While most property owners invest in development projects to improve their lifestyle, enliven aesthetics or create more habitable space in the short-term, they also have an eye on the future benefits such work might bring. This usually comes in the form of an increase of property resale value. In fact, working in conjunction with building contractors to ascertain the best possible short- and long-term results plays a vital role in shaping home renovations, loft conversions and house extensions. Fortunately, BDH Builders has experience in maximising the return of any property investment, from garden patios to full home refurbishments.
Below, we have taken a closer look at how some of the more popular projects we undertake in the St Albans area effect the resale value of a property.
When it comes to garden patios, the overall impact of resale value varies depending on the nature of the wider project. For example, if you invest solely in a patio, there’s no doubt it will appeal to prospective buyers, but that appeal increases greatly when it makes up one part of a well-planned, visually pleasing garden.
In a recent study, garden patios installed by experienced building contractors came second only to garden sheds as the most desired outdoor feature. As such, a patio on its own could make the difference in getting a sale over the line rather than increasing value significantly. However, a landscaped garden has the potential to add as much as 20% in value according to the same study.
Coming in all manner of different projects, the home renovations we perform in St Albans don’t have a singular effect on resale value. Quite simply, this is because some renovations have more appeal than others. In the most basic sense, home renovations which restore a dilapidated building, including structural integrity, making it fit for modern use, can bring about an impressive profit. Naturally, this amount also depends on the original condition of the building, how much it cost to buy and the size of investment in the renovation work.
On an individual basis, some of the most popular home renovations include garages (up to 20% increase), energy saving measures (up to 14%), outside décor (up to 10%), open plan living (up to 6%) and central heating improvements (up to 5.4%).
A recent study by Nationwide found that, on average, loft conversions which create a new bedroom with en suite facilities increase resale value by 21%. As the upper end of improvements, different types and variations of loft conversion still bring about an increase in value, just not to the same extent.
While creating new living space may seem like a no-brainer, property owners and building contractors need to consider the viability of loft conversions on an individual basis. For example, they create living space without increasing the footprint of the existing property. This represents a huge benefit as the garden space remains intact. Naturally, however, this also means the loss of existing storage space, so a solution needs to be found in this regard.
Much like home renovations, house extensions come in various types, all of which impact resale value differently. From single-storey structures housing larger kitchens or home offices to double-storey additions with a new bedroom and en suite bathroom, homeowners in St Albans have various options to play with.
The most appealing house extensions we create as building contractors come in the form of double bedrooms. On their own, they add approximately 10% to the value of a home, but this figure increases with en suite facilities.