What can you do to your house that is sure to increase its value?
There are a multitude of reasons why people improve their homes, all are valid. You may be just choosing to modernise, perhaps the feature you are improving has come to the end of its useful life or maybe you are specifically looking to improve the value of the property. This article concentrates specifically on the latter.
It’s the classic dream: buy your family home, decorate and furnish it with style and taste, and when the time comes, sell it for a healthy profit and move to something bigger and better. Adding value to your house sounds straightforward enough, but it is often trickier than many of us realise and it’s easy to get it wrong. Interestingly though major up-front expense is not always required.
According to the Royal Institute of Chartered Surveyors (RICS), for example, laying new carpets and wooden flooring has little impact on actual value, though the overall benefits to the occupier are clear. So what does work when it comes to adding value?
1. Build an extension
'Well-proportioned extensions, not necessarily of the loft, that are in keeping with the design and proportions of the original house tend to add most to value in my opinion,' says Jeremy Leaf, spokesperson for RICS.
'Homeowners should be aware however, that the value of their property will not necessarily be increased by more than the cost of the work unless it is carefully planned and does not create 'top-heavy' accommodation, i.e. too many bedrooms and not enough living space. A carefully planned conservatory may represent the lowest cost and best value alternative.'
According to RICS, an extension such as a conservatory is likely to add five per cent to the value of your home.
2. Add a garage
Garages are an increasingly effective selling feature for house hunters. A garage costs between £10,000 and £40,000 to build, but the outlay is likely to be recouped in full when it comes to selling.
This is particularly the case if parking is difficult and expensive in your area, or security of vehicles is an issue and the rest of the street has a garage, then you should definitely build one if funds allow.
3. Replace your kitchen or bathroom
According to a survey by B&Q, the average value added to a property by replacing an old kitchen with a new one is £5,000, and £3,000 for a bathroom. If you are feeling brave and able to install a bathroom yourself, B&Q suggests that it should cost around a third of the price of having it done professionally: on average around £1,300 (or £3,250 if you get a builder in). Be honest with yourself though do you really have the skills to complete the task to a high standard. A badly fitted example will almost certainly decrease the value of your home.
'If you want to increase the value of your property I recommend updating your kitchen and bathroom,' suggests Peter Bolton King, chief executive of the National Association of Estate Agents.
'Many people consider these to be the key rooms in a home and modernising these areas will certainly help boost both the value of your property.'
4. Make your home lighter
Many interior designers will recommend making your home lighter to create a more welcoming atmosphere and ultimately increase the price.
The entrance hall is particularly important as it provides the first impression of the inside of any home. Even if, as is often the case, the space is relatively small it should not be overlooked. Light, warm colours help create the impression of space and welcome the visitor. It’s also worth creating interest here with the use of welcoming lighting and perhaps the use of quirky mirrors and pictures.
5. De-clutter
If you have lived somewhere for more than 10 years, order a mini-skip and throw out anything you are not using.
We all tend to accumulate far too much clutter, and to show your property off to its best advantage, potential buyers must be able to see the available space in each room. Sound simple doesn’t it? Well it is and it may just tip the scales in your favour when potential buyers are judging the value of your property compared to others in your neighbourhood.