Posted: 4 June 2015 by Higgins Homes
In any housing market, and especially the current one, your property is only worth what someone will pay for it. Although property prices are very healthy, if you really want to make sure you get the best possible price for your bricks and mortar then you need to look into adding value. This is essentially all about taking the basic value of the property – the price that a similar property in a similar area might attract – and then looking at what you can do to boost this. If you’re not sure where to start then we have some suggestions.
Convert the loft or basement
This is a fairly pricey way to add value to your home but the investment is also one of the best ways to see a significant uplift in value as a result (10-20%). The key is to make sure you do it properly so that you don’t end up damaging the building structure. Convert the space into something modern and multifunctional so that it has wide appeal.
Update the bathroom
The wettest room in the house is a key area for buyers and many will be put off by the prospect of an avocado bathroom set. Dirty flooring, mouldy grouting and fixtures that have tidemarks and stains are very off-putting indeed. Conversely, a contemporary, clean bathroom could add between 5% and 10%, depending on where you are in the country.
Build a conservatory or an extension
Space is at a premium these days so any feature that creates more of it tends to add value to a property. A conservatory should be light and airy and well constructed – it’s a particularly good idea if you have a large garden to look out on. This could add anywhere between 3% and 12% to your property price. An extension takes a lot of effort but could give you up to 20% more value. Just one word of caution with both an extension and a conservatory, don’t ruin your outside space to install them as this could diminish your property value.
A full internal upgrade for your home could give you a 20% price uplift but you do need to do this carefully and with a touch of class. The idea is to offer interiors that are exceptional, good quality and desirable. You don’t need to overspend to achieve this but you should avoid cutting corners or you may end up affecting the value in the other direction instead.