If moving is on your mind, you may be wondering if it’s worth investing time and money into your existing home to add value. When it comes to adding value there are two ways to look at this. Firstly, you can ensure a higher value and quicker sale by making your home more ‘saleable’. Here you can look to improve your home through inexpensive ways to make it more appealing to a buyer. Secondly you can add floor space. Adding extra space will increase the value of your home because you have increased it square footage and size. Provided this is done in the right way, it will add value to your home.
To help you decide what is best for you and your home, we have broken down the best ways to make your home more saleable and to add floor space. The key is to consider the costs of each project versus the end value you may achieve. Whilst some of the areas discussed above may not add value in terms of hard cash, they are ways to make your home more appealing to buyers. A house that appeals will sell quicker and we know there is a correlation between the time a home takes to sell and the end value it achieves. The longer a home is on the market the lower the price it will sell for. Therefore, to get your best price you need to sell quicker. Making your home more saleable is a great way to help this.
Quick wins to help your saleability:
Upgrade your kitchen
There are a few clever ways that you can completely transform a tired looking kitchen. If you are simply looking at making your house more saleable and looking to keep the costs down then the best way to do this is to work with what you already have.
Painting or spraying existing cupboards and units is becoming more and more popular. You can either do this yourself or get a professional to do the job. This can completely update and freshen up tired units. Replacing the door handles lifts them further. Replacing the worktops, sink, tap and hob is also a great way of upgrading your kitchen without ripping out and replacing the whole thing. Finish the look off with a lick of paint on the walls and ceiling and you have a completely new look. Keep colours neutral so that you appeal to as many buyers as possible.
Tackle your bathroom
The next room after the kitchen to focus on is the bathroom. Buyers want to see a clean, fresh bathroom. You don’t have to replace the whole suite. Try and salvage the bath, sink and toilet if you can. Retiling, repainting and updating the floor can have a huge impact. Replacing the taps with more modern ones also gives a fresh look. Mirrors give the impression of light and space. Updating accessories such as towels and tooth brush holders add the finishing touches. A simple, cost effective way to achieve a fresh new look.
Repaint
Freshening up your paintwork can make the word of difference. For a buyer to connect to your home, they have to imagine themselves living there. Help your buyer with this by keeping your décor neutral. Paint using muted and neutral tones.
Its surprising how much brighter a home is after being painted, it really makes a difference and shows your buyer your home is well maintained and cared for.
Re-carpet
Updating worn and tired carpets can instantly transform a room. The room will appear cleaner, brighter and smell fresher. It can be an expensive process changing all the carpets in your home. Keep costs down by getting the best carpets in the house professionally cleaned and consider changing any older ones in key rooms such as the living room and master bedroom.
Update your outside areas
Its important that your kerb appeal is as good as it can be. First impressions count massively when a buyer first sets eyes on your home. Apply the same rules as you have done internally. Freshen up your external paintwork. Ensure that your gardens are neat and tidy. It is even worth considering giving your garden a bit of a makeover. Define your outside space and create separate areas such as a BBQ area, seating or play area. A garden that appeals to a buyer can make your home more saleable and add value so ensure your buyers can see that yours is a useable outdoor space.
More expensive ways to make your home more saleable and add floor space:
Convert your loft
Adding rooms to your home by converting the loft and going up can be a cost-effective way to add value and space. A quality loft conversion can add up to 12% to your home so there is a good chance for you to get a return on your investment.
Generally, you need to obtain planning permission if you are adding height to the space but double check with your local planning department. You will certainly need to involve either the Building Control department at your local council or a private building control consultant.
Every home has a ceiling price though so be careful not to spend too much. Ask a local agent for help with estimating value before and after the renovation work. Costs to convert a loft tend to start from £30,000.
Convert your garage
These days most garages are used for storage rather than to house a car. Converting this space can be a good way to create useable floor space and add value. This especially appeals to families. Having an extra lounge or a play room is usually more appealing than having a garage. Costs to convert usually start around £6,000.
Add an orangery, conservatory, or a sun room
When the idea of conservatories gained mass popularity fifty or so years ago, most were unappealing plastic boxes – cold in winter and boiling hot in summer. If you are considering adding a conservatory to create space and add value, ensure you choose a high-quality option that feels like its part of your home. A conservatory that is an extension of your home and is a useable space all year round is much more appealing. Other options have become available, such as timber-framed orangeries, these are well worth researching, particularly if you have a period property where plastic looks out of place. There are many alternatives to choose from, from around £5000 upwards.
Extend
Extending your home is a much bigger job. More expensive and much more hassle than any of the above options. However, it can also add great value. It really does depend on what you start with and what you end up with. Extending your home is an obvious way to create more space but to ensure you get your return on investment it has to be carefully planned and the budget managed.
Adding rooms is a much better way to ensure you add value. Especially if you are adding extra bedrooms or living areas. However, again, you have to be careful to consider the ceiling price in your area versus the cost to extend.
Before taking on any renovation work always be careful not to over-develop. Every house has a ceiling price. If you have an idea of what you would like to do, ask the advice of a local estate agent. Once you know what it is going to cost to carry out the work your estate agent will be able to advise on a value of your home before and after the work. Then you will be able to weigh up if you are actually adding value.
If you want to know how to make your home more saleable and add value then get in touch. We would love to hear about the exciting plans you have for your home and help you decide on the best course of action. Call us on 01423 563077 or email talk@alexandergibson.co.uk