How can I Increase the Value of My Home?
20th June 2017
We all want to get the best price possible when we sell our home, but sometimes we have ‘to speculate to accumulate’ in other words we have to spend a little to get more for our property. If you want to sell now, some home improvement or renovation can really increase the value of your property without laying out thousands of pounds.
For example painting the front door and tidying up exterior paintwork, giving the garden a quick tidy and a makeover with new potted plants, completing all those half-finished DIY jobs, colour washing the walls in rooms that need freshening up, will all help to give your property sale appeal and a chance of achieving a good price.
However if you are not considering selling just yet, but are thinking of carrying out some renovations, which one will increase the value of your property the most?
According to an article by Marc Shoffman for Thisismoney.co.uk the following home improvements are the top five improvements for increasing the value of a property. However it is important to consider the cost against the increase in value to make sure your investment is worthwhile
Home improvement Average cost Added value
Loft conversion £15,000 – £40,000 10%
Extra bathroom £2,500 – £6,000 6.10%
New kitchen £8,000 5.80%
Central heating £3,235 5.40%
Conservatory £4,000-£10,000 5%
Sources: NAEA, Movewithus, TradeAdvisor
Loft conversions obviously increase the living space of any home without detracting from other rooms in the house. As a space it can have multiple uses such as an extra bedroom, a work room/ home office, a play area for the children or an adult den/hobby room
Having more than one bathroom has become a very popular selling point. Many people like the idea of having an en-suite bathroom but care should be taken to avoid making the bedroom too small.
A new kitchen can be expensive but it will attract buyers who don’t want the hassle of renovating themselves.
Now that Energy Performance Certificates are required when selling a property, a new central heating system can be a very cost effective way of investing in your home, both for you while living there and when it comes to selling your home.
Conservatories are very popular way to gain extra living space but can vary in size and price enormously.
For more advice on selling your property or finding your perfect new home call your local Home Estate Agents office.