Blog
Add value this Spring
Thursday, March 10, 2022
As the clocks go forward, and the evenings get lighter and with extra bank holidays this year, roughly 75% of homeowners are planning a to home improvement or DIY project. And whether you are thinking of moving or just want to improve your living space, it’s a good idea to consider the cost of a project and what, if any, value it is likely to add. A good estate agent can give you sound advice on this and tell you what is likely to sell your home quickly and at the best price in your local area. If you’re selling, it makes sense to present your property as well as possible to avoid any potential for downward negotiation on price. Buyers tend to overestimate the time and cost of refurbishing a house and reduce their offer by more than they need to.
The condition of the interior is all important and a good de-clutter and deep clean are obvious ways to increase the saleability of your home. If you are planning on some “DIY”, make sure your home insurance covers you for accidental damage. If your skills are in any doubt, it may be better to pay a professional to do the job! Whether you DIY or get professional help, here are some ways to make the most of your time, energy and budget.
Extra space will almost certainly add value, especially if the job is done well. A new conservatory, loft conversion or garden room are all good ideas especially if they offer space to work from home. Moving internal walls to create a new room may cost less than extending whilst still adding perceived extra space.
The main improvements which add value are central heating, double glazing, a new kitchen or an extra bathroom. Energy efficiency is a hot topic with rising energy bills and will save money as well as add to capital value. Costs vary but can yield twice the value of the work. Now is a great time to consider spring reductions on “winter products” such as fires and heating systems. New windows can add up to 10% in the value of a home, make it cosier and more saleable. An additional bathroom costing £5-20,000 can also add as much as 10%.
New to the “value added” list is faster broadband that allows you to stream TV, music etc without delays, with all members of the family using it at once, particularly if working from home. Broadband use has become firmly entrenched in daily life and is massively important to buyers choosing a home.
A new kitchen not only adds the WOW factor but can certainly add value to your home. Buyers tend to look for spacious kitchens with integral appliances. You can just give your kitchen a makeover, with new doors and worktops. Just factor in as much storage space and work area as possible.
A covered patio with bi-fold doors from the house gives the feeling of an extra room that can be enjoyed year-round with good lighting and patio heaters or a fire-pit. Gardens can be the poor relation when it comes to adding value but if a garden is well kept and designed, it's a real plus point and can add thousands. As always, consider what buyers will think should you wish to sell. Young professionals like a low-maintenance garden while families look for a safe play environment. Think twice about having a hot tub or swimming pool; it can reduce a home's value with concerns over maintenance and safety. Always ask your local estate agent’s advice about major changes and how they affect your property's saleability.
Whatever you do, indoors or out, invest wisely. Don’t overextend or take your property’s value out of line with the neighbourhood. To get professional advice on adding value or selling your home visit our website. Or for a free, no obligation appraisal of your property call your local Frost Partnership office.
