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17
May
How to increase the value of your house?
This article may be helpful not only for the property investors who buy to sell professionally but also for all homeowners out there who may want to sell their house in future. Also, for everyone looking to buy, let’s have a look at the factors that increase the value of a property compared to the average market price in the area.
The easiest and the least expensive option is to give your interiors a splash of fresh paint, which usually doesn’t require any specific expenditure or permits. It can be done quickly and fairly cheap and, if done properly and with taste (forget the violet living room walls, sorry!) this cosmetic enhancement can even double your return on investment (ROI). This means if you spent £2000 on painting you can add £4000 to the overall value of your property.
Increasing the floor area by building an extension or converting a loft is another great way to add value to your home. This obviously requires much more budget, planning and often involves building permission to be obtained from your local authority. Yes, it can be a costly hassle but ultimately it’s the most effective one when it comes to your return on investment. According to Nationwide (The Guardian article 2016) an extension or a loft conversion can add 22% to the overall value of your home.
Expanding your kitchen can also be an effective way of adding value to the tag price of your home. You may either use some existing space or invest some cash and build an extension. This improvement will certainly add between 12-18% to the value of your house. If that’s not an option you can always try to modernise your kitchen appliances and furniture.
Adding an extra bedroom to your house (think loft) is what usually brings the highest returns. The overall costs can vary £30K-£40K but your ROI will double when the property goes on sale. However, it is important to understand the factors that stand behind the property selling price in your area. If, for example, your property is £30K less in value from the average price in your neighbourhood, you cannot expect the ROI to be £80K after you spent £40 on home improvements, as no one will be interested in buying the house at such an inflated price.
Modernising your bathroom can also contribute to the higher selling price of your property. Just like with kitchen, if it’s of a fairly decent size think of any unused space there is, a built in wardrobe, additional storage space etc. An en-suite bathroom is always in high demand, and when added to your bedroom it may increase the overall value by £10K-£20K. In this particular case it is easy to overinvest. It’s good to remember and to keep the numbers in check so your return on investment is secure and realistic.
The so very much loved conservatories, also known as orangeries and greenhouses are quite popular here in the UK and having one can secure a good 15% extra cash on your house price tag. This however again is a rather costly investment; you can expect to pay £10K-£75K for this fancy addition.
For all those who do not relish the prospect of building work don’t worry, there still are some smart options left for you to give your home a makeover with considerably less costs and hassle involved. Apart from the cosmetic works think of any other modernisation such as double glazing (+ 4%) or central heating (+ 5%) or any other upgrades of services such as electricity or plumbing that would make your house more energy efficient.
Finally, I think it is important to say that any undertaken works need to be done neatly and professionally. Any failed DIY projects will certainly bring quite the opposite result to those expected. It is always safe to leave the job to the professionals and in order to maximise your return on investment try to keep your costs low.
It is good to remember that a well maintained property will certainly receive more interest and potential buyers will definitely appreciate a well-kept garden, painted fencing and clean pavements. The devil is in the detail so make sure your home is presentable and eye-pleasing for future buyers.
The easiest and the least expensive option is to give your interiors a splash of fresh paint, which usually doesn’t require any specific expenditure or permits. It can be done quickly and fairly cheap and, if done properly and with taste (forget the violet living room walls, sorry!) this cosmetic enhancement can even double your return on investment (ROI). This means if you spent £2000 on painting you can add £4000 to the overall value of your property.
Increasing the floor area by building an extension or converting a loft is another great way to add value to your home. This obviously requires much more budget, planning and often involves building permission to be obtained from your local authority. Yes, it can be a costly hassle but ultimately it’s the most effective one when it comes to your return on investment. According to Nationwide (The Guardian article 2016) an extension or a loft conversion can add 22% to the overall value of your home.
Expanding your kitchen can also be an effective way of adding value to the tag price of your home. You may either use some existing space or invest some cash and build an extension. This improvement will certainly add between 12-18% to the value of your house. If that’s not an option you can always try to modernise your kitchen appliances and furniture.
Adding an extra bedroom to your house (think loft) is what usually brings the highest returns. The overall costs can vary £30K-£40K but your ROI will double when the property goes on sale. However, it is important to understand the factors that stand behind the property selling price in your area. If, for example, your property is £30K less in value from the average price in your neighbourhood, you cannot expect the ROI to be £80K after you spent £40 on home improvements, as no one will be interested in buying the house at such an inflated price.
Modernising your bathroom can also contribute to the higher selling price of your property. Just like with kitchen, if it’s of a fairly decent size think of any unused space there is, a built in wardrobe, additional storage space etc. An en-suite bathroom is always in high demand, and when added to your bedroom it may increase the overall value by £10K-£20K. In this particular case it is easy to overinvest. It’s good to remember and to keep the numbers in check so your return on investment is secure and realistic.
The so very much loved conservatories, also known as orangeries and greenhouses are quite popular here in the UK and having one can secure a good 15% extra cash on your house price tag. This however again is a rather costly investment; you can expect to pay £10K-£75K for this fancy addition.
For all those who do not relish the prospect of building work don’t worry, there still are some smart options left for you to give your home a makeover with considerably less costs and hassle involved. Apart from the cosmetic works think of any other modernisation such as double glazing (+ 4%) or central heating (+ 5%) or any other upgrades of services such as electricity or plumbing that would make your house more energy efficient.
Finally, I think it is important to say that any undertaken works need to be done neatly and professionally. Any failed DIY projects will certainly bring quite the opposite result to those expected. It is always safe to leave the job to the professionals and in order to maximise your return on investment try to keep your costs low.
It is good to remember that a well maintained property will certainly receive more interest and potential buyers will definitely appreciate a well-kept garden, painted fencing and clean pavements. The devil is in the detail so make sure your home is presentable and eye-pleasing for future buyers.