If you’re looking to add value to your existing home, there are several options available to you. But which ones add the most value? We’ve pulled together our top tips for helping you to increase your property’s value and to help you to get the best result when you decide to sell.
1. Don’t Park Your Garage Conversion Plans
Garages often end up as a dumping ground for clutter rather than storage space for a vehicle and most of them aren’t used to their full potential. If your property has other parking options, consider making the best use of this precious space and converting the space for your target market. Depending on the layout of your house, you may be able to add door access directly from your hallway. Once you have identified your target purchaser, consider converting the space into a gym, a study, a kitchen extension, an additional bedroom or a living room. The focus here should be on transforming the space into something with purpose. Remember to check what permissions you might need to obtain by discussing your plans with an architect or your local authority.
Estimated cost: £5,000 to £25,000
Value added: £10,000 to £50,000
2. Be ‘Eco’nomical
With the cost of living continually going up, it can pay to make your home a little more eco-friendly.
Improving an old central heating system, replacing old windows with new, well-insulated ones or adding insulation to your home can add value to your home as well as impressing potential buyers, especially if it has been recently fitted. The Energy Performance Certificate in your Home Report tells your potential buyers what the energy efficiency of your home is and many buyers will look at this, particularly for larger, drafter homes with a view to controlling their bills.
Estimated Cost: £1000 to £5000
Value added: £Varies
3. Lofty Ambitions
Like the garage, your loft could be another space just waiting to be converted into pounds in your pocket. A loft conversion you might add another couple of bedrooms to your home and even an additional bathroom. Changing that empty attic space into a more useful space can be a complicated procedure, so it may pay to hire a specialist to draw-up plans and estimated costs for the job, but the final outcome can be well worth it.
Estimated Cost: £25,000 to £50,000
Value added: £50,000 to £100,000
A shrewd kitchen upgrade can make all the difference to your property value, but the key word here is ‘shrewd’. Make sure the amount of money you spend on any kitchen improvement is relative to the value of your home: there is no point spending huge amounts of money on a lower value property. Make sure to keep your potential buyer in mind and don’t go for something that might divide opinion, unless you are targeting a niche market!
Kitchen renovations are not easily done after you have moved-into a property, so they appeal to a buyer who wants the convenience of moving-in and simply adding colour and individuality through their own personal touches.
If there is only enough in your budget for one complete room transformation, choosing to spend this on your kitchen could be a great choice.
Cost: £2,000 to £10,000
Value added: £5,000 to £20,000
5. Splash Out on a New Bathroom
Like kitchens, replacing a bathroom is not easily done after you have moved-into a property, particularly if you have children and don’t fancy bathing them in the living room! Mouldy bath seals, dirty grout, tired bathroom suites and the lack of a shower can put buyers off. However, sparkling seals, gleaming grout and a smart new suite can transform a space.
Bathroom suites are very affordable if you shop around and you don’t have to spend a fortune to give the smallest room in your house a huge lift. Keep your expenditure in proportion to the value of your home and you could add real value.
Cost: £1,000 to £3,000
Value added: £2,000 to £6,000
6. Make Your Garden Great
Tending to the garden or outside space, if you have one, can be an inexpensive way to make a big difference. Sweeping loose leaves, trimming or removing trees and shrubs can be a relatively inexpensive project and can recover large amounts of space. If your target market is a family but you have decked the majority of the garden for adult, summer BBQs, consider removing some decking and creating playing space by extending the lawn. If you have green fingers it’s well worth getting stuck-in yourself rather than hiring a gardener.
If you have a larger budget and your outside space allows for it, it may be worth investing a little more. Outdoor lights, for example, can be a nice touch ensuring your garden looks great and can be used at all times of the day and night.
Cost: £0 to £5,000
Value added: £5,000 to £20,000
7. Add a Conservatory
Conservatories have come a long way since the days of flimsy spaces that were boiling in summer and freezing in winter. Modern conservatories add a room to your home and, if your garden space allows, can add real value. If you extend your central heating into the conservatory, they can be used as a second living room, an office or even a gym. Make sure to get relevant permissions from your local authority!
Cost: £5,000 to £15,000
Value added: £10,000 to £25,000
Get in Touch!
At MOV8 we are passionate about working with our clients to maximise the chance of getting a quick, successful and profitable sale. If you would like further advice on any aspect of maximising the value of your property or, if you are thinking of selling, you would like to arrange a free valuation, drop us a line today on 0131 220 5444 or email us at [email protected]