Whether you are selling your house next month or next decade, it is always important to be thinking about adding value to your home. In simple terms, increasing the value of your property boosts the deposit for your future home while lowering the cost of your next mortgage. With this in mind, we have put together a list of the best ways that you can add value to your house and continue to work your way up the property ladder.
Solving Structural Problems
It may not be the most exciting upgrade, but underlying structural problems need to be addressed before any interior decoration or extension. Potential buyers are put off by defects such as subsidence, damp and loose roof tiles which would add expense to any future renovation project. By sorting these issues, the value of your home should increase as your buyers will be free to direct their money towards other (more interesting) renovation projects. If your property is leasehold, it is also worth checking how long the lease has left as a long lease tends to increase value.
Conversion, Conversion, Conversion
Using existing space to add new rooms is an efficient way to add value to your home. By avoiding planning permission applications and external construction, the cost is often significantly lower than the value added.
There are three obvious conversion options: loft, basement and garage. Loft conversions are usually the most popular, owing to their lower construction costs; they set you back £500-600m² yet add £23,700 on average to your property value. That being said, in a property with a large unused cellar, basement conversions can be more effective, adding up to 30% to the value. A garage conversion is a smaller project, but it can contribute to an open-plan kitchen conversion, become a great ground floor office space, or add another all-important bedroom.
Let the Light In – Add a Conservatory
If you want to extend your home, adding a conservatory is the most cost-effective way to increase space and value. In most cases, it is classified as ‘permitted development’, meaning that planning permission is not required. For that reason, conservatories are cheaper and easier than most other extension projects. The Telegraph found that conservatories add 5% to the value of a house, making them a worthwhile long-term investment.
Update Kitchen and Bathrooms
Pristine kitchens and bathrooms will attract any buyer; even a good scrub of the tiles can add value to your home. On a larger scale, new sparkling taps and a glass shower screen won’t cost more than £250 and can transform a bathroom into a sleek and modern space. Replacing outdated kitchen fittings with a contemporary alternative doesn’t have to cost the world and can easily add 10% to the value of your property.
Don’t Forget the Originals
Whilst modernising is important, original features are a huge selling point in any period property. From fireplaces to feature windows, drawing attention to these features will accentuate the unique building. ‘Restoration instead of replacement’ is a great ethos to follow when it comes to original features. In the same way, inauthentic features such as poorly-laid laminate flooring or polystyrene ceiling tiles should be removed; often you will find an exciting original feature behind them.
Keep it Sweet From the Kerb
When your home is valued and viewed, the first impression from the road will set the tone for the property. Therefore, investing in the kerb appeal of your house can impact its value more significantly than you would think. From small additions like flower boxes and a bright front door, to larger changes such as brick repointing and changing the windows, everything will make a difference.
Contact The Mortgage Centres
For impartial, expert advice on your mortgage options, get in touch with The Mortgage Centres today. Whether you’re a first-time buyer or looking to move home, our friendly and experienced mortgage advisers are ready to help you.