The Dos and Don’ts of adding value to your property
Let’s face it, homes are a work in progress; there is always something we want to do or change. Even when we think we have finished, after a few years the impulse is there to revamp or reconfigure to suit our changing tastes and needs. It is natural to want to find ways to add value to your home, so before you start knocking down walls or building an extension, be aware that not all improvements add value.
Don’t believe any improvements add value
Before you jump into the improvements, you need to understand the market and where your home sits within it. There may be a ceiling price that a person will be prepared to pay for a property in your area, so it is always good to do your research to ensure any changes you make will add value to your property.
Sadly, sometimes even the most impressive improvements will not translate to a reciprocal increase in the value of your home. Ask an estate agent their opinion before you start; they will be able to give you an approximate valuation based on your planned works, giving you a better understanding of the financial rewards or losses you could incur.
That being said, in the majority of cases the right improvements will help to add value to your property.
Don’t do cheap
We all love a bargain, but when it comes to home improvements cheap work and finishes do nothing to increase the appeal of your property. Nothing sets alarm bells ringing in the minds of buyers quite like spotting a job that hasn’t been finished to a good standard. How do they know that your home isn’t a house of horrors tied up in a magnolia décor façade? When it comes to improving your home, don’t take shortcuts.
Do increase the space
Increasing your home’s space is a great way to potentially add value to your home. One of the UK’s most popular space-increasing projects has been the conservatory. From classic to contemporary designs, they provide an additional light-filled room, thanks to the number of windows, which enable you to bring the outside in.
According to research by Virgin Money, a conservatory is the simplest of home additions and can raise the value of your home by 5-15% depending on whether it is part of an extension or not. The home extension is one of the best ways of adding value to your home. According to Hiscox, you could raise the average value of your home by 11.2% with the addition of a new bedroom.
Do love upgrades
As they say, kitchens and bathrooms sell houses, and Hiscox confirm that a new kitchen could possibly increase the value of your home by 5.5%. Even remodelling your existing kitchen with high-quality units and finishes may boost the value of your home by as much as 4% according to the Royal Institution of Chartered Surveyors.
But don’t forget your outside space, too; your garden’s design and landscaping can also have an impact on your home’s value, yet often gets overlooked.
Before you start to make changes to your home, do your research to understand your don’ts, and embrace your creativity with the dos. For specific advice on what improvements will add value to your property, contact your local branch of Alexander & Co.