Home improvements translating into value?

unfocus

• Edit: Only reply if you're in the know about property in the greater Glasgow area and understand what it means for a town to be bordering Glasgow, have good schools and have a sub 10 min commute into the city centre. Also only if you understand the offers over system and the fact houses in the area tend to go for considerably over home report value, with offers often affected by how presentable a home is. I have a lot of well-meaning replies telling me it's my house and I can do what I want, or which seemingly come from experience of property in other areas. Also, when I say 'add value' I don't necessarily mean 'make profit.' I'm aware any increase in value won't be directly correlated with spending. For example, if I spend 10k on improvements and when I come to sell there's 5k more in the home report value I'll see that as having spent 5k on something I like for the time I'm in the home (rather than spending 10k). I hope that makes sense.

• I've purchased a house in a town next to Glasgow. I'm confident houses will hold value there as the area has good schools and it's an easy commute to the city centre. I offered 10% over home report value but this is pretty normal for the area (some go for 15-20%). There are some improvements I want to make and wonder if anyone has thoughts on whether they would add value at home report survey stage or estate agent sale estimate.
  
• Rendering - it's a very basic 1960s design. There's a broad band of reddish brick across the middle of the facade and the rest of the surface is covered in grey roughcast which is past its best. This is probably the improvement I want to make first - considering a different finish other than roughcast and possible a different colour to make the building more attractive.
• Garden - it's a corner plot with a big wrap around garden but current owners have given about half of it over to car parking space. I want to bring that space (big enough for the current three cars parked there) back into the garden and cover it with grass/slabs and also tidy the rest of the garden, installing some kind of seating. I have thought about more luxurious built-in seating and such but if that doesn't add value then I'd be happy with less luxurious!
• kitchen/dining room layout - currently, the dining room are joined with just a bit of wall at one side separating, then the kitchen is accessed by a door from the dining room as well as a door from the entrance hallway. My idea is to knock through the wall between kitchen and dining room, perhaps having a breakfast bar or peninsula counter separating the two. Then the living room, dining room and kitchen would essentially be mostly open plan L shape.
• kitchen layout - there's a door into the garden but there's also patio doors from the dining room so I thought we could remove the kitchen door and replace the current window with a bigger one going across the space where the door was and putting more counter space on that wall.
• kitchen continued - While we're at it, I suppose we'd be as well getting the kitchen redone properly.
• Bathroom(s) - it's fairly fresh looking though not my taste. If we get around to it, is it worth installing a bath (space would be tight) rather than just shower for value? Also, possibly a downstairs water closet if we can work out the space?
• attic - the attic is not floored so can either get it floor for storage or possible fitted up as an additional room if it was going to add value. I have noticed that for marketing, attic rooms don't seem to be included as additional rooms (for legal reasons?) but I know it will make it more attractive to buyers if it's more useable space.

caprikid1

What is the value of the house, houses have a ceiling, a £150K house vs a £1.5M will have very different potentials.

RelievedSheff

It is your house, do what you want to it.

If it adds value great, if not so be it but you will enjoy living there more if it is what you want.

Think of your house as your home, not as a piggy bank.

Tabieth

Unless you intend to sell in the next year or two, do what you want. It’s your home, you live in it, make it what you want and make it comfortable, for you.

Section62

https://forums.moneysavingexpert.com/discussion/6682564/home-improvements-translating-into-value

Garden - it's a corner plot with a big wrap around garden but current owners have given about half of it over to car parking space. I want to bring that space (big enough for the current three cars parked there) back into the garden and cover it with grass/slabs…

Unless the remaining garden is tiny, reducing the parking area is generally likely to reduce the value of the property. You also need to check if the amount of parking is required by planning (though in this case probably not)

My idea is to knock through the wall between kitchen and dining room…

If the wall is structural you need to be careful that the cost of any structural alterations don't exceed any increase in value you could hope to achieve. In general terms structural alterations are something to do for lifestyle reasons, rather than increasing value.

I know it will make it more attractive to buyers if it's more useable space

Boarding a loft won't necesarily add much value (folk seem to like to declutter these days), although can be a good idea if the costs can be kept low. Even just for storage it is important to make sure the ceiling structure is capable of taking the additional loads.

Converting to habitable space is a more involved project, and only works well in limited circumstances. In your case it may only work if you lose the existing bedroom 3 - which means you still end up with a 3-bed property, albeit the new third bedroom would be larger than the existing bedroom 3.

Something else to check… did the dining room originally have a fireplace as well, and is there a chimney breast in the cupboard in bedroom 1?

Woodstok2000

If you are looking purely at future value, and none of these improvements are things you would do for yourself, I would suggest sticking to the lower cost/cosmetic updates to the outside, garden, bathroom etc. You never know what buyers are looking for - e.g. spending a lot of money opening up the kitchen may put off as many people as it attracts.

Most important of all, know your market, and as above, there's a ceiling for properties. As an extreme example, my uncle has a £500k bungalow in a residential area with mostly retired neighbours. The next door neighbour passed away, son spent a huge amount of money on an extension, loft conversion, decking with a hot tub, all mod cons. He's done a beautiful job and its a stunning house but no-one looking to buy in that area cares about what he has spent the money on. It has been on the market for 18 months, 4 price reductions and he's going to make a loss on his investment.

On the opposite side, they just gave the garden a tidy, painted the house and refreshed the kitchen and bathrooms and it sold in a week for about 15% above asking price.

grumpy_codger

Improvements can add value, but IMO unless you do most jobs yourself you add less value than you spend on major improvements.

user1977

Main thing which adds value is increasing floorspace, so a (proper) loft conversion (with Building Warrant etc) is likely to help.

The other things may improve attractiveness for buyers and then you may benefit if you have more people bidding at a closing date, but some of it is personal (they might not like your new kitchen and want to replace it with their own, they might want the extra parking which you don't, etc).

horsewithnoname

https://forums.moneysavingexpert.com/discussion/comment/82129586#Comment_82129586

This! It’s your home not an investment. Have it how you want it to be for you to live in, not what you think some future potential purchaser might want in the future. If you want garden rather than parking, for example, have it. A future owner may rather have parking and can convert it back to parking if they want.

twopenny

Know your market is the right phrase.

Most of what you mentioned is cosmetic and costly. No two people like the same things and what you have suggested doesn't sound absolutely necessary.

I'm keeping an eye on properties here and the ones with major design changes are the ones that take a lot longer to sell and have to reduce considerably.

The things you suggest don't scream 'oh lovely ' generally. Beware of making the front render different from all the neighbours. Clean sound may work, if it stands out too much that puts people off.

Kitchens? Current trend will be out unless you sell quickly. All black and all grey kitchens I've seen are dated now. As we're the shiny white ones that were a trend 6yrs ago.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82129616#Comment_82129616

A future owner may rather have parking and can convert it back to parking if they want

There's a risk there if legislation/regulation changes in the interim and the future buyer/owner finds they can't reinstate the parking.