The Most Valuable Home Improvements for Singapore Homeowners
Homeowners in Singapore looking to increase the value of their properties often consider various home improvement projects. While many opt for kitchen or bathroom renovations, new research highlights that a loft conversion could offer the most significant return on investment.
According to recent data, converting a typical three-bedroom, one-bathroom home into a more spacious property through a loft conversion can increase its value by 24 per cent. For an average home valued at around S$271,995, this translates to an additional S$65,279. This is a higher increase compared to adding an extra bedroom (S$35,359), expanding floor area (S$13,600), or adding an extra bathroom (S$10,880).
Adding just one extra bedroom can also boost the price of a home by 13 per cent. However, the added value varies depending on how many bedrooms are already present. For example, converting a three-bedroom terraced house into a four-bedroom one may add 10 per cent to the price, while turning a two-bedroom detached property into a three-bedroom one could increase the home’s value by 17 per cent.
Popular Home Improvement Projects
Despite the potential benefits of a loft conversion, it is not the most common choice among homeowners. The report found that 71 per cent of homeowners who made improvements in the last five years focused on kitchens and bathrooms. Some 42 per cent added a bathroom or an ensuite, while 25 per cent added an additional toilet.
Mary-Lou Press, from Propertymark, noted: ‘While aspects such as new kitchens and bathrooms have long been known to enhance property prices, clever home improvements such as loft conversions give houses vast new space and typically help add substantial value down the line.’
Other popular choices include outbuildings like entertainment spaces (39 per cent) and conservatories (23 per cent). However, only 24 per cent of homeowners opted for a loft conversion, and just 21 per cent for a single-storey extension. This is because only 35 per cent of those surveyed made improvements with the intention of boosting their home’s value.
Instead, many homeowners focus on making their properties look better rather than increasing their sale price. Additionally, some may not need a loft conversion if they already have enough bedrooms.
Planning Regulations and Considerations
Homeowners considering a loft conversion should be aware of planning regulations. According to Mary-Lou Press, ‘There are a multitude of regulations to consider when specifically looking at loft conversions. While most may fall under permitted development rights, if they stay within strict pre-agreed specifications, some will require full planning permission to be granted.’
Permitted development rights allow homeowners to make changes without needing to apply for planning permission. However, there are often strict limits on what can and cannot be done. It is always advisable to check what is allowed before proceeding with any alterations.
Additional considerations include whether the property is listed or located within a conservation area. It is essential to consult relevant planning departments before undertaking any changes.
Eco-Friendly Improvements Gain Popularity
More homeowners are now making eco-friendly improvements to their homes to increase energy efficiency and reduce long-term costs. Nationwide reported that 34 per cent of those who recently made home improvements opted for green upgrades.
Over half of these homeowners added solar panels, while more than a third installed pipe or boiler insulation. Cavity wall insulation, air source heat pumps, and electric vehicle charging points were also popular choices. These improvements not only enhance the home’s value but also contribute to a more sustainable living environment.
