The property market is experiencing some turbulence at the moment, to say the least. With the brief hike in mortgage rates late in 2022, a spooked market has seen prices fall considerably.
New homeowners are rightfully concerned about their latest investment; though in the long term, property investments remain safe, there are ways to counteract the downward trend currently being experienced. What could you do to improve your home’s value?
Before You Start
Before you start on this journey, there is something important that you need to reckon with. Your property will naturally appreciate value over time, albeit at a slow pace. Improving your home in the right ways will add value in a shorter time frame, but at the expense of short-term cost.
In some cases, such as the following suggestion, the cost can be significant – so much so that you may need to consider alternative means of funding to secure the project. However, this expenditure is in service of greater long-term gains. The start of any home renovation is a daunting time, particularly when the money leaves before the results arrive. But the results are well worth your while.
Extension
Without a shadow of a doubt, the most effective way to add value to your home is to add rooms to it. You are quite literally selling additional square footage of space, which has its own monetary value; this value can be increased, too, according to the function of the spaces. Bedrooms and bathrooms tend to be worth more than utility rooms and second kitchens or living spaces.
Two-storey extensions are the most expensive and complex to undertake, but yield the best rewards in terms of property value. Loft or basement conversions are much cheaper and quicker to complete, but add less value in return.
Modernising Utilities
A mistake many casual homeowners or first-time property developers make in renovating for value is to focus on the aesthetics of the home. While these absolutely have an impact on value (as we’ll discover shortly), there are some more fundamental considerations that need to be made.
Older homes may not have had their wiring or plumbing serviced in generations; if a problem is there, an in-depth survey may find it and bring down a buyer’s offer. Modernising wiring, plumbing and even central heating can help boost value on a fundamental level.
Landscaping and Rendering
First impressions count for a lot when attempting to sell a home, and can have an implicit impact on any buyer’s offer. A scruffy garden and ageing exterior can serve to cheapen the home aesthetically, resulting in less interest and lower offers. A neat garden and fresh render job, meanwhile, can have the house looking much more appealing from the curb.
Summary
In today’s turbulent property market, adding value to your home has become increasingly important for homeowners. While the property market tends to appreciate value over time, there are specific renovations you can undertake to add value in the short term.
By adding additional rooms, modernising essential utilities, improving curb appeal, upgrading kitchens and bathrooms, adding energy-efficient features, and decluttering and staging your home, you can significantly increase the value of your property. While these improvements may require a significant investment, they can ultimately yield a high return on investment and make your home more attractive to potential buyers, ensuring a smooth and profitable sale.
