Since house prices began to fall, many people have found themselves staying in their same home or being forced to sell at a loss. As a result, an increasing number of homeowners have turned to home improvements to make the best of what they have and increase the value of their property.
Findings of an HSBC Home Improvement Survey showed that 52% of the 1369 UK homeowners surveyed intended to make home improvements during the Spring Bank Holiday period this year.
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| HSBC Study into benefits of Home Improvements |
A dated, coloured bathroom suite can be replaced with a relatively cheap white one. When coupled with new taps, and neutral coloured tiles/walls it is estimated this can add around 2.5% to the value of the house. To put this into context if you are selling your home for £200,000 you could add £5000 to the price with a new bathroom.
As with all home improvements to increase value, the outlay should be proportional to the value of the property. All properties have a ceiling value determined by size and location, so it is worth working out what your budget should be in order to achieve a property value increase.
Bathrooms tend to have a shorter shelf life than kitchens, so a new suite will be a lure for potential buyers. Many buyers will also recognise that other rooms are fairly easy to DIY, while Kitchens and Bathrooms require proffesional input, therefore a new and ready to use suite could greatly improve the chances of a sale.
The trend in new houses is to have at least one bedroom with an en-suite fitted as standard, so think about how to include one in your home. Nationwide research showed that installing an extra en-suite Bathroom could add around 5% to the price of a similar property with just the one bathroom. Common sense is required when deciding if this is a viable option though. An example would be if you have a five bedroom house with only one bathroom, it would be wise to utilise space in one of the rooms to create an en-suite. However, it would be inadvisable to change a three bedroom house with one bathroom into a two bedroom house with two bathrooms. The same Nationwide study showed that converting the third bedroom of a three bedroom house into a second bathroom actually knocked 1% off the property value. A general rule for the number of bathrooms is 'for every 3 bedrooms their should be one bathroom and possibly a master en-suite'.
Large bedrooms are great for en-suites as you can create a new room within the existing one. In this circumstance space is at a premium so consider options such as a wet room with plenty of natural light. Another way of adding value could be to turn a spacious downstairs cloakroom into a wet room area with WC.
One of the biggest issues with making any home improvements in order to increase property value is you cannot be sure who your buyer will be. If you live in an apartment and your home is likely to appeal to young professionals then an en-suite will likely help you sell. Alternatively if you have a large family home than an extra bedroom or bathroom could be more beneficial to potential buyers.
Simple rules on renovating / adding a bathroom.
- Keep it spacious, well lit, and neutral in colour.
- Keep the budget proportional to the potential value increase
- Choose quality yet simple and practical fittings e.g no wacky colourful taps
- Design your bathroom in keeping with the period of the property
- Make sure at least one bathroom has a shower
Balinea are happy to provide helpful advice and information on making any improvements or adding new bathrooms to your property. For more information feel free to contact Balinea here.
