Homeowners can add up to 20% to the value of a property without adding an extension, just by “making the most of their space,” experts claim.
In England, where the average house is valued at £256,000 ($349,725), 20% represents about £51,200.
Self-storage company Space Station shared five ways homeowners can maximise existing space to increase their property value.
1. Convert a room into a bedroom
Converting the purpose of a room can add 20% to the value of a property and costs very little to do effectively, the experts suggested.
Having an office or a games room may seem desirable, but the number of bedrooms is the figure buyers pay the most attention to, they explained.
Therefore, converting a room into a bedroom will see the greatest increase in value.
As a compromise, homeowners could make a room dual purpose — allowing it to serve as both a guest bedroom and home office or otherwise.
2. Convert your loft space
A more expensive solution is to invest in a loft conversion, which can also increase the value of a home by up to 20%.
This is especially useful if a property does not have any spare rooms to convert, or if the owners want to increase the number of bedrooms while keeping separate office spaces, for example.
However, as lofts are generally used for storage, some homeowners may be left with a temporary shortage of space for storing items, Space Station warned.
But it is possible to find inventive and creative ways to create storage as part of the loft conversion, by installing storage units in the dead space, the experts added.
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3. Create an open-plan living area
Open plan living areas are incredibly desirable for house-hunters, and could add up to 15% — about £38,000 — to the value of a property.
“They are a great way to make your living area and kitchen feel modern and bigger than they would as separate rooms,” Space Station explained.
Knocking down the interior walls could be a DIY job, but it’s important that you establish whether the wall is load bearing, the experts added.
If it is then you will need to ask for expert help to find a solution, as knocking down a load bearing wall could have “disastrous” consequences.
4. Install additional toilets or bathrooms
A spare storage room or under-stairs cupboard could be converted into an additional toilet or bathroom for a 5% — £13,000 — boost to the value of the property.
While this is especially worthwhile for homes with a limited number of bathrooms, owners should beware of losing a bedroom, the experts warned.
“A good option would be to create a small en-suite if you have a large bedroom,” they said.
5. Create storage solutions out of spare space
Making the most out of nooks and crannies can add 5% value to a property.
“Converting under-stairs cupboards or alcoves into storage areas helps to make living areas more practical, as well as adding value by making the home look more unique and functional,” Space Station said.
However, the value added by storage is difficult to pin down and varies hugely depending on the storage in question.
Large-scale projects like a wine cellar or basement renovation can add a significant amount to the value, whereas smaller storage solutions will increase the value of a home by a smaller amount.
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