Whether you are ready to sell or want to stay put, you should always consider your options when it comes to adding value to your property. You will be surprised by what you can achieve and the rewards you can reap.
Follow these steps to discover the best ways to ensure a healthy return on investment…
1) Deal with Structural Issues
First things first. You must deal with any structural issues affecting your home before carrying out cosmetic improvements. Subsidence, damp, leaking roofs, missing tiles, structural cracks, rotting joists and window and roof timbers will massively impact the value of a home. This type of work can be disruptive; therefore, it is essential that these issues are fixed before installing a new kitchen, buying lavish furniture or extending your home.
Call in a builder, surveyor or structural engineer for professional advice on structural defects.
2) Update Central Heating
New central heating is one of the most profitable home improvements in the UK. In a study conducted by GoCompare, based on an outlay of £2000 for a new boiler you can expect to see the added value of £8000 to your property.
A new central heating system should be introduced in conjunction with improved energy efficiency of the house. Including:
– The sealing of any drafts
– Replacing windows (that are beyond repair)
– Adding insulation into the loft
3) Rewire and Improve
For many older properties, updating the electrics and plumbing is one of the best ways to add value. Again, this is a disruptive job and may require the lifting of floorboards and chasing of walls, so make sure you review this before making any big design changes.
If you decide to rewire your home, take the opportunity to add extra sockets and switches to walls. Update fixtures and be clever with spotlights, dimmers and mood lighting. In terms of plumbing, updating the system can improve water flow and hot and cold water availability, helping to improve the overall living experience and property value.
4) Add More Space
Creating more space is always going to add value to your home. For those on a budget, knocking through a non-supportive wall to create an open-plan living area would be beneficial. For those with a larger budget, a single or double house extension will add considerable value, but can quickly turn into a large project. This is ideal for those with a growing family, looking to enjoy the space before selling for a profit in the future.
For the best return on investment, loft conversions are the most favourable. They are not as expensive as extensions and still add considerable space to your home. In fact, according to a nationwide study, a loft conversion that includes an extra bedroom and en-suite bathroom would add an average of 21 per cent to the value of a property. In London, according to another study by Abbey Lofts, the increase in value was likely to be even higher, at 24.5 per cent.
5) Kitchen Makeovers and Bathroom Updates
An attractive, inviting and sociable kitchen is hugely essential to buyers. Fortunately, kitchen renovations can be carried out on a tight budget. Small changes such as replacing unit doors and worktops can have a huge impact. The same applies to bathrooms. A fresh lick of paint, new tiles and cabinets can go a long way. If you do need to install a new kitchen and bathroom, work with a builder to ensure you maximise your layout and budget.
6) Exterior Makeovers
First impressions count. The exterior of your house will be the first thing potential buyers see, so it needs to make an impact.
Updating the exterior of your home can include:
– Painting/cladding/ brickwork/ doors and windows
– Installing a new front door and windows
– Replacing an old garage
– Adding a porch
– Repairing broken bricks/ cladding
– Garden landscaping
– Repairing or investing in a new driveway
– Adding a new house sign or number
7) Capitalise on Adjoining Land and Planning Permission
If you are lucky enough to own a property overlooking a field or connects to extra land at either side of the house, you may have a chance to add considerable value with little effort.
Do some research to determine whom the land surrounding your house is registered to and see if they are interested in selling! If the extra land allows for more parking, further enlargements to the property or a place to keep horses, you could be in the money. Go further, by gaining planning consent for improvements on the property, even if you have no intention to carry out the work yourself. This will be extremely appealing to potential buyers
Before making any big decisions it’s always sensible to check with local agents and builders to decipher that the cost of work will not outweigh the profit. It can be easy to get carried away with extravagant plans, which is why the help of a professional experienced builder is always advised.
Are you in need on some advice on how to add value to your property? Get in touch with our team of expert builders and designers today for a no-obligation discussion – firstname.lastname@example.org.