Let’s start with a simple question: would you want to buy or live in a deteriorating house that’s in need of repair? Most of us would steer clear. Buying a house is, of course, a good investment, but being the owner of a property is a big responsibility.
Increasing the value of your home is like playing Monopoly: you want to improve what you already have in order to close the best deal with the other players. Of course, life is more complicated than a board game!
You may already feel reassured with your property and lifestyle, for example, if you have a secure job you may have no plans to relocate or sell your property. However, nobody is 100% sure of what the future brings.
Let’s say, for example, you have a baby or you find a job in a different city, you may be left with no other option than to move. But, how can you make the most out of your property if it isn’t in good condition? Thankfully, there are plenty of ways to increase the value of your home. Let’s see how:
Add additional living space
An additional bathroom or en-suite
building a second bathroom, such as an en-suite in the master bedroom or one for convenience downstairs is another way to increase the value of your property. A second bathroom can also be a big selling point for new buyers, especially families. For obvious reasons, multiple bathrooms are extremely compelling for potential buyers, thanks to the added convenience. It can also increase if one of the bathrooms includes a bath. If you can offer a big bathroom with modern touches, selling will be that much easier!
Extend your property
Adding square footage to your property will certainly boost value, whether it’s extending your kitchen or adding a dining area with a single-storey extension. This usually doesn’t require planning permission. You could even consider a double extension for extra bedrooms!
Convert the loft or cellar
Converting your loft or cellar space is also a relatively cheap way to increase the number of rooms, as well as the living space in your home. In many cases, a loft conversion won’t require planning permission and could potentially become the selling point of your home.
Add a conservatory
Connect your home to your garden as a cheaper alternative to an extension. Not only does this create an extra room, but there are so many different styles to choose from - offering security, usually a long guarantee, and a unique indoor ambience.
Advice ahead of an immediate valuation
Extra living space can still be achieved by rearranging or replacing large pieces of furniture.
When estate agents come to value your home, many sellers make the mistake of removing as many items from each room as possible. This is in the hope that the rooms will appear larger and offer a potential buyer the chance to envisage how they could utilise the empty space.
Makes sense, right? However, by vacating a room of all its contents, it actually tends to appear smaller - especially if there are any alcoves or recesses.
What we suggest: Remove clutter and unnecessary objects only. Things like sofas, coffee tables, dining tables, beds, and wardrobes are essentials for any home. So, by rearranging these items or replacing them with smaller alternatives, you can ultimately offer a viewer a spacious template for them to build their own ideas upon!
Select the right area
If you are purchasing a property with the sole intention of increasing its value, make sure you do your research before investing!
Focus on demand
If you invest in a property surrounded by vacant buildings or dereliction, you’ll be lucky to find a buyer. An area with a high population will guarantee interest.
AAA - Accessibility, Appearance, Amenities
- Major transport routes are an essential element considered by buyers; being near to motorways, train stations and bus stops will guarantee competition.
- Attractive landscapes make your house more desirable. Large trees and nearby green spaces are things to look out for!
- Shops, leisure hotspots and schools are intrinsic to a thriving community; these are the things people will always look for when purchasing a home.
Developments within an area will always add to property value. Look for areas with prospective plans to build shopping centres, train stations, schools etc.
A lick of paint
Improving the basics is the first place to start. The conditions of the walls are one of the first things that can boost the appearance and consequently, the value of your home. In fact, with just a few brush strokes upon your entrances, hallways & landing, you can transform a space and make a huge difference to the overall appearance.
If you have wallpaper, no matter how much you may love it, bear in mind that it won’t suit everybody’s taste and it will likely be replaced as soon as somebody else moves in. A simple coat that complements your interior will go a lot further with a prospective buyer!
This is a great way to increase the value of your property with low investment. If possible, paint the exterior of your home as well. Curb appeal is hugely important and you want potential buyers to be impressed right from the start. A fresh coat of paint in an appealing neutral
Replacing doors & windows
Exterior appeal is essential for making a first impression on viewers. If the front of your house is dilapidated or outdated, it’s likely that potential buyers will be less keen to see what’s inside. Bearing in mind that the front of your house is also the first thing people see in your ads, investing in new doors and windows is an easy way to attract buyers.
Buyers love investing in houses that are updated with modern amenities. If you’re thinking of selling your home in a few years, replacing old and worn front doors, garage doors & windows can improve your home’s marketability and help you sell at a higher price.
Even if you aren’t planning on selling your home today, replacing your windows can help save you money on your energy bills. This is simply because new windows create a tight seal for your home, so no air can leak out; air leaks are the major cause of wasted heat energy.
Doors and windows are rarely cheap, especially if you’re aiming to impress. However, if your doors or windows are already an attractive design, a thorough clean of your window panes/frames, or a fresh lick of paint on your garage/front door could make a significant difference!
on your garden
A well kept and inviting garden can drastically increase the value of your home. Imagine if you could buy a house with a shed, a deck or a jacuzzi outside. Wouldn’t it be a dream? The property will look incredible and it’s all about getting the most out of what you have got.
Keep your shrubbery, plants & trees trimmed nicely, then utilise the space you have as effectively as possible by adding more greenery or planting flowers. It's cheap, easy and not all that time-consuming. A colourful flower bed, or in a neat & tidy front or back garden, encompassed by some nice fence panels could transform the look of your garden - outside is just as important as inside!
Split a house into flats
Certainly not a cheap option, but a popular method with landlords and developers alike. In major cities particularly, converting 1 property into 2 can dramatically increase rental income and maximise the overall sale price.
New worktops, new kitchen!
Your kitchen is the most profitable area to invest in; an outstanding kitchen is guaranteed to improve the impression of your property. The cleaner and more modern your kitchen appears, the more a viewer will imagine using it!
A brand new kitchen is impossible to do on the cheap, but there are more affordable ways of investing into improvements:
- New electrical appliances
- New flooring
- New countertops
If you want to add value to your home while only spending a fraction of the price a brand new kitchen would cost, consider having new worktops fitted.
The idea of remodelling your kitchen (or bathroom) can be daunting, to say the least. This is why altering just one element of your kitchen is a much more reasonable and practical option; not only will this transform the look and feel of your kitchen, but also give your property value a healthy boost. There are lots of kitchen worktop types to choose from.
Stone surfaces are an ideal option thanks to their durability, longevity and value. Once fitted, your kitchen will look like new!
A simple spring clean, along with a new, modernised colour scheme, and replacing your cupboard/draw handles, taps or skirting boards, are all cheap and easy ways to give your kitchen that gleaming appearance for potential buyers.
“Money makes money. And the money that makes money makes more money” said Benjamin Franklin.
If you want the best Return On Investment, you should aim to invest your money in the best way possible. Whether you’re looking to sell your property or just improve your home, making changes such as these will be a sure way to do so.
For help, advice or a quote for what we can do to help improve your home, contact Purple today!