How to Add Value to Your Home
publication date: Oct 5, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
How to Add Value to Your Home
In today’s post credit crunch adding value to your home is a great idea, as long as you are not expecting to reap the rewards anytime soon. Follow Kate Faulkner’s property tips on how to add value to your home before you decide what to invest your money on!
There are lots of easy ways of adding value to your home, but it is as equally easy to spend money on your home and detract from its value.
- The easiest way to add value to a home is to make sure it looks good, especially in today’s selling market that means pristine condition, ready to move into. It needs to appeal to as many people as possible, so it’s the old ‘magnolia and white’ in the main that’s required. Just a paint and freshen up of the home can add 10% to the value of your home.
- You can also add value to your home via updating a kitchen and bathroom. If you are adding value to your own home, then make sure you don’t spend more than it’ll add to your property’s price. For example, if you have a home worth £150,000 it’s unlikely that putting in a £30,000 kitchen will suddenly make it worth £180,000. An ‘average priced home’ in an ‘average street’ is more likely to be able to cope with the ‘average kitchen spend’ of around £7,000 to £8,000, although if you are a canny shopper, I’m sure that you will be able to secure an £8,000 look based on a £2-3k budget!
- Other ways of adding value to your home could be adding extra space. But be careful. Making a three bed into a five bed property with only two reception rooms and no garden won’t add value, in fact it’ll be really tough to sell. As will a large garden and two bed property with little space downstairs. People like ‘balanced homes’ that as a singleton, couple, young family, teenage family through to people trading down, suits their needs. Before you try to add value to a home by adding extra space, talk to local estate agents first.
- You can add extra space relatively cost effectively by creating office or extra room in the garden, followed by more expensive options such as a loft or garage conversion, an extension. Additions that mean the spec of your property takes your property into another property price bracket is the best way to add value. This doesn’t mean though it will automatically happen. Since the credit crunch, great properties in perfect condition with perfect space aren’t selling for a premium. They are just selling and selling faster than other vendors' homes.
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