If you’re keen to add real value to your home, or make it more attractive to potential buyers, big budget home improvement projects can be a great investment.
Whether you’d like to max out on interior space, improve internal layout, tailor your rooms to suit your lifestyle, or simply deal with a major repair job, tackling a big renovation project will definitely make your home a nicer place to live in – and if you’re looking to sell, it can also help you find a buyer.
Ideal big budget home improvement projects
If you’ve got the budget for a major home improvement, here are a few suggestions for ideal projects to tackle.
Fix structural problems
Tackling any structural problems your home has before putting it on the market might sound obvious, but lots of people don’t do it.
Trying to sell your house with structural issues can result in prospective buyers offering a lot less than the asking price, or reducing their offer significantly after the survey reveals the full extent of the problem. If your home has structural problems, you may have to accept a lower price than you were expecting, or pay to make the necessary repairs in order to keep the buyer interested.
Before putting your house on the market, make sure your roof is in good condition. Having a decent roof will increase the ready-to-live-in appeal, and is one less problem for a survey to uncover. Even clogged gutters or a couple of loose tiles can be a red flag for buyers. Relatively small problems can create the impression that larger problems, such as leaks, are likely to happen.
If you need to make major changes to your roof, it’s worth checking whether you need planning permission. Failure to do this could mean your property’s value is negatively impacted.
The Eco Experts conducted research that showed that the average cost to repair a roof in the UK ranges from £120 up to £205 to replace a small number of tiles, and as much as £1,956 to £3,125 when fascias and soffits need to be replaced. The average cost to replace an entire tiled roof is £4,952. However, This Is Money reports that installing a new roof when you are selling your house can see up to a 64% return on your initial investment. That is of course going to depend on what the problem is, as well as the extent of the work needed. However, those figures can provide you with a good idea of the returns and costs that are involved, and will also help you if you’re thinking ‘How can I sell my house quickly‘.
Another sensible structural area to check is foundation issues. Cracks in walls or floors, doors that suddenly stick or stop closing, gaps appearing around window frames, and uneven floors are all telltale signs that your foundations may have moved. Spotting a problem early and dealing with it quickly can save a significant amount of money, and will also avoid issues with surveys if you’re trying to sell.
Install a new heating system
One of the largest expenses that can take a homeowner by surprise is a broken boiler. In addition to the unplanned expense, this common problem can cause a great deal of inconvenience. In the past, prospective buyers might have missed boiler problems, but these days it is very common when looking at a house to ask about the state of the heating system. So if you have an old system, expect that buyers may want to negotiate on your sales price.
The average cost to have a new boiler installed in the UK is between £500 and £1,500. The actual cost of a boiler ranges from £800 up to £1,500. That’s a significant cost for new homeowners, so a new heating system will definitely appeal to buyers. If you’re planning on staying in the property, it will also improve your home’s energy efficiency and save you money on your bills.
It’s usually less expensive to replace a boiler in the same location, so keep this in mind when you’re getting quotes.
Develop an open-plan layout
Having an open-plan layout in your home is a great way to create a sense of light and space, and a clever trick for making rooms look bigger. This is especially true when you have the same style of decor throughout your home, as this encourages the eye to naturally flow around the whole interior.
Open-plan living is becoming increasingly popular, and it’s not hard to see why. This home improvement allows you to create social spaces that are more flexible and that will appeal to most people, from families to first-time buyers.
An open-plan layout can also provide your home with real “wow” factor. It can boost your home’s value too; for example, Which? reports that installing a new open-plan kitchen can increase the value of your property by 6%.
If a full open-plan renovation isn’t an option for you, consider opening up between rooms with concertina doors. This is a good way to create a similar airy effect at a much lower cost.
Invest in a loft conversion
A loft conversion is one of the most expensive home improvement projects. It can cost from £15,000 to more than £40,000 for a loft conversion, depending on the number of rooms that are being added, the kind of access you will be using, and whether you will need to make any structural changes. However, a loft conversion can provide you with a high return on your investment. Depending on the type of work that is conducted and the part of the UK that you live in, a loft conversion can increase your property’s value by about 20%.
If you’re considering a loft conversion, make sure you weigh up the project against a regular house extension, which can add as much as 23% in value. Planning permission is not needed for most loft conversions, but if you want your new loft space to be classified as an extra bedroom it will still need to meet strict building regulations. A loft room cannot be called a bedroom just because a bed is put in there and you use it as one.
Add an extension or a bedroom
Adding an extension to a property can boost its appeal and increase its value when compared to similar properties in the area without extensions. The cost to extend will cost about £1,000-£2,000 per square metre, depending on the materials and contractor you use. To put that into context, a double bedroom’s average size is about four square metres, which means it will cost up to £8,000 to build. Remember that these costs don’t factor in the additional expenses of fittings, nice furniture such as these Chesterfield sofas, and decorating.
Add on a home office
With so many people working from home now, investing in an extension to create a home office could increase your property’s value by up to 8.4%.
A loft conversion is ideal for a home office, but a garden studio is a more cost-effective solution. A basic garden room style building or summer house can be bought for as little as £4,000. To turn it into a practical room, you will also need to invest in insulation and furnishings, and extend the wi-fi and electricity from your house.
A garden office won’t increase your property’s value as much as an extension will, so if you can afford an extension, it can be a very worthwhile option.
Create an ensuite
There should ideally be at least a hand basin and toilet on every floor in a residential property. If there’s enough space for an ensuite to be added to your master bedroom, it’s a great way to increase your home’s value and attract buyers.
You can have an ensuite installed for as little as £2,500. However, the costs can range significantly depending on the finish and the space that is available. To accurately budget for a new bathroom, you need to factor in the cost of fixtures, fitting, tiling and decorating.
Hopefully these suggestions for big budget home improvement have given you lots of inspiration for your next major interiors project. What’s your top tip for tackling a big renovation and adding value to your property?