Do you want to increase your home’s value and improve your own financial position, while enjoying your humble abode to a greater degree? Of course, you do and here are 6 ways to do so.
- Fix All Structural Issues
While this may seem straightforward, most homeowners hardly ever put an effort to, with many opting to sell the house as it is. Selling your home without fixing some, if not all, of the issues will only see it fetch less than you anticipated, with some potential buyers offering a much lower amount. Unless you are in a hurry to sell it off, fixing any issues with the house can boost its value and even attract potential high-end buyers.
First, make sure the roof is in the best condition possible. A few patches on a leaky roof almost always do the trick, especially if the roof isn’t too old itself. If the roof is old and worn out, then the best you can do is invest in a new roof – this may require you to seek planning permission from the relevant bodies. You also want to ensure the doors and windows are sound too. Ensure all locks work and that the windows close properly. The fewer/no issues your home has, the higher its market value and demand will be
Minor structural issues, such as clogged gutters or loose tiles, could have a negative impact on your home’s value as well. Small issues indicate a bigger underlying issue for a potential buyer, hence a reason to pull out. That said, it would be advisable to have these issues fixed before putting the house up for sale. Studies done by Environet in the UK show that standard roof repair costs approximately £150 for minor repairs (replacing roof tiles) and between £1900 and £3100 for fasciae and soffits replacement. Replacing the entire tiled roof could cost around £5,000 too. Although this may seem like much, a new roof will help bump your home’s initial value and could see you rake in up to 63% in returns on investment. The exact figures will, of course, depend on several factors, such as the extent of damage and work required to bring it to par.
- Invest In A New Central Heating System
Almost every potential homebuyer today wants a fully functional home. Although a broken boiler would have gone unnoticed in the past, prospective buyers today will check to see if the central heating system works according to Corgi. They wouldn’t want to be caught off-guard after moving in, only to find the boiler is broken. Many buyers will renegotiate the price if they suspect the central heating system to be old or need to be replaced.
Investing in a new heating system will thus make the home more appealing to any potential buyer. Luckily, new boilers in the UK cost between £800 and £1500 and almost a similar amount for installations. However, you can save some money by having the new boiler installed in the exact location as the previous one. Installing a new boiler can be quite an expensive affair, a reason proper planning is required for the same. The returns on investment from the same are also remarkably higher too. You could also have the boiler expertly serviced if working with a limited budget.
- Consider An Open-Plan Kitchen Layout
Many people today prefer open-plan living layouts compared to the traditional closed-plan, and with a good reason. Open-plan layouts make the living space seem bigger and brighter and are easy to plan/decorate. According to research, adding an open-plan kitchen could see your home’s value go up by up to 6 percent. This is because open-plan living offers a more flexible and social space for the new homeowners. You could also go with concertina doors if open-plan living isn’t feasible for one reason or another. Concertina doors create an illusion of an open layout and are considerably more affordable to install too.
- Consider Loft Conversion
A loft conversion can help boost your property value significantly. It is also one of the most expensive projects you may have to invest in for the house. Loft conversions can cost anything between £15000 and a little over £40000 depending on what needs to be done. The renovation will be costlier if there are structural changes to be made too. Nevertheless, a simple loft conversion could see your property value go up by around 20%.
If you, however, aren’t willing to change the structure of your home in loft conversion, a standard extension can add the value of your home by up to 23 percent according to Jonathan Christie of The Property Buying Company. You may have to seek planning permission to add an extension to your home, which isn’t exactly a requirement for loft conversions. This is because the project would need to abide by stringent building regulations. Adding the extra space/room, say a bedroom, will help make your home more valuable
- Add An Extension Or A Bedroom
Adding an extra bedroom or extension to your home could boost its value and make it more appealing to potential buyers too. A number of factors, such as the cost of extending (labor, materials, etc.), should be considered before taking on the project. The cost of adding an extra bedroom, for example, would cost around $1500 per square meter, plus other expenses such as fitting, decorating, and furnishing. In other words, building a double bedroom (4 sq. meters) extension will cost approximately £8000 to complete.
- Create A Home Office
Work-from-home is the trend today, with many companies making it possible for employees to work remotely. A home office is thus one of the most sought-after features by many prospecting homeowners. Adding a home office to the house (loft conversion) can therefore make it more valuable and appealing. A garden office/studio is a cost-effective way of making this a reality according to this source. Although a garden room will cost as little as £4000, it could see your property value go up by around 8.5%. To make it more appealing, you may have to ensure the garden office is well insulated, secure, and powered (electricity and Wi-Fi, a good point made by Peter, here. This is optional unless your budget allows it – most potential buyers will appreciate it if you do.
- Add An Ensuite
Adding an ensuite to the main bedroom is a fool-proof way to make the home more attractive and valuable. As long as there’s enough space to allow for an extra bathroom, many potential buyers will be begging you to accept their offer. It would help if you also considered adding at least one hand basin and a toilet on every floor for improved practicality and flow. Depending on the space and expected finish, installing a simple ensuite will cost you at least £2,500. Proper planning and budgeting are however needed to make it happen. Some factors, including labor, the cost of preferred suite, materials, and VAT, should be considered when computing the costs.
These are but some of the ways you can increase the value of your home and make it stand out from the rest on the market. You only need to plan well and work with a certified and experienced contractor to realize higher returns on investment. Although some of the renovation projects here may seem costly, they do play a significant role in boosting your home’s value and the likelihood of getting a suitable buyer fast.
