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Adding value to your home

Apr 27, 2017

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If you are looking to sell your home but would like to add as much value to it beforehand then there are some small and larger projects you could complete. Here, we take a look at some of the best projects – large and small, that could add value to your property.

Small-scale projects:

Painting: Whilst it is just a quick, cosmetic change, a coat of new paint can make a house feel clean and cared for. Some people find it hard to envision their furniture in a house with bright walls; instead, buyers prefer a blank canvas so it’s advisable to us more neutral shades such as cream and white.

Gardening: According to some statistics it takes just 15 seconds for someone to decide whether to buy your home.  First impressions count, so spruce up your property’s kerb appeal – tidy up the front garden, paint the fence, clear the path - your home needs to impress from the start.

Add more storage space: Storage is a real selling point for many buyers and while it may not add thousands onto the value of your home, a house without storage can put buyers off. Could you create cupboards in the concealed nook in your house? Have you made the most of the space under the stairs? Is there some unused wall space where you could add some useful storage?

Mid-scale projects:

Parking: If you have a big enough garden and you live somewhere with restricted off-road parking, it could be worth converting the space into an off-road parking space. Depending on the amount of work required it could be a cost-efficient way to add value, particularly if other properties in your area are lacking parking.

Planning Permission: A property that comes with planning permission could tempt buyers who have long-term plans for your home. You will need to pay some architect fees and spend some time getting them through planning (onthemarket.com suggest allowing at least £2,500 to cover architect and council planning fees).  Buyers will know that the planning permission will save them time and money in the long-run, giving your property an edge over other, similar properties.

Fitting a new kitchen: According to onthemarket.com , fitting a new kitchen can add an average of 6% onto the price of a home. The kitchen is often the focal point of a home so it’s important to get it right. The majority of kitchens cost, according to Which?, between £1,000 and £3,000, but beware of costs spiralling higher than predicted on all the accessories

Installing central heating: Installing central heating not only adds value onto a home without it, but it also makes it more saleable to buyers. According to homebuilding.co.uk, the cost to install central heating into an average three-bed property with no heating system previously in place costs around £3,235–£4,200.

Large-scale projects:

Adding an extra bedroom: The National Association of Estate Agents (NAEA) asked professionals what they believed were the top modifications which added value to a home - around 50% said an extra bedroom - followed by an upgraded kitchen, extra bathroom and conservatory. You could create an extra bedroom by building an extension, adding a loft conversion or re-arranging the layout of the rooms in your house – all costly home improvement projects which would need consideration before undertaking. You would need to ask yourself the question, would the value added to your home outweigh the cost of the job?

Converting your loft: This is a costly job which needs consideration to make sure the extra value gained outweighs the spend - but extra bedrooms are often highly sought after. Remember, if you are looking to extend the roof space so that it exceeds any specified limits and conditions, you might need planning permission –you should speak to your local authority if in doubt.

Add a conservatory:  A conservatory could add around 5% onto the value of your home and will provide a lot more living space (although you will lose some garden!) Depending on size it could cost anything from £5,000 to £15,000. You’ll need to get the balance right, though, and ensure you still have a nice outside space to enjoy.

Build a garage: A garage, particularly a double garage, will almost always add value – according to Tepilo it could add as much as 15% onto the value of your home in a busy urban area.

Creating an extra toilet: Creating an additional toilet can add an average of 5% once again onto the price of a home – do you have a cupboard under the stairs which could be converted, or an unused space in your bedroom which could be turned into a compact en-suite?  

Add Value to Home

Sources:
http://www.movewithus.co.uk/top-tips/on-adding-value-to-your-home/
https://www.onthemarket.com/content/how-to-add-space-and-value-to-your-home/
https://www.tepilo.com/advice/2011/05/top-ten-ways-to-add-value-to-your-home/
https://www.homebuilding.co.uk/20-sure-ways-to-add-value-to-your-home/
http://www.telegraph.co.uk/property/online-estate-agent/home-improvements-that-add-value/
http://www.telegraph.co.uk/property/house-prices/add-thousands-value-house-spending-just-40/