Tips To Increase The Value Of Your Property
1. Consider your potential buyer
Research and work out who is your most likely type of buyer and present the property accordingly. This will determine whether you present a spare room as, say, an office, a play room, a gym or a study. Not only will this have an impact on your value but also the saleability of your house. As a further example, if your property is in an urban area where parking is at a premium, consider paving your front garden for more car space. Whilst if you live in the countryside and garden aesthetics are an important feature of the property’s presentation, keeping the garden area will be mostly essential.
It simple and really very important in achieving the most from your property.
2. Keep the exterior looking like new.
This may involve painting the outside of your house, refurbishing your front door or ensuring your front garden/ driveway is in a neat and tidy condition. Check your guttering for blocks or broken parts. First impressions count!
3. Fix structural problems
Before you even begin to consider cosmetic improvements and repairs like new bathrooms, kitchens, flooring and redecorating, make sure you fix any major structural problems. Cosmetic solutions can hide problems from potential buyers but are very unlikely to fool a valuer and this may have an impact on your valuation. Furthermore, if your buyer has a valuation, once an offer has been made, they could potentially look for a price reduction or request that the works be undertaken – costing you both time and money at a later date.
Examples of structural defects can include a sagging or leaking roof, rising damp, structural cracks to walls, rotten joists or roof timbers, missing or broken roof tiles.
These defects can all be repaired but understandably at a price. They are likely to be amongst the most expensive work required in a renovation project but, in terms of adding value, they are seen as essential. If you are unsure about confusing structural defects with purely cosmetic faults, then consult a builder, surveyor or structural engineer.
4. Add central heating
If it’s not already there, you’ll spend £1,000-£3,000 but will add £5,000 to the value. Adding or updating the central heating system will add more to the value of a property than it costs. It will be considered an essential by most buyers and mortgage valuers.
5. Sort cosmetic defects
It sounds obvious but just repairing the odd few snags in a property can instantly increase the saleability of your property. Whilst Small defects do not directly affect the value of a property, cumulatively they will prevent it from selling at the optimum price.
6. Think about getting your loft converted
This is probably the easiest way to get an extra bedroom and bathroom at your property. It is not particularly disruptive either as most of the work can be done from outside. The key thing is to make sure access to the loft is easy and that the conversion fits the rest of the house. Its estimated that if you spend £20,000 on a loft conversion and you can add up to £40,000 value to your house. You should consult a builder and/or structural engineer to ensure the loft can be converted and within your budget. You will also need to ensure that the works are passed by Building Control or covered by a Building Regulation completion certificate so you have no issues when you come to sell the property.
7. Add a conservatory
A conservatory can add far more to the value of a property than it costs, providing it is designed, built and integrated into the layout of the house well. Conversely, a poorly conceived conservatory can detract from the value of a property.
A basic conservatory kit costs approximately £3–5,000 and a further £2–3,000 to build. In most instances, it will not require planning permission, although it will have to comply with the Building Regulations.
Make sure the conservatory matches the style of the rest of the house. You can enhance the feeling of space and flow by installing the same flooring throughout your downstairs living area. It flow and style will ensure that the conservatory feels part of the rest of the house.
8. Kitchen Improvements
If you are only going to improve one room, make it the kitchen. This has now become the showpiece area of the home. The hub of the house for family and friends, it is no longer a space just to cook in. An attractive, hygienic looking kitchen is essential both to buyers and valuation surveyors. Many existing kitchens can be given a new lease of life for a modest investment. The existing carcasses and worktops can be replaced without too much disruption or cost. Install equipment that is as up to date as possible to keep it modern and stylish (but in keeping with your property).
Try not to go to town with a new kitchen as you can be easily led into a new kitchen for yourself rather than to assist with selling your home and the costs can plummet. Make sure the price bracket of your kitchen matches the price bracket of your house. There is little point in putting a £15,000 kitchen in a property worth £125,000; it is unlikely to get you your money back. Equally, put a £10,000 kitchen in a £1 million house and you will dramatically decrease the value of the property.
9. Bathroom Improvements
If there is money left in the pot after the kitchen, the bathroom is another key room for buyers and valuers. You do not need to do a lot to a bathroom to improve it and just adding a lick of paint and some new feature such as a set of new taps, a heated chrome towel rail or glass shower screen. Also, if you only have a bath, think about making it into a bath/shower facility.
10. Improve on Storage
This may sound obvious but decluttering your house will not only have an impact on the saleability of your home but also on the value. Showing that you can make good use of space creates appeal and increases the useful size of your property.
11. Magic of mirrors and lighting
Mirrors and effective lighting add illusion to space. It opens up your house and is great for first impressions. Its can turn a dreary house to a dreamy house!
Things to avoid:-
- Wasting your money – have good knowledge of the are you live in and research what the current valuation of homes are within your area. If houses in your street cost £250,000, don’t build an enormous extension and ask £500,000. Trying to value your property in an area that doesn’t house your expected valuation wont meet your expectation just because you have a high spec new extension. It is really important to research and know your area and potential buyer ( as stated above)
- Just skimming over the cracks without due care – If its obvious that you’ve just filled in a hole or carelessly done a DIY repair it could raise questions with your potential buyer or valuer as to what else maybe pieced together behind a cupboard door or the state/condition of your electrics/plumbing.
- Replacing furniture will not increase the value of the property and will only empty your pockets further. Home improvements are all about making the most of what you already have and using your money wisely for the best return. You can upholster furniture if you want to modernise them, its much more cost effective.