7 ways to add value to your home
By all accounts, the housing market is doing well this year.
Asking prices for property in England and Wales reached a
record high in May, with the average asking price hitting a new peak of £317,281 (according to Rightmove).
Buyer demand has also increased and is at the highest we’ve seen for a decade.
With house prices rising and buyers buying, now is the perfect time to make sure you maximise your property’s potential. In our recent article ‘11 top tips to selling your home’ we looked at how you can present your house in its best light for sale.
In this article, we’re giving some advice on how you can add value to your house.
Space, the final frontier
Did you know the square footage of the average UK home has almost halved in the last 100 years?
Research from NAEA (the National Association of Estate Agents) shows that in the 1920s the average dwelling was 153m squared. Now, at 83m squared, it’s 46% smaller than a century ago.
So anywhere you can create space (or the illusion of space) is well worth the investment.
1. Outside space
It can be tricky to convert smaller properties or new builds. An increasingly popular way to add more space is the addition of a smart garden room, these can be used an office, studio or even an extra quest space.
According to Bruce King, director of estate agent, Cheffins, garden rooms “can add around £30,000-£50,000 to the final value of the house. As working from home becomes more common, often buyers are looking for a workspace which is separate to the main house. The majority of decent examples will cost from around £5,000-£10,000 and the really best in class also include a wood burner and smart furnishings”.
2. Lofty dreams
A loft conversion is often the easiest way to add square footage to your house. An extra bedroom, and possibly bathroom, can make a big difference to the price of a home. A recent survey, carried out by GE Money, concluded that a loft conversion adds an average of 12.5% to the selling price.
You will need to consider planning constraints, but if neighbouring houses have loft conversions this is a good indicator that it won’t be an issue.
3. Extended ideas
Extensions and conservatories are another great way of adding serious square footage to your property. It is easy to get carried away, so keep in mind the cost of work versus the additional square footage you are gaining and how this could impact your asking price.
To give you an idea, a conservatory (cost £5,000-£30,000) can add around 7% to the value, while a full-blown extension (£10,000-£30,000) adds an average 11% in value.
4. Goodbye garage
In a recent survey, it was discovered that only 10% of garages are used to house a car. This could translate to mean that 9 out of 10 buyers won’t be put off by the fact you don’t have a garage, and would rather see it converted into additional living space.
In most instances, this work won’t require any permission so it is a cheap and efficient way of adding effective square footage to your property. To calculate the value added, multiply square footage gained by the average local price per square foot.
So where does the car go now?..
5. Premium parking
If you live in an area where garden aesthetics are an important part of the property’s presentation then this idea isn’t for you. However, in most urban areas car parking spaces have far more value than a pretty front garden.
You’ll need to check to see if planning permission is required, and may have to spend £10-£20,000 but this additional car parking could add up to £50,000 to the value of your home.
6. Kitchen clever
As we are often told, the kitchen is the heart of any home so this is the main room you should focus on. Create a stunning and well-organized space, that people will want to spend time in.
Ensure you keep costs in proportion to the value of the house and you could see a new kitchen increase the value of your house by 4.6%.
7. Bathroom bliss
This is the other room that can make all the difference to potential buyers, and unlike the kitchen, you can make a real transformation without spending thousands. It could be as simple as adding a new set of taps, a heated chrome towel rail and replacing that shower curtain with a glass door.
A new bathroom could add 2.88% onto the house value.
Top 3 things to avoid:
All properties have a ceiling price and, regardless of what you do, your property won’t achieve an asking price that is significantly higher than others on the street. Simply put, buyers with a 500,000 budget are unlikely to want a house in a £250,000 street.
2. Basement conversions
These are great for houses in prime areas of London. However, if you live almost anywhere else then the cost of digging out a basement will be far more than the value added from increased square footage.
3. DIY don’ts
Visible DIY bodges will have potential buyers questioning the less visible ones! If a job is outside your scope then call in the professionals.
How We Can Help
Founded in 1980, Osborne, Morris & Morgan provide a friendly, professional service, ensuring your property transaction runs as quickly and smoothly as possible.
We understand that buying a property is likely to be the biggest purchase you ever make. Our expert legal advice offers fixed fee conveyancing, meaning no hidden costs and no nasty surprises.
We understand the importance of having an experienced conveyancing solicitor on your side when buying or selling a home, so call us today on 01525 378177 or contact us online.