Adding value to a home can be the difference between a quick, successful sale and waiting months for the right person to snap it up. Across the UK, different enhancements and modifications can increase the value of a home depending on the area.
Recently, there has been a 12% increase in the number of new properties coming to the market, however, 36% of properties are seeing a reduction in price. Experts at ModernGardenRooms have compiled this list of top tips that will help to add value to a home and make it more attractive to prospective buyers.
1. Make the structure solid.
Before any interior decorating, looking at the home's structural integrity is essential. If there are any subsidence issues or damp in the home, these must be fixed.
Such big projects can be expensive, costing anywhere between £5,000-£15,000, but paying upfront to resolve any issues will allow the property to retain its value. Prospective buyers will be reluctant to pay the asking price if issues like this exist, resulting in the price being decreased.
2. Add an outside space.
With the increasing number of people working from home, adding an outside space like a home office or garden room is becoming more important to buyers.
Having a separate space not only gives a home office more privacy and fewer intrusions by pets, but it can also help to get into the right mindset. A stand-alone building allows the brain to switch between 'home' and 'work.'
Garden rooms are multi-purpose, and many don't require planning permission before building. The average garden room can add over £10,000 to a property, depending on the area.
3. Upgrade plumbing and electrics.
If the property is older than 50 years, it is worth checking the electrics and plumbing to see if they still need to be upgraded. Like subsidence and damp, these issues can be costly, and buyers may be reassured if rewiring or new plumbing has been installed recently.
A full rewire of the average 3-bed home can cost between £4,000-£5,500.
Upgrading the plumbing in the bathroom costs around £3,000, while a complete re-piping of the home can cost up to £20,000. An extra bathroom is valuable to prospective buyers, so it's worth getting a survey done of the existing pipes to see what work is essential, as the value added to the property won't reach extremely high figures.
4. Consider an extra bedroom or loft conversion.
Extra bedrooms and loft conversions are costly but add far more value to a property, up to 20%, depending on the area and type of conversion.
Families are always looking for extra space, and a loft conversion can be used as an office space, a bedroom, or even a room for hobbies. The average cost of a loft conversion can reach anywhere from £40,000-£80,000, but there is often no planning permission needed, and it is easier than an extension to the property.
5. Clean up the exterior.
While a blank slate may appear more appealing to a prospective buyer, it is equally important to show off what a garden or outdoor area can be used for.
Adding a driveway for off-street parking at the front of the house is essential now that the average household owns two or more vehicles. According to Direct Line, a driveway can add around 13% to the value of a home. This also helps keep insurance costs low as the chance of damage is decreased.
Consider creating clear zones such as patios or planting beds in the garden. A patio can be somewhere for buyers to relax or socialise when they purchase a home, and planting areas can provide privacy and help to control weeds.
Jonathan Creber, Commercial Director for ModernGardenRooms commented that: "Before undertaking any improvement on a property, it's essential to talk to estate and leasing agents to get their view on how much the value can be increased.
"Smaller projects like a garden room or general painting and tidying are sometimes all that needs to be done depending on the area, as prospective buyers are most interested in kitchen space, bathrooms, access to the garden, and the outside space itself. With the UK housing market currently at a low point due to high mortgage rates, improving the saleability of a property is crucial.
“Buyers are looking for homes that offer a lot for a reasonable price. Researching the average prices in the area and other properties for sale can also assist in quickly selling a home."