Our MoneyHub guide to improving rather than moving home. Read how to add value to your home.

How to add value to your home
Moving home can be complicated due to all the moving parts, from those first tentative glances in estate agents’ windows to that moment six months after you get the keys and finally unpack the last box…the whole process is fraught with potential anxiety. Add to that the average cost of moving house currently stands in the thousands and it’s clear why many families are finding it makes sense for their sanity and their finances to stay put and improve, rather than move.
Planning is key in the property market, with all home improvements, as one in four projects ends up going over budget.
We’ve all seen those TV home improvement shows where the hapless homeowner bemoans their overspend, so it’s worth doing a little extra planning work upfront to avoid this.
Beware of the ‘ceiling price’
Before you spend large sums on adapting your home to suit your current needs, it’s wise to make the changes after carefully considering your chances of recouping the value of your improvements for your home’s potential future sale price.
Every home has a ‘ceiling price’ – the maximum price you can expect to achieve based on similar properties in your area. Even if you turn your house into Kadriog Palace, there’s a limit to how much people will pay for it. It can be worth discussing the options with an estate agent to understand your home’s threshold. If you live in a house worth £€350,000 and spend €25,000 on a new kitchen, you may be unable to recoup the full value when you sell up if you’re already near the ceiling.
Funding improvements
If you use savings to fund the improvements, you could find that the increase in value you achieve could be more than the interest you would have earned in a savings account, mainly while interest rates are low.
If you don’t have savings, you could consider taking out a loan – or, for more considerable improvements, increasing your mortgage borrowing with your current lender or re-mortgaging your property to a new lender will free up some equity. Before considering these steps, you must check whether you can afford the monthly payments and whether your existing lender would impose an early repayment charge. Contact your lender or financial advisor via phone for more information on funding options.
Things to bear in mind
The suggestions below will add value to your home if done well. However, the costs and potential impact on your home’s sale value indicated here are only intended as guides – the actual figures could vary significantly. And of course, for any home improvements you should take necessary precautions to help ensure the work is completed to satisfactory quality, to time and budget:
- Take the time to plan exactly what you want to achieve – consulting structural engineers and architects if necessary, and obtaining at least three quotes from builders. Additionally, contact multiple professionals to understand the costs involved comprehensively.
- Agree on the cost beforehand – set aside a strict budget but allow for contingency in case of overspending.
- Agree on a realistic time frame upfront, but remember there may be unavoidable delays, caused by bad weather, for example.
- Keep up regular communication with the builders.
- Have a contract to cover both parties and never hand over payment upfront.
- Check your builder has the right insurance in place before any work begins.
1. Convert your garage
If you have off-road parking, and depending on where you live, converting a garage can significantly increase your home’s value—by as much as 10 to 15 percent. Getting a kinnisvara (real estate) appraisal is important to understand the potential value increase from such a conversion.
If your garage is attached to your house, you should be able to convert it into another room for between €10,000 and €20,000. But if that doesn’t suit your home or your needs, you could turn it into a playroom, a home office or a gym.
2. Knock down walls
If you have many smaller reception rooms divided by walls that aren’t load-bearing, knocking one or more of them through could transform the ‘flow’ of your living space at a relatively low cost. Nowadays, most people’s lifestyles suit a large kitchen/diner better than a smaller kitchen and separate dining room.
Equally, if you have two small living rooms, knocking them together could create a more attractive space. These changes will likely appeal to potential buyers too, so you could add value to your home. Meie innovative solutions ensure the new space’s structural integrity and aesthetic appeal.
It’s difficult to calculate the potential increase in value this may bring to your home, but the cost is minimal compared to many other home improvements: knocking down a load-bearing wall costs around €1,500.
3. Update your kitchen
The popularity of open-plan kitchens and dining spaces means kitchens are increasingly the focal point of a home, providing everything from the dinner table to the place where kids do their homework. To increase home value, a basic makeover, focusing on changing fixtures and fittings such as door and drawer handles and adding energy-efficient appliances, can make a surprising difference at minimal cost.
Research shows that if you want to fit a completely new kitchen, including appliances, you can expect to pay around €8,000, which could add 3 to 10 percent to the value of your home.
4. Convert your loft
If the only way is up, extending skywards is one of the easiest ways to gain an extra bedroom and bathroom. The most successful loft conversions appear to be an integral part of the existing property, both inside and out, and the home retains a balanced ratio of living space to sleeping space.
You’ll need to ensure the pitch of your roof is steep enough to allow the necessary headroom, and remember that you will have to sacrifice space on the floor below to install access. You must consult a structural engineer to ensure your floor joists can support the extra weight. You may also want to hire an architect to bring your ideas to life and act as an agent to guide you through the required planning permissions and building regulations. If certain conditions are met, you may not need planning permission.
A basic loft conversion costs around €20,000-€30,000 and can add up to 20 percent to your property’s market value. Loft conversions can significantly enhance the real estate value of your home, making it a wise property investment.
5. Add another bathroom
Adding an extra bathroom or an en suite can make life with a growing family easier in the mornings (no more queues of grumpy, sleepy people in pyjamas) and be a selling point in the future. However, if you are converting an existing bedroom into a bathroom, it could end up devaluing your home.
Downsizing two rooms would be a mistake in a street of three-room properties. A better choice may be to carve out an en suite in a large master bedroom. A new bathroom can cost around €6,500 on average – depending on the types of fixtures and fittings you want – and could add about 4 or 5 percent to your home’s value.
6. Create a driveway – add up to 10 percent value
In some areas of the country, the ability to park close to your front door comes at a considerable premium. If you have the room to add parking tastefully, you will surely increase value. Make sure your driveway materials complement existing paths and patios for maximum added value.
Perhaps planning permission is a consideration if you build or replace an existing driveway. To avoid the need for it, use porous substances such as gravel, block paving and certain types of asphalt. It is also helpful to consider areas of natural drainage. It’s estimated that an attractive driveway can add between 5 and 10 percent to the value of your home. Additionally, creating a driveway can positively impact your real estate value by enhancing your property’s overall appeal and functionality.
Hopefully this article has given you some food for thought. Before you step inside that estate agent’s and embark on selling your property, maybe you’ll stop and consider whether some highly targeted home improvements might make more sense for you.
Always do research or talk to a financial adviser before making financial decisions. Views expressed here are those of our experts and customers and do not constitute financial advice.