One of the key questions when it comes to home improvements is, will it add value?
When you are thinking about selling or buying a property you want to think about the ways in which you can make it your own whilst also boosting the resale value. So, before you spend potentially thousands on an conversion, extension or redoing a kitchen or bathroom, it is wise to assess which will benefit both your lifestyle and property value.
Homebuilding & Renovating have outlined some key ways to add value to your home which are summarised below.
- Fix structural problems – whilst cosmetic solutions may hide problems from a buyer, it will still be obvious to a surveyor and if corrected properly will add significant value to your property.
- Heating – make sure central heating systems are up to date and working efficiently.
- Other services – as well as heating, make sure that your property’s electricity and plumbing systems are up-to-date. Old systems are inefficient and can be noisy and disruptive.
- Superficial defects – make sure all easy DIY fixes are dealt with, fix squeaky doors and re-paint any peeling paintwork.
- Using the roof – converting your loft is a cheaper way to add value to your home than an extension and will still add extra living space if done correctly. However you will need to ensure there is room for an additional staircase which will take away existing space.
- Windows – having new double glazed PVCu windows can add considerable value to your home. They are considered essential for most buyers and require little maintenance or upkeep.
- Kitchen makeovers – both buyers and valuers will be looking for a clean and hygienic kitchen. You do not have to undertake a whole kitchen refurbishment, even just making a few tweaks such as adding a dishwasher, new taps or hob will make the space feel refreshed.
- Existing space – whilst adding space can add value to your home, you also need to consider if you are effectively using the existing space. Make sure rooms are clearly set-out for their purpose and function and there is no clutter before you consider knocking down or erecting parting walls.
- Bathroom makeovers – like kitchens, this is another essential room. Again sometimes a full makeover is not required, just replacing or adding a few additional units can make a significant difference.
- Improve existing accommodation – the number of bedrooms a house offers is in direct correlation with market value, although there is a ceiling value for each street adding an additional bedroom could improve the value of your home.
- Garden – a well kept, tidy garden will add to the value and appeal of your property. You can make large or small scale improvements to your garden from re-landscaping to mowing the lawn and adding in new potted and bedding plants.
- Kerb appeal – most buyers have already decided on whether or not they like a property before they even enter it from the impression the front door makes. Make sure brickwork is re-pointed and the front door and porch are neat and tidy. Try adding a new coat of paint and adding some potted plants.
- Conservatory – adding a well-done conservatory can add more value than the cost of creation equally a bad conservatory can detract value. The additional floorspace and improving functionality of your property is a big attraction for buyers.
- Stand-out features – adding a special feature to your property that makes it memorable to potential buyers is worth considering. This could be adding in some decking or an elegant working fireplace.
- Land, leases and planning permission – a property with a short lease will decrease in value as they new owners could struggle to get a mortgage and it is costly to extended the lease once it reduced beyond 60 years. Buying adjoining land can be a big benefit especially if it allows for a garden extension, space for additional parking or the option to extend further. Having pre-approved planning permission to extend your property can be a benefit to buyers even if the work has not yet begun.
- Character properties – whilst inappropriate alterations can lower property value, restoring or replacing period features can add value to your property. It is important to know the buildings origins so you can be true to its history.
- Off-street parking – creating or renovating the quality of off-street parking the property provides can be a massive benefit to potential buyers and add value to your property. For many a well designed, low-maintenance drive is a big bonus.
- Storage space – having adequate storage space is a really benefit of a property. Make sure you optimize all the available space and if necessary extend to add more.
- Additional bathrooms – having more than one bathroom in a house is a big benefit to buyer, especially if you are looking to sell to families. Ideally you would like a bathroom or WC facilities on each floor.