From extensions and conversions to renovations and refurbs, there are various ways to add value to your property before a sale. But did you know that there are certain changes that might seem beneficial at the time, but could potentially lead to a decrease in value?
It may come as a shock that the major renovation you’ve considered could, in fact, decrease the value of your home, in effect throwing money down the drain. That’s why we have a list of dos and don’ts when it comes to renovating and remodelling your home.
Firstly, let’s start with the renovations which will ramp up the asking price of your property.
1. Cellar or Loft Conversion
Cellars and lofts are gold mines if you choose to renovate them. Cellars can become an extra living area, office or even an extra bedroom, while a loft is an ideal spot for an extra bedroom with an en-suite.
Adding an extra bedroom can increase the total value of your house by 15%, especially if an en-suite is added. This option is great if you don’t want to break the bank, and want to get as much back from your investment as possible.
2. Kitchen Makeover
New kitchens can be quite costly. This means they can often be overlooked when it comes to increasing the sale value of your property as you may think it won’t lead to a worthwhile return in investment. However, if your existing kitchen is a bit worse for wear and in need of some TLC, potential buyers could see this as a hassle they don’t want to deal with.
People can’t imagine themselves in a kitchen they don’t like, which could put them off the house entirely. Further still, many people won’t have the extra money to fork out for a whole new kitchen as the asking price may be at the top of their budget.
A new kitchen can increase the value of your property by 10%, so not only will people be more inclined to put in an offer with a new kitchen, that offer will also be considerably higher.
3. Redecorating
Redecorating is a simple but effective option. No structural changes need to be made to make sure your property sells at – or even above – the asking price.
Making sure everything looks put-together, neat and tidy should never be taken for granted. The main things to look out for are peeling paint, mouldy sealants, dripping taps, cracks in plasterwork and lifting flooring. By fixing anything that looks run down or dirty before your valuation, no matter how small it may seem, your property will then also be in the best condition for marketing photos and viewings.
Now we have covered some of the best renovations you can do to add value to your property, let’s talk about the things you should avoid when it comes to renovating your home.
1. Converting a bedroom
It may seem like a great idea to convert your spare bedroom into a gym, adding new flooring and putting a mirrored wall in, or knocking down that wall to make your two small bedrooms into a big one - but the truth is these changes could have a detrimental effect on the price of your property.
The majority of people search for properties based on the number of bedrooms they would like, so knocking off one bedroom can cut potential buyers in half. Not only this, but the price of a home is dependent on the number of rooms, so reducing that number can drop your house price up to 20%.
2. Converting a garage
Having a garage is a major plus point to a property, it’s a secure place to park a car which can reduce insurance costs, and provides lots of room for storage. Even though you may feel this adds more space to your home, it can knock off up to 7% off your house price.
3. Adding a basic conservatory
Poorly built conservatories run the risk of leakages and clouded or cracked glass. These issues can decrease the value of your house by 5%. No potential buyer wants to deal with the repair costs of a badly built conservatory as soon as they move in.
At Simpson and Partners, we offer extensive knowledge of the local property market and can provide expert insight into the most sought-after features for homes in your area, so you can be sure to get the best price for your property. Book your FREE valuation now to get your property journey started, or get in touch on 01832 731 222 to speak to one of our friendly sales consultants.