The housing market is beginning to slow down after a bumper year for market values; since last year, house prices have inflated by more than 11%, but the rate of growth is beginning to slow down as the cost of living crisis begins to have an effect on wider markets.

When one renovates a home, they are doing so primarily to make their living situation more comfortable and pleasant – but regardless, there is a financial element to any home improvement. As the cost of living begins to bite households more and more, it is understandable to want any home improvements to also act as an investment. But which improvements are the best investments to make?

Loft Conversions

Loft conversions are another popular way to increase the available space in a home, and can add considerable value to a home’s market price. While loft conversions do not increase property price as much as extensions, they are much cheaper to enact, and also benefit from being easier to build; planning permission is often not required to complete a loft conversion, and there are less associated construction hurdles to clear before completion. As such, loft conversions can be a cost-effective way to raise property price.

En-Suite Renovations

En-suite bathrooms are perennially in high demand, and can make a home much more desirable for their inclusion. If your home does not have an en-suite, re-purposing cupboards or knocking through to re-purpose space in adjacent rooms can be a relatively simply way to improve price and appeal in one.

With regard to renovating an existing en-suite, upgrading your shower to a sleeker-looking model can improve the aesthetics and usability of the bathroom – making it more enticing to working households. Fresh tiling and a lick of paint can also go a long way to improving overall value on account of décor.

Extensions

Home extensions represent the single-biggest boost to property value out of all possible home improvements; single-storey extensions can add up to 8% to property value, while multi-storey renovations that add a double bedroom can increase a home’s value by up to 23%.

However, the dramatic increase in property value does come with a cost. Building an extension is a uniquely expensive home improvement project, with budgets that start in the tens of thousands and can easily add up to well over £40,000. As such, building an extension isn’t necessarily the most cost-effective way to improve value – but still represents a significant increase.

Garden Renovations

Lastly, one often-overlooked intervention you can make lies in your home’s exterior spaces. Addressing your front and back garden can have a direct impact on your house price, especially with the installation of a new patio, decking or even gazebo.

However, perhaps more importantly, properly renovating the outside of your property can improve first impressions on a viewing – with a knock-on effect on buyer interest. Refreshed gardens and driveways can also impact the quality of offers you receive, giving prospective buyers less with which to haggle a lower sale price.