Property values are set to come down after a volatile year in the housing market; between 2020 and 2022, market values had increased by around a fifth, but in the aftermath of the ‘mini-budget’ that forced mortgage rates to rise, property values could be set to shrink.

For property developers or even simply households looking to sell, this could present an issue. If you were already intending to redevelop your home, what luxurious changes could you make to increase buyer interest and also increase value?

Extension or Loft Conversion

With specific regard to increasing property value, there is no endeavour more effective than the addition of living space. This can be done in two key ways: extension or loft conversion. Home extensions can take the form of single- or multi-storey designs, adding living space to your bottom floor and potentially adding an extra bedroom and bathroom to your top floor.

Building an extension is a considerable task, though, requiring liaison with multiple design and building teams as well as project administration. For example, given the costs associated with materials and man-hours alike, it can be sensible to plan for home extension insurance in order to minimise the financial impact of potential delays – and maximise overall profits when it comes time to sell.

If you don’t have the budget for adding to your home’s footprint, loft conversions pose a more affordable alternative. Loft conversions typically don’t require planning permission and add living space without costly efforts to add on to the home. However, they might not add as much value as a fully-fledged two-storey extension.

Heating

More recently, a new trend has emerged in home renovations and consumer demand. As energy prices rise and the climate crisis becomes a more pressing matter for many, it has become all the more important for properties on the market to reflect sustainability and energy efficiency.

Simply replacing the boiler and radiators with more efficient models can help with energy costs, but for that true luxury feel there are new technologies that pair well with cutting-edge modern conveniences, such as electric radiators. For example, air-source heat pumps can enable you to install luxurious under-floor heating with minimal running costs.

New Kitchen

While there are many different ways to approach luxury in the design and renovation of a home, one of the more impactful renovations comes in the form of a kitchen update. While living spaces and bedrooms have a lot of potential for luxury re-decoration, a kitchen re-fit is much more likely to add tangible value to a property – as well as ‘wow factor’. Sleek new kitchen units can have a powerful impact on the aesthetics of your space, while adding new white goods and appliances can add a serious amount of tech appeal.

Garden Outhouse

Lastly, relatively little attention is given to garden renovations – in spite of their potential for creating value, both in terms of aesthetics and convenience. Adding a garden outbuilding can be a great way to add living space without adding on to your property; the space could be used as a sun-room for guests to enjoy in the warmer months, or as an office space for home-workers.