Wed 23 Jan 2019
Lee Whitelock, Director MNAEA
Convert the loft
A loft conversion is an excellent investment, adding an extra room to your property that can be used as a master or guest bedroom, with en-suite bathroom. Depending on the size of your roof spacr, you may be able to add additional rooms too, creating a study or games room.
At around half the price of an extension, loft conversions are the most cost-effective way to add value to your property. Prices vary enormously, depending on the size and complexity of your conversion, but will probably set you back around £40-60,000 and can be completed in eight to 12 weeks.
The great thing about converting the loft is that in most cases you don’t need planning permission – most loft conversions come under permitted development rights. As long as your home isn’t in a protected area and your project won’t add more than 50 cubic metres (40 cubic metres for terraced houses) of extra space or extend higher than the current highest point of the roof, you shouldn’t need permission – but make sure you check.
Add an extension
While extensions are not cheap, a well-executed project can transform you home, adding valuable space and increasing its value by much more than the cost of the building work. Your extension could increase the size of your kitchen, creating a stunning open-plan dining area or even be a whole new wing of the house. Remember to ensure the design and layout is in fitting with the rest of the property. An extension that does not integrate well could actually cause a decrease in value.
Improve the kitchen
Potential buyers may be swayed by your kitchen when weighing up your home – and one that makes an impression will definitely help you to a sale. Just be careful how much you spend, in proportion to the value of your property – too much and you may not recoup your costs.
You don’t necessarily need to install a new kitchen to achieve a fresh look. Add new doors to existing cabinet carcasses, along with new worktops, taps and splash backs, saving you money on materials and labour. Keep to neutral shades and opt for the best quality appliances and tiles available at your budget.
Install a new bathroom
Remodeling an existing bathroom to give it the wow factor may add value. However, an en-suite or additional bathroom is a good way of appealing to potential buyers, attracting a premium price and helping you sell the property quicker. If you’re having a loft conversion or extension, it’s definitely worth installing the bathroom at the same times. This is essential with a loft conversion, as buyers prefer to have a bathroom on every floor with a bedroom.
Know your market
While any of these refurbishments will add value to a property and help you boost revenue ahead of a sale, you need to think about your target market and consider the additions and décor that will appeal most to potential buyers of your type of property.
Keep on top of your admin
Whatever work you have work done, it’s essential that you keep proper records of any planning permission and building control approval, as well as gas and electrical safety certificates. When you come to sell, you’ll need to be able to prove that all of your renovations were carried out properly. If anything is missing it could slow down the sale and even cost you money.
For further information on selling a property in SE1 and the surrounding areas, take a look at our services for sellers page.