The great thing about your home is that it is more than just a roof over your head, a place to raise your family, and a stronghold where you can feel safe and secure. Homes are also an investment in your future, and over time, the value of your home will likely increase to provide a return on your investment or a safety net for your retirement.
As long as you look after your home, and there are no unforeseen circumstances, the value of your home will naturally increase over time with little input from yourself. However, if you’re interested in selling your home in the short to medium term, there is plenty that you can do to increase the value of your home beyond the natural growth in house prices.
A Loft Conversion
If there is one thing that many prospective homeowners crave, it is space. A lot of houses have lofts, however so many are used as a dumping ground for christmas decorations, old clothes, toys you’re saving for the grandkids, and so on. While extra storage space is always a bonus, if you’re serious about adding value to your home then a loft conversion might be worth considering.
A recent study from Nationwide found that, on average, houses with loft conversions could add 20% to the value of a house. It’s easy to see why, the idea of having an extra bedroom, chillout space, gym, or study is an enticing prospect for many. While it’s a hefty investment (setting you back anywhere from £15,000 to £70,000+), the ROI could be worth it, especially if you live in an urban area where space is hugely desirable.
When done right, a conservatory can add incredible value to your home. In fact, the widely recognised property expert Phil Spencer judges that a well constructed conservatory can add up to 7% of value to your home, which potentially makes conservatoires a fantastic investment. With conservatories especially, it’s important to hire an expert in the craft as poorly constructed conservatories could end up detracting value rather than adding it. Indeed, if a conservatory is structurally poor, doesn’t add to its surroundings, or hasn’t been well looked after, then it could potentially put buyers off as they’ll see it as an extra cost to fix themselves.
The threat posed by climate change continues to dominate the media, and will likely do so for the foreseeable future. With more and more people becoming climate-conscious, solar panels could be a great way to add value to your home. By tapping into the sun for renewable energy, solar panels can both reduce a household’s carbon footprint while also saving them money on energy bills (another hot topic right now!).
Although we might not necessarily associate Blighty Britain with the sun, there is definitely enough of it to create a substantial amount of energy. How much will depend on many factors, such as the location of the property, the angle of which solar panels can be placed, as well as the size of the solar panels. However, even with all that in mind, research suggests that installing a solar panel on your home could increase its value by up to 4.1%, which isn’t bad at all.
We recently wrote an article on how to improve the curb appeal of your home, and one of the other most important contributors to a prospective buyer’s first impression of a house is the way it’s been decorated. Of course, many homeowners will likely want to redecorate themselves once they move in, but if they see signs of neglect such as peeling paint, torn wallpaper, loose tiles, and squeaky floorboards, their first impression will likely be lacking enthusiasm. With a bit of time and effort, and yes, money, you can ensure that you will be able to get the optimal price for your home when putting it on the market. Although it might not add much value directly, you’ll be much more likely to achieve the asking price for your home if it is well presented.
Clean Up The Garden
Many of us are guilty of neglecting our garden from time to time, but if you’re serious about selling your home in the near future for the best price possible, it might be time to unbolt the shed and dig out the tools. Give the fence a fresh lick of paint, mow the lawn and trim back those bushes, and get the power washer on the patio. As with redecorating, while cleaning up the garden won’t necessarily increase the value of your home, it will give it a better chance of selling.
There are, of course, things you can do in the garden that could have a real impact on your home’s value. Summer houses, deckings, or other outdoor spaces that are unique or suitable for social events could justify an increase in the asking price of your home.
Jackson Grundy are an award-winning estate agents based in Northamptonshire. With 11 branches across the county, our combination of unrivalled local knowledge, outstanding customer service and modern marketing techniques allows us to offer a fantastic experience to our customers, whether they are buying, selling, or renting property. Get in touch with your local branch today to learn more about how we can help you.