How Can You Increase the Value of Your Property?
When it comes to selling a property, it stands to reason that you want to get the best possible price for it. You can preserve your home’s existing value by showing it in its best possible light, but investing further in renovations and repairs can significantly increase its value – netting you a profit when it comes to selling. This practice gains new prescience in a housing market that has achieved historic growth in the past 12 months, and in which it is harder than ever to rise up the property ladder. What follow are some of the most effective ways to improve the value of your home prior to sale.
Improving Energy Efficiency
Improving energy efficiency may not be your first instinct when it comes to improving the overall value of your property, but it is an area receiving increasing amounts of attention in recent years. Sustainability has become a pressing concern for many, while a growing cost-of-living crisis threatens the affordability of buying a home at all, let alone homes that come with a higher energy bill attached.
By improving the energy efficiency of your property, you can make it a cheaper and more comfortable place to live, increasing interest as well as property value; plus, houses with a higher energy efficiency rating see a demonstrable increase in house price over less efficient homes.
There are numerous ways you can approach improving your home’s energy efficiency rating. Swapping out older conventional boiler systems for central heating or new air pump technology can be effective, but passive changes can have a significant impact. You can increase your property’s energy efficiency by upgrading your roof insulation, or by installing cavity wall insulation.
Physically extending your home represents the largest potential increase to your property’s value – depending on the scope of your extension. Single-storey extensions like adding a conservatory can increase value through extending comfortable living spaces, but bigger gains can be found by increasing the number of bedrooms in a property. Bigger gains still can be found in installing a second bathroom, with some studies indicating that doing so could add up to £50,000 to your home’s value.
But extensions can be a costly endeavour, requiring planning permission and incurring costs associated with establishing new foundations. Loft conversions are another, more cost-efficient form of extension that allow you to expand your home’s usable space without building out. They tend to see smaller value increases than extensions, but offer a much more affordable approach to increasing space and investing further in your property.
Major and Minor Repairs
Lastly, there are myriad repair tasks you could carry out to improve your property’s overall value in piecemeal fashion. Small faults and damages to the property can add up in a valuation, and many little scratches and scrapes can give the impression that larger renovation work is required; addressing them before you get to that stage can help you preserve your property’s asking price while shoring up interest from new buyers.