If you are looking to add value to your property before you sell, then you can’t go far wrong by going through our top ten tips to add value to your home. Makes sense! We’ve split them into three sections: the first category is all about making your home bigger, the second is about improving what you have. The third is all about tailoring your property to your prospective buyers.
Add square footage:
Square footage of a property is one of the main determinants of the price a home. A bigger home will normally go for more money if all other factors remain constant – that makes sense to us anyway. Here are four ways to make your place bigger:
1. Add an extension
An extension or a conservatory are great ways of adding serious square footage to your property. You could extend that kitchen, or bring the garden into the property with big walls of glass in a conservatory. As always, analyse the potential cost of the works and then calculate the additional square foot created. You take this square footage and multiply it by the average price per square foot in your area. You will need to check your local planning rules and whether you can extend under Permitted Development rights.
Average 11% increase in value
2. Loft Conversion
A loft conversion is a great way to add some serious square footage to your property with another bedroom and sometimes much more. You will need to look into planning constraints in your area and also take a look around and see what your neighbours have done. If nobody has extended into their loft there’s probably a reason.
Average 12.5% increase in value
3. Change garage use to a room
In a recent survey it was discovered that only 10% of garages actually contain a car. In 90% of occasions a garage is simply used as a storage room. Stop this wasting of space and turn your garage into something far more appealing to your prospective buyers. It could be a study, another living room or even a cinema room or something with a little bit of wow. In most instances this work won’t require any permissions so it is a cheap and efficient way of adding effective square footage to your property.
Average increase in value depends on size of garage and original home
4. Basement conversion
This one is for those with properties in prime areas of London. If you are almost anywhere else the cost of digging out a basement will be far in excess of the increased square footage.
Average increase depends on the increase in square footage compared to the existing square footage
If you can’t make your property bigger then here’s five ways to make it better. It’s all about making your property more attractive to buyers.
5. Paint the outside of the house
It is amazing the difference this can make. Just a quick paint job on the outside of your home can make it look completely different. We don’t suggest going bright pink or deep purple but a clean neutral colour will freshen up your house and make it stand out on your street.
6. Change the kitchen
The one room to focus on if you are looking to undertake some renovations is your kitchen. The heart of the modern home, an open, hygienic looking kitchen can add serious value to your home. Don't put a £30,000 kitchen into a £250,000 house and likewise don't put a cheap £10,000 kitchen in a million pound property!
Average 4.6% increase in value
7. Pave the front garden
In built up areas a car parking space will have a lot more value than a front garden that you very unlikely to ever use other than walking through it. You may require planning permission and it will cost a few pennies but in expensive urban areas a car parking space could add up to £50,000 to the value of your home.
8. Change the layout
Are there lots of partition walls (walls that hold no load) in your home? If so, knocking some of these down will open up your home and create more usable space. Buyers nearly always prefer more usable space rather than more walls.
9. Fix minor defects
Go around your home with a fine tooth comb and try and look objectively at the property as your buyers will. You can even get a friend to come in and ask them to look for all the minor defects. These could be smudges on your paintwork, minor scracthes dents or holes in walls or chips to your doorway. These are largely simple and cost-effective ways to show to your buyers that you have looked after and cared for your property.
Present to your likely buyer
When you take the plunge to sell your property, you need to change your mindset from it being your home to an asset that you are selling. As with any product the world over, knowing who is likely to buy it can help you get the best possible price.
The first part of marketing is always research. You need to find out who are the buyers for a property like yours. Take into account a rough idea of the price, the number of bedrooms and also who your neighbours are. Likewise the area you are in and any major changes in the local area will have an impact on your likely buyers. When staging your home for sale consider what your buyers will want to see and then simply put a few subtle touches to reflect that. For young professionals, the spare room could be setup as a study. If it is a family home then emphasise the quality local schools and local parks. All of this information can be found on local area information site: Property Detective.