If you’re thinking of trying to increase your home’s market value, its important you understand what you are doing, or you risk being out of pocket with nothing to show for it.
We’re going to help you identify home improvements which should see you reaping a return on your investment.
Improve your home’s energy performance
There are many ways you can improve your home’s energy efficiency, each of which can prove beneficial in adding value to your home.
This is because home owners are now required to provide an EPC (energy performance certificate) when bringing their home to market. This certificate will rate a property’s energy performance, as well as providing an estimated annual cost for energy, ensuring this is on the low-side can improve your home’s overall appeal with prospective buyers.
There are many routes you can take in order to improve your home’s energy performance levels, below are some of the most popular methods, proven to add value:
Double-glazing windows are usually considered an essential by prospective buyers, offering improved insulation and reduced energy bills.
However, it’s important to carefully consider the windows you select, they should complement the property and blend with the overall aesthetic. E.g. If your home is a period property you might consider sash windows, or similar styles that are sensitive to the property’s character. Choosing windows that are not harmonious with your home’s aesthetic could result in reducing the property’s value, rather than adding to it!
Improve your heating system
A faulty boiler can be one of the biggest costs faced by homeowners. This expensive and inconvenient job can scare many prospective buyers.
However, improving your heating systems can encompass more than investing in a new boiler. Any of the following heating methods can add value to your home:
- Wood burning stove – Modernising your fireplace and adding a wood-burning stove has been proven to add roughly 6k to the value of most homes.
- Central heating – If your home does not currently have a central heating system, now is the time to invest in one. A modern heating system is considered an essential, it might also be worth replacing any boilers over 15 years old.
Investing in solar panels can be a great decision in today’s eco-conscious world. The addition of solar powered energy can improve your EPC rating as well as decreasing your electricity bills.
However, solar panel installation can fall on the expensive side of home improvements so you should consider this decision. You might want to evaluate your roof’s condition, ensuring your roof is structurally sound and able to withstand solar panels before opting for an installation.
Whilst home renovations can be expensive to undertake, they often offer a great return on investment when done right.
An attic conversion is often the most expensive renovation profit and can cost upwards of 40k, depending on the nature of the work. However, this increase in living space can usually provide a significant return on investment of up to 20% of your property value.
When considering whether to carry out an attic conversion its important you compare this renovation with the likes of an extension, which can similarly offer increased living space.
Extending the property
The addition of an extension to any property can provide a significant increase in value. However, its worth remembering that as with most things with great reward comes great responsibility, and a property extension is certainly no walk in the park.
An extension can cost anything between 1k and 2k per square meter, this is simply building costs and doesn’t consider interior/exterior decorating. Before opting for an extension you should carefully calculate your costs and evaluate whether you’ll yield a return on investment.
The addition of bathrooms can improve a property’s appeal and subsequently adds value. Ideally, you should aim to provide a bathroom on every floor of the property, especially if that floor has bedrooms; this might be something worth bearing in mind if you have, or plan to have an attic conversion.
Open-plan living can create the illusion of a larger, lighter living space and as such is understandably increasing in popularity. Introducing an open-plan layout to your home can create a social space that appeals to families and first-time-buyers alike.
Adding value to your home doesn’t have to involve the large remodelling jobs listed above. Improving your home’s appeal and subsequently adding value can be as simple as updating your home’s existing features.
Kitchen & bathroom makeovers
Bathroom and kitchen makeovers can drastically improve a home’s appearance and don’t have to cost a fortune. Some slight tweaks such as a fresh lick of paint, new tiles or new lighting can all have a significant impact on your bathroom or kitchen’s appearance.
These changes can be conducted for a small investment and have a huge impact on the home’s overall appearance.
A home’s exterior is often the first thing a prospective buyer will see, whether it be in person or the thumbnail image of a property listing, and remember first impressions count!
Improving your home’s exterior can include a simple paint job, fixing any damaged fences, potting some low-maintenance plants, or if you’re feeling really adventurous you could even venture down the landscaped garden route.
When improving your home’s exterior, it’s important to ensure your home remains tidy and inviting. This means carrying out those pesky repairs, keeping a tidy lawn, reviving any unhappy plants and cutting back any messy shrubbery.
The following garden features have all been proven to increase a property’s value:
- Fencing/barriers – Privacy in your garden is vital, introducing any barriers between yourself and prying eyes can improve a garden, and property’s, overall appeal.
- Seating areas – Introducing designated sections to a garden, such as those for eating, barbequing and play.
- Decking/patio – An area of decking or patio close to the home can a provide a low maintenance social area, and alter a homeowner’s perception of usable space.
Making some simple changes to the interior of your home, such as the introduction of a feature wall, a clean-up & tidy or a lick of paint has been proven to add between 5%-10% to the property value. A stylish and visually attractive property will always fair better on the market than a dated, run-down & tired property.
The following adjustments can help add value to your property and achieve a quicker sale:
- Add wooden floors – Wooden flooring is hard-wearing, robust and stain-proof. Replacing stained, flattened carpet with wooden floor can boost your home’s appeal.
- Repaint with neutral shades – Homes that have been painted in bold colours might not appeal to everyone. Neutral shades provide your home with a blank canvas of sorts, so prospective buyers can easily visualise life there.
- Reveal original features – Original features such as period fireplaces, timber beams or decorative mouldings are usually highly attractive to buyers. Inappropriate, modern additions to a property that contrast with it’s period character can have the opposite effect and decrease a property’s value.
- Repair – Repairing damaged staircases, balustrades or floor tiles can increase a property’s appeal
- Storage – The addition of ‘clever’ built-in storage solutions can increase a property’s appeal, especially if the storage is custom built and blends with your home’s overall aesthetic
- Clean – It should go without saying, a clean & de-cluttered property is obviously more attractive, remember this includes the cleaning of windows and doors.
In a nutshell, renovating the interior of your home can be small job to undertake, even a lick of paint and a declutter can make for an overall more inviting atmosphere.
Thinking about increasing your home’s value?
If you’re hesitant to invest money in your home, its always best to consult the property experts here at Mr Homes. We can advise on how a remodelling/renovation job could affect your market price, and whether you’ll yield a big enough return on investment to justify your time, money and energy.