Thinking of selling your home? Whether you’ve got moving in your sights or playing the long game, it’s worth taking stock of your property’s condition and getting clear on the best ways to increase its value before popping it on the market.
Renovating your home is a great way to ensure you hit your asking price, attract competitive buyers and give yourself the best chances of making a quick and efficient sale – but not all renovations are equal. It’s a good idea to speak to a local estate agent before committing to any big work projects to see what type of improvements make the biggest difference when selling in your area.
From building an extension to landscaping your garden, there are a whole host of brilliant ways to improve your home and add money-boosting value. In this blog, we’ll be tackling our top 10 favourites. So, let’s get into it.
1. Improve Your Home’s Energy Efficiency
With climate change the hot topic on everyone’s mind these days, many buyers are seeking properties with greener and eco-conscious upgrades to lower their own environmental impact.
Now, all homes are rated for their energy efficiency – with homeowners legally required to provide an energy performance certificate (EPC) when selling, meaning any improvements you can make to boost your property’s efficiency will be attractive to potential buyers. In fact, according to Money Supermarket, a higher EPC rating can add as much as 14% to your home’s value.
Consider installing a new boiler, insulating your loft and walls or fitting double-glazed windows. Or, for a deeper investment with a long-term payout for both you and the planet, contemplate installing solar panels, which can convert the sun’s energy into free electricity for your home.
Simple yet effective, refreshing your home with a lick of paint can transform your property and make it instantly more attractive to potential buyers – without costing the earth. Neutral colours help brighten rooms, give the illusion of space and are said to be more appealing to those who come to view your home, making it easier to imagine their belongings in an uncluttered, or less busy, space.
3. Fix Any Superficial Defects
While unlikely to add significant value to your home, minor issues and defects can create the impression of a run-down property, ultimately hurting your chances of securing a sale and getting the price you want.
For a quick and relatively cheap fix, we recommend looking out for the following:
- Peeling paint
- Imperfections on walls
- Broken tiles
- Mouldy grout or sealant
- Limescale build-up
- Poorly fitted laminate
- Dripping taps
- Stained carpets
- Squeaky floors and doors
- Loose wires and cables
4. Build an Extension
Adding an extension is an excellent option for increasing your home’s space and, subsequently, its value. According to a 2017 report by the Office for National Statistics (ONS), a medium-sized extension of 25 square metres was found to add an average of £59,000 to the price of a property – making it a fantastic renovation option.
5. Convert Your Garage, Loft or Cellar
If an extension is out of your budget, or you don’t have the planning permission or space necessary to add one to your home, you might consider converting your garage, loft or cellar instead.
You’ll want to consider which renovation best suits your property type and needs first, however, as well as what’s likely to add the best value in return. For example, a loft conversion will require room for a staircase to be built, which may encroach on the space of your other rooms. On the other hand, a garage conversion is likely to be your cheapest option at under 10K (on average), while a loft conversion could cost you double that.
6. Create an Open Plan Living Space
With more buyers seeking open-plan living spaces, it’s unsurprising that research from The Scotsman found that knocking down a wall to create a kitchen-cum-dining area is one of the best ways to increase your home’s values, adding, on average, a 15% boost to its worth.
Open-plan spaces create roomier environments where families can spend quality time together, meaning whether you’re looking to sell shortly or want to enjoy your property’s new renovations awhile first, you’re bound to feel the benefits of this home improvement project.
7. Turn Your Spare Rooms Into Extra Bedrooms
While having an office or storage room may seem desirable, the number of bedrooms your property has is the selling point for buyers. Converting any spare space into extra bedrooms is a simple way to instantly add substantial and cost-effective value to your home. In fact, according to figures in The Scotsman, you could stand to gain a 20% value increase.
8. Create More Storage Space
Second to bedrooms, buyers appreciate inventive uses of a property’s nooks and crannies to create more storage space. Another simple and cost-effective conversion guaranteed to attract potential buyers is converting under-stair spaces, alcoves and cupboards to help make your home more unique and functional. Moreover, if you have the room, a walk-in wardrobe in your master bedroom can add as much as 5% to the value of your home, according to The Scotsman.
9. Fit a New Kitchen
A study conducted by the Post Office found that the most common property renovation is the kitchen, accounting for 25% of all home improvement projects carried out over the past five years. And with an average value increase of 26% for new or renovated kitchens over £7,500, it’s easy to see why.
It’s worth noting, however, that renovating a kitchen is, by default, an expensive job, requiring expert plumbers, electricians and gas suppliers alongside the cost of the materials. Nevertheless, the rewards for tackling such a big job are substantial, but make sure you have the budget before you begin.
10. Improve or Landscape Your Garden
While many might not get a lot of time to enjoy it, a great-looking garden can be the clincher when it comes to a profitable sale. With so many buyers looking for their own green space, it’s worth renovating or landscaping your garden if your property is lucky enough to have one. If you’re not convinced, consider that the Post Office Money study found that homeowners who spent as little as £2,750 on garden improvement added a whopping 77% to their home’s value on average.
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