When doing work on your home, it’s important to consider the return on investment – will it add value to your property and if so, how much?
With many of us keen to get rid of dated three-piece suites or dodgy old showers, or even wishing an extra washroom, our bathrooms are often the spaces that are crying out for a refit – but how much could this add to the value of your property?
Adding Value through Renovations
If there are a few areas of your home that need attention, it can be difficult to know where to start. It’s helpful, then, to look at the different areas of the home you could renovate, and what sort of return each could give you.
Converting your cellar into an extra living space can be one of the simplest and most profitable ways of adding value to your home, adding up to 30% to your house’s selling price. If you’ve got a garage rife for conversion, this will also give you a decent return, although not quite so profitable at 15% potential added value.
Extending your kitchen could also add 15%, as could a loft conversion. Conservatories are less successful but still worth it, adding a potential 10% to your home’s value while upping the kerb appeal by transforming the garden or adding a summer house could also add up to 10%.
Whatever you do, make sure you check for relevant planning permissions.
There are a few things you can do to make your life easier when planning your renovation. For starters, do your research and get a trusted tradesperson on board as soon as you can. The pros will have the knowledge and tools you need to get the job done well. For example, they’ll have access to professional-grade tile adhesive that’ll ensure high quality, long-lasting refit.
Furthermore, choose all your sanitaryware before plastering or tiling to avoid expensive alterations. You can also save money by salvaging usable sanitaryware – for example, you could add a new surround to an old bath.
And remember – even a simple renovation is effective, so don’t feel like you need all the bells and whistles.
A New Bathroom
We’ll give it to you straight – renovating your bathroom or adding a new one won’t give you the same return as a new cellar or a kitchen extension, but it will typically add 4-5% to the value of your home. Of course, this number differs according to the level of design you go for and how you execute the build.
That being said, a lack of or limited access to bathrooms is one of the leading issues that can put off buyers, so if you’re considering adding a whole new one, it’s likely worth your while. In fact, a survey by Mira Showers on 1,000 UK homeowners and prospective buyers found that more than 75% would offer more on a house that offered an en-suite, with a third revealing they’d prefer a house with more bathrooms over bedrooms.
How much will it cost?
The price of a new bathroom can vary hugely, but you can generally budget for three main factors. These are the cost of the new suite – anything from £500 – £2,000; installation – £800 – £3,000; and removing the old bathroom – £600 – £2,400.
This doesn’t take into account any extras, like design plans or underfloor heating, but as a rough guide, you should be budgeting anywhere from £1,900 to £7,400 for your new bathroom.