Adding Value To Your Home

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Adding value to your home will depend on the property’s location and how the local market is performing at the time. Nevertheless, there are some additions that are attractive for buyers in any area.

Decorating

One of the cheapest ways to add value to a home is to do some simple decorating. Aim to improve the quality of your property rather than completely overhauling the style and design.

Neutral colour schemes, uncluttered rooms and simple, modern fixtures and fittings are the areas where your money is best spent, says Anita Mehra, managing director of London-based estate agency Benham & Reeves. “The key is to present a blank canvas so a buyer can see themselves living in that space, and this will attract more interest which in turn can boost your sale price,” she says.

New bathrooms and kitchens are also likely to make the property more desirable to the eyes of buyers.

However, the cost of doing the improvements can outweigh the extra amount you would achieve on sale, depending on the standard of the finish and the tradespeople used.

Rupert Grey, an estate agent working in the Greater London area, adds: “Often the property being in good condition helps with finding a buyer rather than increasing the value of the property.

Extensions

Estate agents say open-plan extensions create a “wow factor” that can sell a house on its own.

“Double-storey extensions, creating additional living space that incorporates an extra bedroom above ground floor level, are usually the most cost-effective improvement you can do and the most likely way of covering the significant outlay,” Grey says.

However, they are expensive and are usually done to improve living space, rather than just increase value.

The average price ranges from £16,000 to £67,000, depending on the size, according to figures from MyBuilder. This includes the essential elements of the build, such as the foundations and insulation, but does not include VAT or finishing touches such as decoration or kitchen installation.

The Government recently relaxed planning rules to make it easier for homeowners to add up to two additional storeys to their home. Applications are now done through a fast track planning approval process, reducing the average approval time from 16 weeks to eight weeks.

However, homeowners still have to carefully consider the impact on neighbours and the extension’s appearance.

Loft conversions

Extending into the loft can be a way to add an extra bedroom or office space, which is much in demand at the moment with the rise in people working from home.

The average cost is £40,000 and takes six to eight weeks to complete, says tradespeople comparison website Myjobquote. The most expensive conversions are those that involve changing the shape of the roof where costs can reach up to £70,000.

The cheapest are known as “velux” loft conversions, costing £15,000-£20,000. This is when only windows need to be added and no changes to the structure of the roof are required.

“Our research shows that adding more space, such as a loft conversion or conservatory, will add the most value to prospective buyers. Loft conversions add an average of 11 per cent on to the value, and conservatories add 6 per cent,” says Matthew Cooper, founder of quick house sale firm Yes Homebuyers. “Buyers also see value in the core foundations of a good home such as great windows and a sturdy roof. These are the essentials that will save them time and money in the long run and are unlikely to clash with their tastes.”

Garden space

With recent lockdown restrictions, gardens or outdoor areas are in very high demand among homebuyers, say estate agents.

Maintaining a garden to a high standard will add value, while adding a decking area can give buyers the benefit of extended living space.

“A practical and attractive garden with plenty of softening shrubs, along with designated areas for dining, chilling with a book, barbecuing and lazing on the grass can help people imagine themselves enjoying the space – more so than one big empty lawn,” says Tessa Gooding, co-founder of Urban Patchwork, an ethical estate agent based in south London that donates the majority of its profits to homeless charities.

A standalone home studio in the garden is also very desirable to buyers. They have the flexibility to be used as an outside living space, a yoga studio or a home office. Those fully equipped with heating, plumbing and electricity can add five per cent to a property’s value, says estate agency Leaders.

Solar panels and energy improvements

Energy-efficient features such as solar panels appeal to certain buyers, but they can be an expensive addition and should be treated by homeowners as a long-term investment.

Solar panels convert energy from the sun into electricity. They reduce energy bills and allow homeowners to earn money by selling generated electricity back to their energy provider.

The cost is around £5,520 to £6,040 for a three-bedroom home, according to the website solarguide.co.uk. The cost has fallen within the past decade and is around 60 per cent cheaper compared to 2010.

This runs until 31 March and could substantially lower the upfront cost of installing energy-saving measures. Double glazing and new windows are also attractive to buyers, and the Green Homes Grant includes double or triple glazing.

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