‘Easy’ projects that ‘add value’ to the resale price of your home

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Adding more space to a property will likely increase its value. In fact, adding an extension to a home could add between 12 and 20 percent to its value. However, it’s not always clear whether extending or renovating your home is a cost-effective investment that will eventually see you reap the rewards when you come to sell.

While you may think it’s an easy way to add thousands to the value of your property, the location and demand of your property will usually be the determining factor.

With this in mind Ian McConville, group procurement director at the UK’s leading independent builder’s merchant, MKM, has explained exclusively to Express.co.uk when renovations and extensions are “unlikely” to add value to a home.

Ian explained: “Most renovations and extensions will add value to the resale price of your home but before you embark on any project it is important to know what the ceiling price of your property is.

“This is the maximum price a buyer is prepared to pay for a property on your street before they can find a similar property for the same money in a better street.

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“If you are already at the ceiling price, then it is unlikely that any further renovations or extensions would significantly add to the value of your property, and you could ultimately end up out of pocket.

“However, if there is still room to increase the value of your home then you will want to make sure you make the right improvements that will make the most money when you come to sell.”

Ian said loft and garage conversions are probably the “easiest way” to add both additional living space to your home while increasing its value.

The potential added value of a loft conversion, which could create an extra bedroom and ensuite, could be as much as 20 percent and 15 percent for a garage conversion.

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Before embarking on a project like this, you will need to check with your local planning authority whether you need planning permission or whether it falls under permitted development, which is often the case with both garage and loft conversions.

Ian added: “You will still need to ensure it is structurally sound though so you will need to contact your local building control service or an approved inspector to check that it all complies with regulations.

“If you are considering either of these options, you will want to think about how you might be able to incorporate storage into the rest of your home to make up for the storage space you will lose.

“You may be able to incorporate built-in storage into your new rooms or think about investing in a second or larger shed in the garden.”

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Another great way to add value to a property is by investing in your outdoor space – this could be in the garden or by improving your home’s kerb appeal.

An attractive, low-maintenance garden can add as much as 10 percent to your home’s value.

The exterior of a property is often the first thing people see when they pull up outside so it’s important for it to look presentable to future buyers.

Ian said: “Relaying a driveway with contemporary porcelain, for example, is sure to make a good first impression, increase kerb appeal and add value.

“But if you can’t quite stretch to that, simple updates like jet-washing, gravel driveways and weeding block paving will create an appealing welcome to both visitors and prospective buyers.

“Out the back, decking and patio areas are popular features and create an additional outdoor living space to relax and entertain in.

“A summer house or garden building that can be used as an office or gym will certainly add value.”

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