Home upgrades to add value.

• Adding value to your home is a key consideration for many home owners.
• Of large-scale projects, research shows that a garage conversion or garden office may well provide the best return on your investment, especially with 44% of people now working from home (ONS).
• With the cost of living at the forefront of minds, upgrades to energy efficiency can provide a better return on investment than a kitchen or bathroom renovation that may or may not suit a buyer’s taste when you come to sell.
• Smaller investments, such as redecorating and adding an electric vehicle charge point, can also add value. These projects also help your property appeal to a wider variety of prospective buyers. Source: Dataloft, Barrows and Forrester Property Group, ONS https://www.ons.gov.uk/. Based on an average UK house price of £287,506.

Do home upgrades add value to your home?

There is no doubt that the nicer your home is, the easier it will be to sell (assuming to price is correct and the marketing is up to scratch). There is also no doubt that some improvements add value.

The graphic above, which is based on an average UK house price of £287,506 gives a fascinating insight into what you can do to (funds willing) add value to your property.

One of the best returns (according to the stats), is for a garden office. With so many more people working from home since March 2020. Home office space has become much more important to ‘buyers’ when looking for a new home. Converting a spare bedroom works of course. However, that takes away internal space. So the garden office has become the thing that so many people now want.

What’s the most important?

Always a subjective topic. However, If your property is looking tired, then redecorating should be top of your list. The stats above show a £2,975 outlay brings in a return of just under £9,000! Try going for neutral colours.

We would also highly recommend making sure the front of the property is as pleasing to the eye as possible. ‘kerb appeal’ is vital! What is it they say about first impressions? If the exterior is in need of a lick of paint and generally ‘grubby’, buyers will be in a negative frame of mind before they enter your home!

Looking at the graphic, there is so much that you can do to help add value to your property. However, there is a danger..

Warning!

Just in case you have a healthy bank balance and are looking at all the things that you can do to add value and give your property the wow factor, be warned! There comes a point where spending money on a property simply cannot add value.

For example, in the graphic, if you carried out all of the things listed, it will cost you around £90,000. Will that mean your £287,000 property is now worth £377,000? Probably not!

Most properties have a point where they simply will not be worth anymore money. For example, let’s take a row of 2 bedroom terraced houses that always sell for let’s say £285,000 if they are in decent condition. Now, you can add a garden office, put solar panels up, upgrade your kitchen & bathroom, extend out the back, add a utility room. Decorate it to the highest standard, and end up spending £100,000 on it. It simply will not sell for over £400,000 because for £400,000 plus, you can probably buy a 3 bedroom semi detached in another part of town. we say £400,000 plus, because you want a return on your £100,000 investment. Otherwise, you would be better off selling for £285,000 and using your £100,000 to put towards your next property.

If you are thinking of selling your property and would like some advice, then call us on 01279 295524. We are open 7 days a week until 10pm in the evening.

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