According to the Guardian, house prices are almost 9% higher than they were on average in England and Wales one year ago,1 which may suggest that buyer confidence is finally on the rise after many years in the doldrums.
Before this, homeowners across the UK have had a very difficult time trying to sell their homes for either a profit or simply just to break even. To try and make it worthwhile selling a house, it’s become common for many homeowners to undertake home improvement, in a bid to raise the value of their property. If you’re among the more value-conscious, here are some ideas to help you get more for your money in the price of your property.
Avoid flashy installations
Try to keep in with the general tone of your neighbourhood when considering a home improvement; if you notice more conservatories than outdoor pools then it’s probably not the best idea to start digging up space for a splash. Frivolous spending on things like Jacuzzis or an outlandish redesign of your kitchen, although it may be appreciated by some, isn’t likely to pay for itself in terms of adding real monetary value to your home.
It’s all relative
The same applies even for the more reasonable refits. According to a survey report by Talk Talk,2 the most worthwhile change you can make to your home is to add a garage or make space for additional parking, while the second is to spruce up your kitchen. If you’re working with a conservative budget for renovations, even just new kitchen fascia can be enough to refresh the space, and bring the house up as a whole in your estate agent’s estimations.
You don’t actually have to do anything with your home to make it a more valuable prospect for buyers – you can simply secure the potential to do so. Having an application for planning permission granted, which should cost no more than around £300, could mean the difference between no offers on the table, and a queue of big-spenders looking to get imaginative with your property.
As tempting as it might be to blow your budget on the things you’ve always wanted, remember this is not to be a renovation, but an exercise to enhance what’s already there. Removing a stud wall might give you the open-plan area you’ve always wondered about, but it’s short-lived since your intention is to move, and ultimately the square footage of your house remains the same. By all means make a wish list of changes you’d like to make, but then mark these against what you can afford, and what’s realistically going to increase the value of your home.
1 The Guardian. (19 May 2014). Retrieved 22 May 2014 from http://bit.ly/1qbtPwy
2 Talk Talk. Retrieved 22 May 2014 from http://bit.ly/1mrX2QS
The information in this article is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy, completeness or fitness for any particular purpose. The information in this article is not intended to be and does not constitute financial or any other advice. The information in this article is general in nature and is not specific to you the user or anyone else.