A Guide to Adding Value to Your Home
Estimated reading time 13 minutes
Whether you are looking to sell your property as soon as possible, or you’re thinking about doing so in the near future, it’s always a good idea to be prepared. Every homeowner wants to get the most out of their property, especially when you have invested so much over the years, so doing everything you can in your power to add value to your home is a smart move that will leave you with extra cash in your pocket.
What to do before adding value to your home?
Before discussing how to add value to your home before selling, it is important to set a budget to ensure you don’t overspend. When adding value to your property, there is a fine line between doing things to your house that will be a good investment and doing things that will end up costing you more money than it will make you.
There are two steps you should follow, in order to make sure you are likely to get a return on your investment and, ultimately, add value to your home.
Step 1:
Check the ceiling price for your area – you can do this online or ask a local estate agent. This will be able to tell you whether it is worth adding a loft conversion or an annexe. For instance, if you are thinking of spending £30,000 on your £400,000 property, but your street’s ceiling price is just £415,000, there is simply no point.
Step 2:
Find out what your home is currently worth. You can get a free quote from a local estate agent or selling website, such as Sellhousefast.uk. This valuation will give you an idea of how much value you can add before exceeding your ceiling price.
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How to add value to your home:
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You’ll be pleased to know that there are numerous ways of doing adding value to your home without getting the builders in. Freshening up your home’s interior design is a quick and simple ways to add value to your home.
This can be as simple as re-arranging furniture make your rooms look more spacious and welcoming, or giving your property a new coat of paint. It’s as easy as that!
Painting walls in neutral colours, in particular, can be a guaranteed way of revamping your home without having to invest a large amount of time and money. A simple lick of white or cream paint can completely transform a home from tired and dated, to fresh and modern. Ideally, interior walls should be painted every five years (at least), but this entirely depends on the individual and if you have pets or children, where walls can get dirtier more quickly.
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Not only is the garden a major selling point for potential buyers – particularly those who are prone to entertaining friends and family, a young family or keen green fingers – but it can also increase the value of your property too. In fact, our research found that a well-kempt garden can increase property value by 20%. For this reason, it is vital to ensure your garden appears as inviting as possible – and a few simple steps can be taken to ensure this is the case.
Some little changes can make the world of difference on a
small budget, such as:
- Cutting the grass
- Trimming back any hedges/trees
- Cleaning the patio/decking
- Adding some well-presented garden furniture
- Planting some potted plants
Alternatively, if you have a larger budget, you may want to
consider giving your garden an overhaul, in order to give it the “wow” factor
so many buyers are looking for. It is highly advisable to hire a landscape
gardener if your home is in particularly bad disrepair or could do with a
restructure in order to appeal to a wider group of potential buyers and add
value to your home. This may include adding more evergreen shrubbery and turf,
and removing any hazards, such as a pond or uneven paving slabs.
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Open plan living has become increasingly popular for many
homeowners over the years, because it not only makes your home feel larger and
improves the overall appearance of your living room, it can also help bring the
family together, encourage communication and create the perfect space for
entertaining guests.
By knocking down a few walls in your home, thus creating a
free-flowing kitchen, dining room and living room space, can be highly
beneficial to young families in particular. This simple change allows parents
to keep an eye on their children whilst running errands, such as cleaning or
cooking.
It is also becoming increasingly popular among older generations too, where they may not want to downsize their home when they are faced with mobility issues. Instead, they may opt to create an open-plan space to ensure they have enough room to accommodate the addition of a walking stick, Zimmer frame or wheelchair.
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Adding a loft conversion to your home isn’t a quick fix to
add value to your home. It can take a long time for planning permission to be
approved, and the work itself can take up to 4 to 8 weeks to be completed.
Therefore, if you are looking to put your house on the market quickly and have
a quick house sale, this may not be the best way to add value to a house.
However, that being said, according to the Nationwide
Building Society, converting your loft into an ensuite bedroom can add over 20%
to your property’s value. Therefore, if you are looking for a high return on
investment, converting your loft can ensure you are adding value to your home.
However, as always, ensure that doing this will be worth it
– ensure that there is enough demand in the area, otherwise there is simple no
point.
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If you are looking for extra space in your home and don’t
get much use out of your garage, you may want to convert your garage into a
room. A good way to add value to a house is to ensure a garage conversion can
be used to extend your kitchen into an open-plan kitchen-diner, or as a
playroom or media room, as these are most in-demand among most buyers.
You can expect to pay between £850 and £1,150 per square
metre for a basic conversion, which often results in a final cost of around
£20,000. Even though a garage conversion isn’t cheap, it can provide a great
return on investment – sometimes adding up to £50,000 to the value of your
property.
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Gone are the days where ensuite bathrooms were looked upon as a luxury. They are becoming increasingly common today and, in fact, according to a recent study, over 25% of buyers wouldn’t even consider buying a property without one. As a result, if your budget and space permits, in order to ensure you don’t miss out on a hefty chunk of potential buyers, it is a good idea to consider adding an ensuite to a bedroom.
Choose all your fixtures and fittings for your ensuite and hire a plumber to ensure that everything is properly fitted. A shower, sink and toilet is enough to add serious value to your property and entice buyers. So what are you waiting for?
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Before considering adding a downstairs bathroom, you should figure out where the best place is to add this. Ensure you site a downstairs toilet in a convenient place, ideally leading off the hallway and with an outward-opening door. This addition is not only highly convenient, but also a bonus for potential buyers who are looking to buy a family home. It has been said that adding a downstairs toilet can cost around £2,000, which can add approximately £10,000 in value to your home.
You must also consider whether the addition will be appropriately
drained. If you cannot install a toilet on an outside wall or where it can
connect straight to the mains, it is advisable to not do this. If you are considering
a macerator, remember that they are noisy and easily blocked, thus not adding value
to your home.
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In most areas, particularly large cities, finding a space to park your car can be difficult. As a result, if parking comes at a premium in your area, you may want to consider converting the front of your property into a driveway. It is a great investment to make, as according to a survey, 84% of participants would not buy a home without a driveway.
If you decide to go down this route, it is worth getting a recommendation from a family, friend or neighbour to ensure your builder is reliable and will do a good job. If your new driveway ends up , otherwise it can end up decreasing the value of your home and reducing your home’s kerb appeal. As MyBuilder points out, “a driveway needs to be built to last, so only hire an expert with a good track record.”
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If you are looking to add another room to your home, but
don’t want to spend too much money, a conservatory is a great compromise. The
installation of a conservatory, despite needing planning permission, is often
much more straightforward than building an extension, for example, and ensures
you are adding value to your home. It allows an extra room to be built onto the
back of your property and the turnaround time is often much quicker too.
A conservatory is the perfect addition to your property, as
the use of large glass doors and skylights will make your home appear lighter,
airy and spacious – all qualities that most people look for in a new home. They
often appeal to buyers due to its potential to be used for absolutely anything,
such as a simple relaxation room, a dining room or even a play area for the
kids.
However, conservatories aren’t for everyone. Remember to
consider your budget, ceiling price, garden size, how long before you sell your
home and planning permission.
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In this day and age, working from home is becoming
increasingly popular. As a result, a high percentage of your potential buyers
are looking for a home office space from which they can work.
If you have a spare room in your house, you may want to
consider turning this into an office in order to appeal to buyers, thus drive
up the property’s value and increase popularity. All you need to do is add a
desk, swivel desk chair and a couple of shelves and voila – you’ve got yourself
an office.
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This old chestnut has been adding value to property for
years and will continue to do so for years to come. Especially now that people
are becoming more environmentally conscious, saving energy comes up high on
their list of priorities. Therefore, installing double glazing will add a great
deal of value to your home and certainly please potential buyers.
Although this isn’t the cheapest procedure, having new
windows will not only positively affect the aesthetics of your house, it will
also show potential buyers that the property is well maintained and
sufficiently protected during the colder months.
Not to mention, if you decide to sell without double glazed windows, there is a high chance that your buyer will put in an offer under asking price or drop their price once their survey has come back, citing home improvement reasons. At this point, it is difficult to go back, especially if you are part of a house chain.
Worse still, your buyer may even decide to pull out of the house sale altogether if they think the money is too much.
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With a growing ageing population and a generation struggling to move out of the family home due to increasing housing costs, the addition of an annexe may be the perfect option for many families looking to move home.
An annexe is separate and additional accommodation for the
main house, which may be interconnecting within the property as a whole (for
instance via doorways) or it may be accessed via a completely separate external
entrance.
Despite requiring planning permission and a builder,
constructing an annexe doesn’t have to cost a lot of money – especially if you
are looking to create a small additional space on your land. Some annexes can
cost as little as £150 per square foot and will therefore cost as little as
£100,000 to convert a space that is around 600 sq. ft. into a two-bedroom
property.
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If you have gone down the open-plan route, finding space to
add a utility room can be a great practical addition and add value to a house.
It keeps the noise of any appliances out of the living space, such as a washing
machine and tumble dryer, and gives you a dedicated space to hide away laundry
and cleaning gear.
Utility rooms don’t need to be large, which means it can be
a simple addition to your home to add value. Stud walls can cost anywhere
between £400 and £600 to install and can section off an unused area of your
kitchen to create a utility area. Alternatively, if space is tight, you can fit
a utility room into a built-in cupboard, or in another room such as your
cupboard under the stairs.
Always remember to do your research…
The key is to not over-spend. It is crucial to be cautious when making home improvements with a view to add value to your home as there’s a fine line between doing things to your house that will be a good investment and doing things that will end up costing you more money than it will make you. It is important to do your research before carrying out any home improvement, to figure out whether it is worth the trouble of getting the builders in or applying for planning permission. In some cases, this simply is not worth it, and you may decide to sell your property fast using a cash property buyer and purchase a new home that suits you and your family’s needs.
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