10 ways to add value to your home
If you’re thinking of selling your home, what can you do to set your house apart from the competition?
If you’re looking to make the move up the property ladder, here are some ways you can maximise the value of your property, in a way that will really impress estate agents when they come to do your valuation, and make a difference to your sale price.
What increases your home’s value the most?
Perhaps the most important way you can add value to your home is by adding an extra room – either by using existing space or by extending it. You will need to check if planning permission is needed for extensions or conversions in your property. Extra bedrooms or bathrooms are often seen as the easiest ways to add value.
How much value does an extra bedroom add?
Adding an extra bedroom is thought to have the potential to boost a property’s value by up to 15%. The most obvious ways to convert an existing space into a bedroom is through a loft conversion, converting a garage or basement. You need to make sure that the benefits will outweigh the costs of doing so.
How much value does an en-suite add?
Adding an en-suite bathroom is a popular way that homeowners look to add value, because they can use the existing floor space of a bedroom. An en-suite might add up to 5% to a property’s value, so judging whether it is worth the cost is an important thing to do. The cost of installing an en-suite is around £5,000-£7,000.
Does a conservatory add value?
Conservatories have traditionally been a popular way to add space and value, although they have fallen out of favour a little with UK homeowners in recent years. A well-built conservatory can add around 5% to the value of your home. Conservatories are generally seen as ‘permitted development’, so you don’t need planning permission for them.
Does a loft conversion add value to a property?
A loft conversion is arguably one of the biggest things that can add value to a property. It could be as much as 20%, although that will very much depend on the size of the loft space, the function it is being converted to, the location of the property and the number of bedrooms in the property. An extra bedroom could have more impact on value than a home office, for example, particularly if you are moving from a two to a three bedroom property.
How much value does a garage add?
A single garage can add around 5-10% to the value of your home, and up to 20% for a double garage. However, not many people have the space to build a new garage. If off-street parking is limited in the area where you live, then a garage could be a real asset. But this is possibly the most expensive of all ‘value-adds’. If you do decide to build a garage, you are likely to have to spend as much as £20,000 or more.
What is the quickest way to add value to your home?
Do solar panels add value to a property?
Yes, having control over your own source of electricity is seen as appealing by buyers. Solar panels can add between 4-14% to the value of a house, because of the savings that can be made on electricity bills. As the cost of installing solar panels can range from £6000-£10,000, homeowners should assess whether it is worth investing in solar panels just to add to the saleability of their house. It takes 5-6 years for most people to see a financial return on their investment in solar panels.
Improve the kerb appeal
You might not be able to afford to make significant alterations to a property, such as a new bedroom or kitchen, but one of the most cost-effective things you can do is improve the first impression it makes on a potential buyer. Giving your front door a new lick of paint, for example (neutral pastel colours are very popular), tidying up the front garden, putting colourful pot plants outside, creating feature lighting outside the house, cleaning the windows and pressure-washing your driveway – these are all simple changes that can make a big difference to whether your house sells.
Redecorate in neutral tones
Bold interior colours might make your home unique, but they won’t be to everyone’s taste. It is better to play safe and repaint any rooms in neutral colours if you think they will have a negative impact on people’s perceptions. White or magnolia are always preferred colours.
Update your kitchen
The kitchen is often seen as the heart of any property. Many buyers look for the perfect kitchen when searching for a new home, and valuation surveyors place a great deal of importance on it. But there is no need to install a completely new kitchen, unless you feel that your kitchen is so outdated that it is bringing down the value of your property.
You could look at making updates to your kitchen so that it becomes a more attractive space, such as changing the cupboard and cabinet design, renewing the worktops and installing new lighting and flooring.
Update your bathroom
Bathrooms are regarded as being less important than kitchens in terms of adding value to properties. At best you might be able to add a small amount of value. So if it’s a choice between a new kitchen and a new bathroom, and you have the funds for either, choose a kitchen. However, it does cost less to replace old baths, sinks and toilets than put in a completely new kitchen, so you will have to judge whether it is worth the expense.
Bonus tips – What DOESN’T add value to a home?
We’ve seen what does add value to a property, but what has the opposite effect? Here are a few property pitfalls that you should keep your distance from.
High end landscaping
Everyone wants different things from a garden, so one person’s idea of an attractive garden design may be completely inappropriate for the new homeowner. If you are thinking of selling, now is not the right time to make fundamental differences to the landscaping of your garden. The most appealing type of garden to a buyer is a blank canvas, and families especially want plenty of uncluttered green space.
Swimming pools
Possibly the last word in residential luxury, swimming pools might splash a little ‘wow’ factor into a property marketing blurb. However, they are practically a harder sell. Outdoor pools are really only usable for 3-4 months a year in the UK (if you’re lucky). In the winter they can get dirty and unsightly. Indoor pools can be used all year round but are expensive to maintain. The space they take up would be better used for living space or another bedroom.
Home theatre rooms
Home buyers are looking for rooms that maximise practical space – so only the most die-hard movie buff is going to appreciate having a whole room dedicated to watching TV or films. If that room could have been a bedroom, it is space wasted and money lost, especially if people are upsizing. This could apply to any room given over to a hobby or interest, like gaming or a home gym. If you do have a room like this in your house, it will pay to convert it back to its original use.
Curious about the value of your home?
If you are interested in seeing how the changes you have made to your property have affected its market price, why not book a valuation on your property? Get in touch with your local haart branch today.