first impression is critical. An appealing and well-designed driveway improves the aesthetics of your property, not only for you but also for visitors and potential buyers.
A well-designed driveway can provide easy access to your property and a practical space to park. It can also reduce your car insurance premium, saving you money each year. A new driveway can also improve the drainage on your land, unlike older driveways that can suffer from poor drainage and surface pools of water which can turn to ice and become slippery.
A new driveway is one of the best home improvements you can make, with Virgin Money claiming that between 5% and 10% can be added to the value of your home. Adding off-street parking adds around 3% and a garage 5%, according to Estate agents Hunters.
It’s worth considering the materials to choose for your new driveway. Imprinted concrete gives the appearance of natural materials such as slate or stone, but at a lower cost and with less maintenance. There is a wide range of colours and designs available and the concrete is 100% UV stable so the colours will not fade. Imprinted concrete is also speedy to install and free from sinkage and weeds.
Imprinted concrete from Avon Cobblestone
Avon Cobblestone is a family-run business with over 30 years’ experience of installing quality imprinted concrete driveways, paths and patios.
We are always happy to provide help and guidance on any aspect of your project, from design right through to aftercare.
For a no-obligation chat about our services please contact us on 01454 633394 or use our contact form for a free quote.