How much is your home worth? And, would you like to maximise your home’s value to get more for it on the market? There are some renovations and improvements to consider that might make all the difference. And, if you are trying to find a cost-efficient way of moving up the property ladder, a little investment is all it takes. In today’s guide, I’m going to look at some of the biggest added value improvements you can make in your home. Get everything in place before you sell, and you should achieve your full market potential.
Before you get started
First of all, it’s important to understand how the property market works. Just because your home looks incredible, its value will depend most on the value of similar properties that share your postcode. You can’t expect to earn a million selling a home in an area where similar homes are £500,000, for example. It’s worth thinking about this fact before you invest an enormous sum of money on renovations, improvements and upgrades. Many of the improvements here don’t need to cost you a fortune, anyway. Play your cards right, spend wisely, and you will target the right areas of improvement without spending a fortune.
The first thing to look at is the structural condition of your home. Now, these areas will be expensive to fix for the most part. But any buyer looking for your home will hire a surveyor to inspect the property for structural problems. Home inspectors look for several things, including rising damp, bowing walls, and structural cracks. Roof inspections will also take place, and inspectors will look for sags, leaks, and missing tiles. If you don’t deal with these issues yourself, the buyer will expect to get a significant discount on your asking price.
Spending money on energy efficiency in your home will always add more value than it costs. Simple things such as sealing up drafts and replacing inefficient windows can work a treat. Don’t forget to add insulation to your walls if you haven’t already. There are bigger projects to consider, too. Installing solar panels will be a big selling point, for example. And, according to Guardian Warm Roof, you can even add value by replacing your glass conservatory roof with a tiled alternative. Finally, ensure your central heating system is working well and efficiently.
Improve the systems
If you have an old plumbing or electrical system, think about upgrading it to a new, modern system. Doing this makes your home more attractive. Buyers will know they can avoid the hugely disruptive process involved when you have to get behind the walls to replace wires and pipes. While old buildings often last for hundreds of years thanks to their build quality, the same can’t be said of electrics and plumbing. Modern standards are far better – and safer. While you are making the changes, add a few more electrical points, too – they are another big selling point.
Tidy up the basics
Take a good look around your home and identify any signs of wear and tear. It can be easy to miss these little issues that develop over time, as you are so used to them. So, try and look at your home with fresh eyes, just as any prospective buyer will do. Look out for signs of peeling paint, broken latches, or damages to doors and windows. Does everything smell as it should, or are there nasty whiffs emanating from your drains? Look at cracks, too – they often occur with old paint jobs or crumbling plasterboard. Finally, if you aren’t planning on upgrading your bathroom or kitchen, look out for signs of mould in the sealant. Prospective buyers will look long and hard in the kitchen and bathroom areas – it is critical they are super clean. It’s also worth taking a closer look at these areas in more depth – so let’s do that right now.
The kitchen makeover
The kitchen is the hub of the household for many families. So, it makes sense that you make yours as attractive as possible before you sell. Again, you don’t have to spend a fortune. But a clean, modern kitchen will fetch a much higher value than a dirty, greasy, outdated alternative. If you can’t afford a complete upgrade, there are some basic tasks to consider. Make sure everything screams hygiene, for a start – nobody wants to buy a dirty kitchen. Also, replace broken doors, and ensure your worktops are in excellent condition.
The bathroom is another area that prospective buyers will inspect with a fine toothcomb. Replacing a bathroom is one of the first things a buyer will do when they move in. So, by taking away the need for an expensive renovation, you will encourage more buyers, and increase your home’s value. It’s worth investing as much as you can in your bathroom, as it can make that much of a difference. Replacing old, stained tiles with classy alternatives can lift your bathroom in an instant. You should also look at the minor details, too. Chipped baths and sinks or stains anywhere need to be resolved. Unfashionable colours – think the blues, pinks and browns of the 1970s – will need to be replaced. The idea here is to appeal to as many people as possible, not put them off!
Convert the loft
Let’s be clear, loft conversions can be expensive. But if you are creating additional accommodation, it will give you a significant boost to your home’s value. You will need to do a thorough check to ensure that your loft will earn you more than you spend, however. There are lots of planning regulations, and you may need a specialist contractor to do the job for you. If you plan on installing dormer windows, you may need to get planning permission from your local council.
OK, so there you have it – my rundown of the best improvements you can make to your home that adds value. Let me know your thoughts in the comments section below.