How To Increase The Value Of Your Property – 8 Tips
Whether you’re planning to sell your home or simply want to gain more love for where you currently live, it pays to invest in your property and increase its value to the highest potential.
There are a number steps you can take and, in this post, we’re going to give our top tips and advice for breathing new life into your property; from building extravagant extensions to completing simple DIY jobs. We’ll outline the most worthwhile home improvements and uncover the ones you should perhaps think twice about.
When it comes to increasing the value of your home, there are the obvious dramatic makeovers, such as adding a conservatory or turning your attic into a new master bedroom.
And while these often seem like surefire ways to increase value – proceed with caution. Be aware that not all home improvements will make your home sell for more.
Every property has a ceiling price. For example, it’s going to be next to impossible to sell a two bedroom terrace house for £700,000 on a street where all the others cost £90,000, no matter how incredible it looks.
Keep this in mind and try to avoid pumping excessive amounts of cash into your property if you’re unlikely to reap the rewards in terms of the end value. If you’re unsure, always talk to a professional or trusted estate agent.
2. Know your audience
If you want to successfully market your property to the ideal buyer, you need to know your audience. Who is likely to buy your home – a young couple, a large family, an elderly person? Understanding your buyers will help you make key decisions on how to present your property, make interior choices or choose which rooms to concentrate on.
For example, if you have a spare room that’s currently being used as a storage space, you might want to consider making it look like a nursery to attract families or an office to grab the attention of young professionals.
Make a good first impression
When a potential buyer visits the property, consider their first view of the house. Although purchasing a property is a big decision that requires intense consideration – there’s a lot to be said for gut instinct.
It’s entirely possible for someone to make up their mind before they’ve even stepped through the front door, based on how the property looks and makes them feel from the outside.
Make sure the exterior gives a good impression and is somewhat reflective of how beautiful it is on the inside. This might mean getting a new front door, some paint touch ups, a repair to the front gate, cutting the grass or simply adding some flowers. These small enhancements may not technically impact the value of the property but smallest bit of detail can go a long way in making buyers fall in love at first sight.
Address structural damage
There are always those jobs in the home that we never get around to – like getting rid of rising damp, fixing structural cracks in the wall or replacing broken roof tiles because they seem like a lot of hassle to do.
But these are worth taking action on. While you can paint over cracks and make cosmetic changes to make the property appear more pleasant to a prospective buyer, this won’t fool the person valuing your house – who has the experience to see past these superficial enhancements. And, things like damp will show up on a survey.
Although it can be expensive and troublesome, you should fix any structural damage to your property to increase its value in the long run.
Focus on your kitchen
If you’re only going to makeover one room in the home, make it the kitchen. From our experience at PropertyPal.com, a showstopping kitchen can transform the whole house. When we post pictures of properties on our Facebook page, those with beautiful, modern, glossy kitchens always get the most attention.
You don’t always have to spend a large sum on an entire kitchen renovation – even replacing cabinets or worktops can make all the difference and are relatively inexpensive.
In terms of styling, go for neutral tones that look clean and hygienic and are less likely to look out of date in a few years time. When it comes to fridges and dishwashers etc, try to get models that are as up to date as possible.
Go open plan
If an attic conversion or adding a conservatory aren’t feasible for you, think about going open plan. If there’s an internal wall between your kitchen and lounge that isn’t load-bearing, consider the possibility and the impact of knocking it down and transforming your home. This can be a more accessible way of, not only adding space, but completely modernising your property.
If you don’t have experience and aren’t confidence with the prospect of removing a wall, definitely call in professionals to avoid irreparable damage. If your house comes crumbling down around you, it probably won’t add value to the property!
Having a garden is an excellent way to add value or change the feel of a property. So if you have an existing garden that could do with a bit of attention, spend some time sprucing it up. Add structure and privacy with fences and create distinct areas; like a seating space or a BBQ area.
If you’re not naturally greenfingered, you can always call in an expert to help or give you advice on styling or finding ways to create more space with what you have.
If you are going to make any considerable changes or improvements to your home, be sensible and realistic about them. Never overhaul on a whim. Set a strict budget that is well thought out to avoid overspending and over-developing. Think carefully about the timeframe and understand that many renovations can take time and can sometimes be disruptive to your day to day life for a while.
If there’s any uncertainty, always talk to professional such as your estate agent to get their expert advice on whether these changes will add value, or if the cost may outweigh the profit.