Increasing the value of your home is easily done - without costing and arm and a leg. Realistically, you don't want to spend lots to add to your property's value - it defeats the point! But there are a few easy ways you can increase the value of your property, without going overboard.
When the housing market is slow, it can make it harder to ensure interest in your property. There are ways around this, though: in fact, experts say that you can increase the value of your home by as much as 10% with the quickest of fixes. If the value of your home is around the national average of £230,000, you could increase it by £23,000 with just a bit of work.
You can help your home to sell - and get a better price for it - by making sure you do the following before you start thinking about bigger changes:
- Get underfloor heating. It's a lot easier than you think and can add huge value.
- Give the place a good clean. It's even worth paying professionals to come round and steam-clean your home. A good level of cleanliness can make all the difference between a home selling and not selling.
- Tidy up and get rid of clutter. Put extra stuff in boxes and either get rid of it or store it somewhere else while you have the property on the market. Again, a tidy and uncluttered home is more attractive to buyers.
- Do a quick paint job. Sometimes just a lick of paint around the windows and on walls that are tired looking can lift the look of a home.
- Get savvy with lighting. Clever lighting changes the entire look of your home. A few lamps here and there can turn a basic space into an inviting home.
- Dress the property. It can be worth investing in some cushions, mirrors and a few other knick-knacks that make people see what the home could look like if they lived there.
- Add an alarm system. Buyers will want to see the convenience that your home can bring them, so a pre-installed alarm system is a great addition if you're looking to increase value easily.
Locks. Locks on windows, exterior gates, and outhouses or sheds can add a sense of security that you might not even have considered, especially if you've lived in the property a long time. Likewise, adding a deadlock on your main door could increase perceived value in a buyer's mind.
Get a new front door. Yes, really. First impressions count, and a brand new, freshly painted front door could stick in the mind of a potential buyer without them even realising it. A survey in the US says $24,000 (about £18,400) could be gained by adding a new front door.
Add a conservatory. It's not the cheapest of fixes - but a conservatory can offer the wow factor, offering light and airiness to houses that might otherwise lack these things. A conservatory could be the tipping point that gets your house the offer it needs. It depends on what sort of conservatory you build, how much it will cost, and how much it will enhance the price of your property.
Install double glazing. Double glazing traps heat within your home, leading to more efficient heating use. Again, make sure these are fitted properly as having windows with condensation can rightly put buyers off. Double glazing could add around 10% to the value of your home.
A new bathroom. A new, impressive bathroom can really sell a house. Make sure that the colours are neutral and that at least one of the bathrooms in your home has an actual bath. A bathroom renovation could add value of 4 - 6% to a property in the UK.
A loft conversion. This is where you can make a significant improvement to the price of your home. If you can add a loft room - and particularly if you can add an ensuite to it - you are highly likely to increase the property's value. Make sure you get planning permission first! The average cost in the UK to add a loft conversion is £30,000 - £50,000, depending on the size and location of the property. But it can add value of 20% to your property - so it might very well be worth it.
Install solar panels. Solar panels can help with your heating bills as well as increasing the value of your home. You 'rent' your roof space to a company that installs the panels. You benefit from cheaper or free electricity, and they earn cash from selling the surplus energy to the grid.
There's a lot of debate about exactly how much solar panels affect the cost of your home, but one positive is certain: a huge reduction in energy bills for your buyers is something to shout about.
Renovate the roof. The benefits of re-doing the roof of your house include better insulation and a reduction in the chance of mould or mildew forming. Of course, a new roof can also change the aesthetics of a property - something that potential buyers will immediately notice! It can increase the property value by 60 -70% of the initial roof renovation cost.
We hope this has given you some inspiration with which to give a bit of extra value to your home. Good luck!
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Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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