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How to Add Value to Your Home the Traditional Way

29/04/2014 10:40 BST | Updated 28/06/2014 10:59 BST

According to Luther Vandross, a house is not a home when there's no one there to hold you tight and no one there you can kiss goodnight.

Try telling that to Phil Spencer.

Taking umbrage with Mr Vandross, Channel 4's property guru would cite the location of a property - rather than a beau present to hold you tight - as the determining factor when ascertaining its value.

In London, however, experts claim the housing market is spiralling out of control, making housing too expensive for the poor and the young.

And with latest figures from the Office for National Statistics revealing average UK house prices increased by 9.1% over the last year, there are warnings of a "superbubble" on the horizon.

This spells bad news for those making tentative steps onto the property ladder, with the average price first-time buyers pay estimated at a whopping £192,000 - £19,000 more than 12 months ago.

Conversely, if you already own a home but the location is more Skid Row than Millionaire's Row, sprucing up your space and adding value is vital if you have a desire to climb the property ladder.

Here's how...

Construct a Conservatory

In order to add value to your home, you need to take active steps - and conservatories are an ideal addition. Importantly, though, extending living space for you and your family shouldn't be the one and only consideration.

It's vital to make sure your lean-to matches the style of your home, for fear it becomes an eyesore your neighbours are convinced fell into your garden from the Planet Glazo. In terms of boosting value, a conservatory can add around 7% to the sale price of your home.

Consider a Loft Conversion

If you want to add an extra bedroom or bathroom to your home, why not consider a loft conversion? Again, like a conservatory, it's vital to make sure the conversion blends in with the rest of your home, rather than looking like an expensive afterthought.

Experts reckon if you spend £20,000 on a loft conversion, you can add around £40,000 the value of your home. Additionally, the mortgage lender GE Money has categorically stated that a loft conversion will add an average of 12.5% to the sale price.

Knock Down Your Garage

It may seem counterintuitive at first glance, but I bet you didn't know that 90% of garages in the UK don't actually contain a car. Nope. Instead, they're used as expensive storage containers housing old Boney M. records and your teenage son's rusting mountain bike.

Consequently, it's recommended that you utilise the space and turn it into a living area in a bid to boost the value of your home. It'll cost you around 10 grand to get things sorted, with the value gained calculated by multiplying the square footage you've added by local price per square foot.

Get Rid Of Your Front Garden

If you're located slap bang in the middle of a city, it's likely prospective buyers are more concerned about where they're going to park their car, opposed to tending their magnolias and cutting their grass as they wave genially to the neighbours.

As a result, when parking is at a premium, say goodbye to the lawn and hello to concrete as you pave your way to more value on your home's sale price. To get the job done, it'll cost you between 10 and 20 grand, but you could add around £50,000 to the value of your urban dwelling.

Admittedly, the list above is far from exhaustive, but it should give you a good starting point for boosting the value of your home in an increasingly competitive housing market - Luther Vandross's suggestions of someone there to hold you tight and kiss you goodnight can come later...