The headlines always tell us just how expensive housing is, and indeed the average house price in the UK is currently £217,502 which is up 5.8% compared to last year. [1]
However, house prices have just fallen for the second consecutive month (April 2017). For those looking to go on the market soon, increasing the value of your home could be an important step. But what are the best ways to increase the value of your home?
Always Start at the Beginning
It’s all very well adding an extension, or considering off-road parking, but if you haven’t got the house in ship-shape structurally, then this will affect the value. Make sure you’re not just doing ‘cover-up’ maintenance either. Property surveyors will see through this even if your potential buyer doesn’t, and you may find the price of your house being renegotiated at a crucial stage in the process.
Therefore, before considering anything else, take the time to fix the structural things that really matter. They might be boring, but they pay in the end. So fix leaking rooves, cracks or subsidence, damp, rot, chimneys and floors. Then you can get on to the fun stuff.
Then Add the Basics
Your next step when seeking to add value to your home is to make sure your home has everything a future buyer will expect of it. That means it’s time to add central heating, if you haven’t already, cavity wall insulation, loft insulation, replacing broken windows, ensuring your boiler, plumbing and electrics are all in line with current expectations.
In the meantime you’ll also benefit from reduced bills and a better energy efficiency rating on the Home Buyer’s Report.
This is also the stage to consider sprucing up on a surface level by re-decorating, cleaning well, re-grouting, and fixing small niggles. Whilst these won’t directly affect the value of your property, they are generally cheap and effective projects that will increase your property’s desirability and saleability.
Create More Room
A huge boost to the value of your property can come from creating extra room, either through a loft conversion, extension, or conservatory. This is where you can really add value to your home. Adding an extra bedroom can up 9-10% to the value of your home [2], and adding an extension can add 11% to the value of your home [3].
If you have space then you can also consider a loft conversion. Loft conversions are generally cheaper than extensions, so can be a great way of adding value.
Think About the Windows
New double or triple glazing can significantly add value, and desirability, particularly at the lower end of the market. They can make your home much more energy efficient, keeping out the cold in the winter months. Double or triple glazing can also provide great sound insulation, perfect if your home is close to a main road, motorway or railway. [4]
Begin a Home Make-Over Project
New modern kitchens, bathrooms, and gardens, all have the potential to increase saleability, but also to increase the value. The boost to the value won’t be in quite the same league as the larger extension and conversion projects, but a make-over can be cheaper and a cost-effective option. Remember, simply replacing the kitchen cabinet doors might be enough to completely transform the look, for relatively little outlay. Bathrooms can quickly look luxurious with new tiles and shower curtains. Bringing back period features is another possibility.
Consider Your Space
Not all homeowners use their home to the greatest potential. This can lead buyers to think your home won’t meet their lifestyle. Therefore, rethink your entire home with your target market in mind. Make sure you have defined dining, sitting, and bedroom areas. Make sure bedrooms look like spacious bedrooms by removing the clutter and ensuring they have a sensible sized bed.
Finally, Tackle Kerb Appeal
It’s all very well taking the above steps to improve the value of your home, but if you don’t attract buyers through the door then it is meaningless. Increase the kerb appeal of your home by repointing brick work, having paintwork redone, and potentially adding a porch.
By taking these steps, you can increase the value of your home. Whether you’re looking to move elsewhere, or want to release equity, improving the value of your home is important. Knowing how to do it is crucial.
[1] http://landregistry.data.gov.uk/app/ukhpi
[2] http://www.thisismoney.co.uk/money/mortgageshome/article-3014644/Home-improvements-add-value-pay-them.html
[3] http://www.telegraph.co.uk/property/online-estate-agent/home-improvements-that-add-value/
[4] http://www.fitterwindows.co.uk/double-glazed-windows-help-sell-home/
