Are you considering selling your home? It may not be immediate but you may be at a stage of your life when your mind has started to focus on the future and that a move could well be on the cards.
You could be weighing up down-sizing. Alternatively, you might be pondering a switch to a bigger property. You may plan to stay in your home but look to add value now for the future.
Whatever your reasons, it makes sense to try to maximise your selling price. Yes, there will be a standard market value for your place. But why not think about adding value? Taking steps to bolster the asking price to give you an extra financial margin may well help fund your next move, or give you a bit of a nest-egg for later life.
Okay, it’s easier said than done and simply adding an extension or another major building project may well make your home more comfortable, but it may not necessarily add value. That’s why here at Jacksons have put together what we think are the top five ways to add value to your property. It is difficult to accurately predict just how much each step could add, but safe to say that done properly, you’ll benefit from an increase.
1. An extension
This is seemingly an obvious step but remember extensions can vary hugely, from two-storey ones that can double a property in size to the addition of an additional downstairs space.
It’s because they are so varied that it is again difficult to put a figure on how much they cost or how much value they will add.
An extension completed to a high-spec that adds decent-sized extra rooms in a way that is sympathetic to your existing home can be a huge selling point – as it can if it transforms your home’s character in a beneficial way.
2. A loft conversion
A survey by the National Association of Estate Agents showed that adding an extra bedroom can add up to 10 per cent to the value of your home, particularly if it’s a loft conversion.
But remember, it can have a vital impact on your living space. If there is room to expand into your loft you could get a decent return as well as some much needed extra space.
Also, make sure you inform your home insurer of any changes that you make.
3. New kitchen
The focal point of most homes is the kitchen and this often shows the owner’s tastes and indeed personality.
That can be the reason that it may be the first thing a buyer looks to replace. It is important, then, to consider renovating your kitchen to become an attractive, open-plan space complete with living and dining areas. This could prompt buyers to happily pay the asking price. After all, your work will save them time, money and the hassle of organising a new kitchen.
4. Extra bathroom
An extra bathroom can be a decent selling point on a property with the demand for en-suites fuelling this trend.
According to recent studies, an extra bathroom could add up to six per cent to your home’s value.
Make sure you aren’t too extravagant, though and consider neutral colours, simple yet effective types of tiles, fixtures and fittings.
One consequence of adding a conservatory is that to have the extra room in your house, you will have to give up some garden space.
If it is under a certain size, you won’t need planning permission and could do it under permitted development.
A conservatory can be a good way of delivering extra space for less or getting some open plan living.
Whatever you decide, if you give any of the above plenty of thought and consult reliable, trustworthy professionals, you will add value to your home.