We asked the experts what really adds value to your home

From cosy loft conversion to glamorous en-suites with roll-top baths, most homeowners have at least one dream home renovation project at the back of their minds. But which ones are most worth doing, which will bring the biggest benefits to how you use the space and how do you fund those bigger projects when you don’t have any spare savings?

We asked property expert Phil Spencer and interiors presenter and author Georgina Burnett for their expert tips.

Choose a name

“Perhaps the simplest – yet most overlooked – way to add value to your home is to give it a name,” says Phil. “You’ll need to fill in a few forms with Royal Mail and your local council, but the time and effort can really pay off. Studies show that giving a property a distinctive and attractive name can boost its value by thousands of pounds.”

Convert your loft

“Converting the loft space will typically cost between £20,000 and £40,000, but provides the biggest value boost to your home,” Phil explains. In fact, according to a report by Nationwide, a loft conversion that incorporates a double bedroom and a bathroom could add more than 20% to the value of a three-bedroom, one-bathroom house (although you have to be careful that you don’t exceed the price ‘ceiling’ of your property – check what homes of similar size are going for in your immediate area.)

If you’re looking to fund a loft conversion or extension, or any other home improvements, and are 55 or over*, you could consider one of Nationwide’s Later Life mortgage products. They could allow you to borrow into your 80s and are designed to let you make use of the equity that’s built up in your home to fund those dream projects.

There are three options to choose from: The Retirement Capital and Interest Mortgage, which is similar to a standard mortgage where you pay back the loan and interest over a fixed term; the Retirement Interest Only mortgage, which lets you make interest-only payments; and the Lifetime Mortgage that lets you release equity from your home, with optional monthly payments. The remaining balance on both the Retirement Interest Only Mortgage and the Lifetime Mortgage is usually repaid when the last remaining borrower moves into full-time care or passes away. We recommend always speaking to an independent financial advisor if you’re considering an equity release product.

Set the groundwork

“If you don’t have the time or budget to devote to an extension, just applying for planning permission can sweeten the deal for a potential buyer by giving them the reassurance that they could add an extra bedroom in future if required,” Phil adds.

“A full planning application requires architect’s drawings, but, with a bit of research, you can often secure outline planning permission for free by applying to the local planning authority yourself.”

Add a snug

“Creating snug areas in family homes have become more important in recent years,” Georgina says. “As a revolt against open plan living, parents of teens in particular are realising the importance of separate space, while parents of young children are wanting to keep the living room clutter-free.”

Ezra Bailey

Start outside

“When it comes to boosting ‘kerb appeal’, repainting the front of your home is a smart tactic,” says Phil. “Getting in a professional painter is likely to cost you several hundred pounds, but the end result could add significant value to your property. Freshly painted window frames will suggest that your home is well-maintained, and reassure buyers that the house is in good condition throughout.

“A tidy, junk-free and well-planted garden will also add extra value. This could cost you as little as £200, but may add up to £5,000 to the value of your property.”

Ron Evans

Invest wisely

“Always make sure you will get the amount you’re spending back (or preferably more) – a local estate agent will be able to help you with this,” says Georgina. “Also, check other properties in the road who have done something similar so you can see where they went right or wrong.”

To find out more about the Later Life products available at Nationwide that could help you transform your home, visit nationwide.co.uk/laterlife

*To apply, you need to be a UK resident aged 55-84 (or 55-94 if you are an existing Nationwide mortgage member). Eligibility criteria, lending limits and terms and conditions apply.

Think carefully before securing other debts against your home. Your mortgage is secured on your home, which you could lose if you do not keep up your mortgage payments. Check that this mortgage will meet your needs if you want to move or sell your home or you want your family to inherit it. If you are in any doubt, seek independent advice.