How to ‘immediately’ increase your property value by 10-15 percent – ‘relatively easy’
Sarah Beeny gives advice on selling your home fast
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As the property market continues to boom across the country, the average asking price for a house in the UK now rests at £367,501, many homeowners are looking to get their homes on the market and sold for a good price. To get the best price for a property, it’s important that the interior of a home looks its best. But before homeowners bring in the builders, it’s a good idea to check with local estate agents as to whether a major home improvement will add value to your property, and if there are any particular areas of the property worth focusing on.
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Every home has its selling price, so make sure that the cost does not outweigh the profit.
Professional property developer, Mandy St John Davey, said: “When renovating and enhancing your property you should always check with your local building control office to see whether you require building regulations.
“Anything structural will of course require a building application notice, as will hacking off any interior/exterior render of a house.
“It is important to remember that your neighbours may have a say in your planning process too.
“I would always advise you to talk to them at the very start of your planning process and get them on board with your ideas.
“That way there will be no nasty surprises later on when you make your formal planning application.”
Experts have shared several key ways to help create a home with the most value that will appeal to potential buyers.
Interior designer, Celia Sawyer, noted that, while costly, a loft conversion is a great way to add property value.
She said: “To add value to your property, consider a loft conversion – it’s a safe investment policy and can be carried out relatively easily.”
It’s often the easiest way to create an extra bedroom and possibly an extra bathroom – which will immediately push your home up into the next price bracket.
Adam Day, founder and managing director of Hatched said: “A bedroom normally adds somewhere between 10 percent and 15 percent to the value of the property.”
But loft conversions don’t come cheap. John McCleod, Head of Business Development at leading home refurbishment and remodelling company Harrington Grey, said: “A loft conversion is one of the best ways to add value to your home, but make sure you commission a thorough structural survey to ensure the additional weight is properly supported.
“Typical costs for a new staircase, large bedroom with en suite bathroom and skylights or dormer window are in the region of £25,000 and will deliver an immediate increase in value of at least 10 percent.”
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Similarly to a loft conversion, adding an extension or conservatory to homes are relatively easy ways to increase its value, as you’re increasing the floor space and adding a new room.
Although, Celia advised: “Speak to your estate agent to work out if the cost is going to be worth it, and how much it will likely affect the sale price.”
Extending at the back of your home is great for kitchen and living areas, or consider a side return if you have a corridor of space at the side of the house.
Those who rarely use their garage, it could be a great investment to turn it into an extra bedroom, or you could build above it – or even both.
Adam said: “If your garage is attached to your house, then in our view, a garage conversion is the most valuable thing you can do.”
In fact, he suggests it could increase the property’s value by up to 10 percent.
The expert added: “Most people use their garage as a store room, and we seldom see cars in the garage, so as long as you have parking space as well as the garage, then we would suggest you get cracking with this conversion.”
Just remember to get all the necessary planning permissions and building regulation sign-offs, otherwise you won’t be able to call it a habitable room when you do come to sell the house.
Cosmetic solutions can hide problems from potential buyers but are unlikely to fool a valuer and therefore the value of the property, so prioritise fixing any leaks in the roof, rising damp, structural cracks to walls, any rot, missing or broken roof tiles, and any chimney problems.
Mandy explained: “Damp will show up on survey reports and if you do not have a damp proof course, this could make your property difficult to sell.
“Cutting corners with these basic elements will come back to haunt you later in your renovation.”
Although they are likely to be among the most expensive works in a renovation project, in terms of adding value they are absolutely essential.
Secondary are any other small and superficial defects – although they don’t affect the value of a property, cumulatively they will prevent it from selling at the optimum price.
Attend to any peeling paint, squeaking doors, jammed or damaged windows, broken door latches, dripping taps, loose tiles, and so on.
John advised: “Give walls a lick of paint, sand floors, reseal baths and showers, declutter.
“Very few specialist skills are required and it’s an easy way to give your home a quick facelift.”
As the saying goes, you only get one chance to make a first impression.
Celia said: “Many potential buyers make a decision on a property simply from its kerb appeal.”
One useful trick is to take a picture of the exterior and interior, as you often don’t notice things when you’re used to seeing them, whereas you might notice them in a photograph.
John suggested: “It’s easy to boost your home’s kerb appeal by tidying up the outside for a couple of thousand pounds or less.
“Paint the front door, replace broken path tiles and invest in window boxes, pots or topiary for an instant improvement.”
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