So you’re planning on selling your family home, and you want to know if there are any changes you can make that will help to boost the market value of your property. Property values can often depend largely on the area; whether it is near a bus or train line, whether the neighbourhood is reputable, whether or not an ‘upmarket’ supermarket is close by. However there are a number of renovations you can make to the property itself which is guaranteed to increase its market value.
Here are four of them.
1. Extension and Conversion
The Guardian states that adding a loft conversion or extending your home can increase the value of your property by up to 20%. Loft conversions and property extensions are a handy way to transform unused space into functional space in order to add value to your home. Loft conversions are generally considered less disruptive when compared to a property extension, but both have their merits.
Remember planning permission! Local authorities can and will order you to tear down any extensions or conversions at your own expense. Some lofts cannot be converted due to lack of space, the internal height of the existing loft etc. so make sure to check with a professional before you start drawing up any plans.
2. Taking Care of your Amenities
When looking at a property, two rooms that potential buyers are likely going to pay a attention to, are the kitchen, and the bathroom(s). Problems in a bathroom can spell disaster for any potential buyer; as you have damp and mould to worry about in the long term, while a dirty or smelly kitchen can really put buyers off. People want to step into a fresh house full of possibilities, not a house where the kitchen smells of year old potatoes and garlic.
According to Bathstore, your basic new bathroom suite costs, on average, about £4,500. MyLocalPrices values a typical new fitted kitchen at anywhere between £5,000 and £8,000. These prices give you a good idea as to what you should be aiming for, when looking at getting a new bathroom and kitchen fitted. The new amenities don’t need to be bespoke, designs that are presentable and in-keeping with the style of the house work just fine.
3. Revamping a Tired Exterior and a Dreary Interior
It is important to remember that a potential buyer will be looking at all aspects of your property, including its exterior. If the brickwork looks dirty, the paint is flaking off the doors and the windows haven't been washed for years, it is unlikely that you’ll make a sale any time soon. Hire a professional property maintenance company to see to the dirty brickwork and the painting, and get a window cleaner to give your windows a good scrub. If the front door looks a little worse for wear, consider investing in a new door as opposed to fixing it up.
Unless numerous buy-to-let investors are going to be taking an interest in your propertypotential buyers will not want to purchase the property with all its existing furniture. It is better to completely clear the property out. When repainting go for neutral shades such as Calico from Dulux, or a Light French Gray (sic) from Behr.
4. Two Small Trumps One Large
In today’s world, 3 Bedroom properties are generally worth more than 2 bedroom properties, even if the 2 bedrooms are large and spacious. It’s all about functionality over form; a large bedroom is all very well for a retired professional, but it doesn’t quite fit the bill for a growing family with plans for the future. Likewise in a family home, two bathrooms are certainly preferable to one, particularly when you consider the amount of time some people like to spend in the bathroom.
The rooms do not need to be particularly large, but the Gov.uk website does list the Nationally Described Space Standard for one bedspace as “a single bedroom that needs to have a floor area of at least 7.5m²”. For bathrooms, BHG recommends that at least 21inches of space must be planned in front of a lavatory, toilet, bidet and a tub, with 24inches of space needed in front of a shower.
The Nationwide Building Society has calculated that an extra bathroom can add up to 4.9% or £9,600 on to the value of your home, whereas having an extra bedroom can bump it up by 11% or £22,100. If you have the space, why not add upwards of £30,000 to the value of your home by turning one bedroom into two and adding a bathroom? It will certainly be worth the effort.
Article provided by Mike James, an independent content writer working alongside a selection of companies including Hunters Estate Agents, who were consulted over this post.