With 2014 forecasted as ‘another great year for property prices’ this could be the perfect time to start thinking about selling your home.
However, the golden rule when it comes to moving up the property ladder is adding value. There are a number of ways, large and small, in which you can dramatically increase how much your house is worth and make a sizeable profit from the sale in the process.
We consider some of the best ways to add value to your home in 2014.
1. Add a Loft Conversion Over a third of valuers claim that whilst painting and decorating may help a house to sell faster, it has little to no impact on the actual value.
In fact, many argue that serious construction and adding space to a property is the only way to realistically increase the amount a property is worth.
Loft conversions frequently top ‘best ways to add value lists’, as they are arguably the easiest way to add an extra bedroom and bathroom, particularly in major cities where space is at a premium.
Although they can be pricy, a loft conversion is estimated to add 10% to the value of your house, so it may well be worth it.
2. Add an Extension Another way to dramatically increase space is to add an extension, and with space being the major concern for many home owners, this is a sure fire way to add value.
It is important to note that adding an extension is a major job. Not only can it be very expensive, with an average cost in the UK of around £27,000, but it can also become an eye sore if you don’t take care to make sure it fits in with rest of the house.
However, particularly in Victorian terraces that often have small reception rooms and kitchens, an extension can work wonders by creating an open plan living area. They can also add up to 23% to the value of your house.
3. Add a Conservatory If like many people you’re slightly nervous about carrying out the major work a loft conversion or extension would require, a conservatory can be an quick and easy way to add space and, of course, that all important value.
The important thing to consider is how to make your conservatory gel with the rest of your house – you don’t want it to look like it’s just been bolted onto the back. A clever trick is to use the same flooring as in the house to create a sense of flow.
Top quality conservatives can add 10 to 20% in value.
4. Refurbish Your Front Door It may seem unlikely that giving your front door a makeover could add any real value to your house, but this simple measure really can make a difference.
Your door is the first impression that many prospective buyers will have. Add a lick of paint and a new handle and letterbox to make sure it looks smart.
5. Knock Down Some Walls An open plan living space can create the illusion of both space and light – two factors that are high on the priority list of prospective buyers.
Open plan living has also become hugely popular in recent years, as it is far more practical for entertaining, allowing the person who is cooking to still interact with their guests.
Removing non-load bearing walls is relatively inexpensive, and, if the building isn’t listed, removing internal walls is unlikely to require planning consent.
Removing load bearing walls (walls that support other elements of the building) is far more complicated and expensive, therefore requiring greater consideration.
6. Makeover Your Bathroom With people leading increasingly hectic lifestyles, the bathroom has become one of the most important spaces in the house for people to wind down and relax.
Giving your bathrooms a makeover is an easy way to convince prospective buyers to pay more for your house.
Make sure your bathroom is fresh and hygienic-looking with plenty of light and a nice neutral paint colour, and that there is both a bath and a shower.
Replacing sanitary ware such as sinks and toilets so that they look fresh and modern is an easy way to impress potential buyers.
7. Pave Over Part of your Front Garden Particularly in built up city centre areas, off-street parking is a major selling point for any property. People will pay a premium for the convenience of not having to search for a parking space at the end of the day.
You may need planning permission and it can be expensive, but it can add a whopping £50,000 in value in pricey urban locations.
If you’re planning to sell your house in 2014, adding value through renovation is the clever way to ensure you can move up the property ladder.
Whilst some people can be put off by the price and disruption of major works, it really can be worth it when you sit down and do the sums.
Did any of these methods help you to add value to your house? Perhaps something else worked well for you? Let us know in the comments.