To renovate or not to renovate? That’s the question on every want-to-be seller’s lips.
Owning your own home can be stressful at times, but it’s also a financial decision that can pay dividends as you build up equity and see your property increase in value over time. However, the rate of this property value increase can depend on a number of factors, including where your home i2s located, local demand for housing, and the economy as a whole.
But, there are ways that homeowners can take the value of their property into their own hands. As a homeowner, you can affect the value of your home by making upgrades and changes that can make it more appealing to buyers and merit a higher selling price.
If you want to know how to add value to your home, it’s important to tick all the right boxes so you don’t end up out of pocket. Whether you’re planning to sell in the near future or are simply wanting to continue growing the value of your home investment, we’ve compiled our top tips to increase property value.
From adding a splash of paint and giving the exterior a face-lift to converting the loft and getting a new kitchen, here are some of the best ways to add value to your home.
Redecorating is the most common method of adding value to your home and a great place to start. In fact, some experts argue that a fresh coat of paint throughout your house can increase a home’s sale price by as much as 5%.
Superficial upgrades, like a lick of paint or general maintenance to fill holes or cracks, can be done for a very low cost and can sometimes have more of an impact than more intensive, more expensive renovations.
If you’re thinking of repainting your home to increase its value, bear in mind that neutral colours tend to be the most appealing to house-buyers and can go a very long way to giving your home a new lease of life.
Another way to increase the value of your house is to ensure it is structurally safe and secure. Make sure you’re on top of structural issues, such as subsidence, as this will massively influence the value of any house.
While redecorating is one of the best ways to add value to your home, it makes no sense to carry out cosmetic improvements if the property isn’t structurally sound. If you want to increase the value of your house, dealing with structural issues should be a priority.
Unfortunately, resolving structural issues can be amongst the most expensive ways to add value to a property, but they are absolutely essential to increase the potential sale price of your home. Some examples of structural defects include:
Another fairly simple way of adding value to your home is upgrading the existing central heating system – especially if you live in an older house.
Most older houses have either old fashioned central heating systems or no central heating at all. Adding or updating the central heating system will always help increase the value of your home for not much money. And, if you can, this should be done in conjunction with improving the general energy efficiency of the building to really maximise on your property’s value.
You could improve the efficiency of your home by:
Wondering how to add value to your home by improving the exterior? Doing up your garden can go a long way to increasing the value of your home.
Redesigning your garden – making sure it not only looks nice but is also tidy, can not only add value to your home but also help make the property more appealing to potential buyers.
When it comes to redesigning your garden, there are some essentials, such as trimming borders, clearing pathways, and cutting back overgrown trees or bushes. As well as these must-do’s, you could also do the following to add value to your home:
If you’re wanting to add value to your home, you should consider converting your loft space. A typical loft conversion costs around £500-600/m² compared to around twice this for an extension. And, according to a recent survey by sellhousefast.uk, on average, a loft conversion could add £23,754.57 to the price of a house.
In terms of adding value to a property, it is likely to be a great investment as long as it adds more accommodation than it takes away (you will need to make room for a full staircase and this will take up existing space).
A loft conversion doesn’t normally require planning permission because it uses existing volume. However, if you want to create dormer windows, you may need planning permission if they face a highway. It’s always worth checking before you start any work.
Solar panels are a big investment but one that’s definitely worth it when it comes to adding value to your home. Even in cloudy Britain, there is still a significant amount of energy you can get from the sun and turn into free electricity at home – thus, saving the homeowner money on their energy bills.
However, before going ahead with solar panels, there are a few things you need to think about:
Double-glazing is now considered an essential by many house-buyers so adding it to your home will increase its value.
In fact, in some cases, it might be necessary for you to replace old windows with double-glazed ones in order to meet current building regulations. This is not always the case, though – if you’re renovating a period property, you will need to be sensitive to the style of the house – or you could end up decreasing its value. For most listed buildings, plastic windows are not acceptable to English Heritage.
Make sure that replacement windows are:
Kitchens are often the main focus for many buyers. It may be the first thing they look to replace or pay more for if a property has one they like. While you might not be able to afford an entirely new kitchen, for a relatively modest budget, painting units or replacing cupboard handles or doors can make a huge difference to the look of a kitchen.
Other changes that can contribute to the transformation of your kitchen for a small price include:
Bathrooms are often where a lot can go wrong in a house. The damp environment can easily lead to damp or mould forming which can make it look unclean and unhygienic. This can be incredibly off-putting for buyers – especially if it looks like a big job to replace it.
So, to add value to your home, you should ensure your bathrooms look shiny and fresh. Make sure there is adequate lighting and paint the walls a nice, light, neutral shade. Bathrooms can also be a great space to add a touch of luxury for that value-adding wow-factor. Think scented candles, lavish mirrors, and super fluffy towels – it’s often the little things that make a difference.
How to add value to your home with a bathroom refresh:
First impressions count, and the front of your home can say a lot about the rest of the house to first-time viewers. Most buyers will decide whether they do or do not like your home before they even get out of the car, and it can be difficult to shake off negative first impressions created by an unattractive exterior.
You don’t even need to replace the front door – you can simply make it look as good as new by giving it a power wash or a fresh coat of paint. Even a new doorknob, house number or house name plaque can help.
Other ways you can add value to your home by improving the exterior include:
Big renovation projects like loft conversions, adding a conservatory, or converting a garage tend to reap big rewards. In fact, 22% of homes sold in 2019 had an extension added; increasing their value and making them more appealing to buyers.
If you can’t afford a full extension or conversion, it might still be worth obtaining planning permission to do so at a later date. You would have to pay to have the designs drawn up and to get a survey, but it would remove a big element of doubt from a potential buyer’s mind if they knew the council had already approved an extension.
When thinking about how to add value to your home, it’s also important to make sure you don’t end up devaluing it. There are some things you should look out for to ensure the changes you’re making will have the desired effect.
While it might seem like a luxury, a swimming pool is not generally seen as an attractive house feature in the UK. They’re expensive to maintain, take up a lot of space, and aren’t suited to the UK weather. So, for a lot of people, they are more fuss than they’re worth and can even deter potential buyers. With that being said, if you have an outside swimming pool, especially one that’s unused and run-down, you might want to consider filling it in.
Japanese Knotweed can significantly jeopardise the sale of a property. Buyers will be massively deterred by the presence of Japanese Knotweed on a property as it can lead to all kinds of structural issues that are very difficult and costly to fix. If you have Knotweed, there’s no point trying to hide it either because, by law, estate agents must declare it to the buyer. Thus, if your property is affected by this plant, you might want to take action before putting it on the market.
It is essential that you obtain the appropriate planning permission and building regulations before carrying out any work such as extensions or conversions. If you don’t, you might find that you have to pay for them retrospectively before a sale can be agreed.
If you’re trying to decide which home improvements will add the most value to your home, it tends to be the larger projects. For example, loft conversions, converting a garage or adding a conservatory are likely to reap the highest rewards if you have the time and money to spend.
However, if you have a smaller budget and little time to spare, the small things can make a surprisingly big difference to the value of your house, so don’t underestimate their impact.
So, in this article we’ve outlined some of the best ways to add value to your home. We’ve covered renovation ideas for big and small budgets that can make a huge difference to the curb appeal of your property. Some of these include: