The average house price in the UK is £250,772, according to the latest available data from the official UK House Price Index – a year-on-year increase of 8.9%.
However, if you’re looking to maximise the value of your property, there are several ways you can achieve this. From the smaller fixes if you’re on a budget to the bigger projects if you’ve saved the cash aside, here are 11 ways you can potentially add value to your property.
1. Fix structural damage
Before you consider anything else, one of the most crucial ways to increase the value of your home is to fix any structural damage such as leaks, cracks, rotten roof timbers, damp, insect infestation, missing / broken roof tiles, uneven flooring and bowed walls. This will save you so much trouble when it comes to getting the surveys done on your home and it also ensures you have a strong foundation for any potential projects such as a loft conversion or a conservatory.
2. Work with what you’ve got
Before you start thinking about adding on extensions, it’s worth taking stock of what you already have. For example, you could integrate your kitchen and dining space to create a social, open-plan configuration. Or if your home comes with a garage or outhouse, you could consider turning it into a fully functional room. A popular way to change the layout of a home is to make use of ‘circulation space’ such as hallways and corridors. Knocking through walls can give you a lot more space at a fraction of the cost of an extension. Larger rooms are more attractive to prospective buyers as it’s easier to see the potential.
3. Extra space
Creating more space in your home is one of the most well-known ways to add value to your property. This includes extensions, cellar, basement, loft conversions and so on. A single storey extension could add up to 11% onto the value of your property. So, if your house is currently valued at £300,000, adding an extension could add up to £33,000 onto the value. Building a garage could add a further 20% to the value of your property – so a £300k house could go up by £60,000.
4. Obtain planning permission
Even if you don’t carry out the intended renovations on your home, you can sell your house with planning permission included. For example, if you put a property on the market with planning permission for an extension then you could see a potential increase of up to 10% in value (although we are being optimistic here!).
5. Neutral colours
Using neutral colours to decorate your home, especially fixed aspects such as the walls, can help boost the potential of a house. Don’t forget to pay attention to the smaller details too – such as trims and skirting boards. Prospective buyers prefer to see a home as a blank canvas where they can add their own stamp to it. It’s much easier for people to visualise the potential of a home if it’s decorated using neutral colours such as whites, creams and light greys.
6. Modernise the heating
Thanks to our chilly weather, central heating is a must-have in Britain! One of the biggest aspects of a property that puts off prospective buyers is a lack of central heating. It may cost a few thousand to install but it can also add around £5,000 to the value of your property…and make it more attractive to buyers. If you already have central heating, it’s worth getting your boiler checked (or replacing it altogether!). You could even go for luxury extras such as heated towel rails and heated floors. It’s also worth ensuring all drafts are sealed and making sure there’s enough insulation in your loft.
7. Green energy
Making sure your home is energy-efficient is now more important than ever before. Installing energy-efficient features such as solar panels, cavity insulation and double glazing can potentially increase the value of your home by 14%.
8. Kitchen and bathroom makeover
Unless it’s truly on its last legs, it shouldn’t be a big investment to give your kitchen a makeover. Even just a lick of paint on the cabinets and replacing the handles can refresh the kitchen. If you do have a bigger budget, then you could completely remodel the space and even change the layout. For the bathroom, make sure it at least has an overhead shower as most potential homebuyers are looking for this. If the bathroom is a dated colour such as peach or avocado, then consider fitting a plain white suite – which can be cheaper than you think if you shop around.
9. Compartmentalise your garden
Redesign your garden so it’s obvious that each section serves a purpose. This shows the maximum potential your outdoor area has to offer. For example, the patio could serve as a BBQ area, the decking could be the dining area, one corner of the garden could be an outdoor lounge area or kids play area, and so on.
10. First impressions count
It is likely that the exterior of your house will be the first photo house hunters will see online – so you’ll want to make a positive first impression! Kerb appeal counts for a lot when prospective buyers come to view a house in person – that means making sure your driveway / front garden is well-maintained. One of the quickest ways to add value in an aesthetic, rather than financial, sense would be to paint your front door. Timeless colours include bottle green or dark grey, although it does depend on what sort of property you have.
11. Buy more land
Sometimes you may be able to buy more of the land around your property. If you’re eyeing up some land then you’ll need to find out who the owner is by contacting The Land Registry. This may give you a chance to add extra features to the property such as off-road parking, extensions and a larger garden. Buying more land can come in handy when it comes to planning permission – as extensions, sheds and outbuildings can’t take up more than 50% of the total land around the house without express planning consent.
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