For the purposes of this blog, ‘value’ is going to be considered in two ways. After all, we all know that adding a massive extension on to any home is usually going to increase its value – and that’s not always doable, is it? So, to start with, we’ll look at a number of more simple things that can help a property’s value to be sustained, if you’re going to sell.
The ‘simple things’
As more and more new build properties pop up around the UK, people are starting to expect different things when viewing a house. The problem those selling an older property have, therefore, is that it’s far tougher to make an existing home look as ready to move into as any new build equivalent.
Thankfully though, there are plenty of things we can do to make sure that the value the property should be – is what it sells for. While this won’t necessarily ‘increase’ its value – it will nonetheless add to its value in the eyes of a buyer.
Seeing to peeling paint, cleaning walls and fixtures, removing the squeak from doors and floorboards, and vanquishing limescale can all help to convince a buyer that this isn’t a fixer-upper opportunity. You’d be surprised how much ‘value’ people can place in even the most innocuous of issues.
The ‘big stuff’
A recent analysis of the housing market, by PropertyPriceAdvice.co.uk, found that one of the most significant boons to a property’s value actually lies below its floorboards. Converting a cellar, along with converting a property into flats, both have the potential to add up to 30% to the value of a home.
But how many of us have cellars, or plan on buying somewhere else to live in, in the meantime? A more realistic option, for most of us, is to convert a garage, or add an extension at the rear or side of the home. Both options come at a significant cost, but can add up to 15% value to a property upon completion.
Loft conversions, and more extensive conservatories, both also hold the potential to add between 10% – 15% to the value of a home as well. Conservatories in particular can be built relatively cheaply – although you must be sure of the quality of the glazing, and roof involved in the build. Otherwise, you could end up with a conservatory that’s never comfortable to live in – which would make it unlikely to hold much value to anyone!
The best of the rest
At the lower end of the cost scale, however, are options such as fitting a brand new bathroom or kitchen, or even making the main living area open plan. These can all add up to 5% of a property’s value to its worth, although may not hold their value so well over time.
A more practical, affordable alternative to a full loft conversion exists too. Simply turning the loft into a space that can be used for storage, as opposed to living, also gives you, and any potential buyers, more options when it comes to living space. Companies such as Instaloft specialise in delivering these smaller-scale conversions at a cost-effective price.
And finally, outside the property, simply giving the whole place more ‘kerb appeal can also help it to command a higher valuation in the market. You could also revamp your garden, or even consider applying for planning permission for large-scale extensions. It doesn’t mean you need to go through with it – but a potential buyer may be reassured that they can extend a home in the future, should they wish to do so.