With UK property prices seeing a 1.9% rise over the past year, it’s time to consider how to boost your home’s value. Even if you’re not selling right now, this trend of increasing property values could be here to stay. And if nothing else, you want the maximum return on investment. Read on to learn more.
Know What The Market Wants
Before you start swinging hammers or picking out new tiles, it’s essential to consider the current market trends and what buyers are looking for. In today’s market, people want modern convenience mixed with low-maintenance living. Also, energy efficiency plays a massive role, with many buyers ready to pay more for lower utility bills promised by the property.
Consider your local area and typical buyer when planning your updates; an extra bathroom could be essential in family-oriented neighbourhoods, and a well-designed family room might also do the trick. We’re not saying to turn your home into a family one if you don’t have one, but you get the idea.
The Home Renovations That Increase Value
Smart Home Technology Installation
Introducing some smart technology into your home could massively enhance its appeal. Smart technology is where it’s at. Smart thermostats controlled with smartphones, security cameras, and lighting systems fall under this category.
Conversions of Unused Spaces
Check if there’s any part of your house not fully utilised to convert into something better; garages made into home cinemas or playrooms, for instance, and attics turning into quiet offices or extra bedrooms. But don’t overdo it – we’ll tell you more about that later.
Outdoor Living Area
It would be advisable to improve the landscaping of gardens around the house because, besides aesthetic value addition, people may also create spaces outdoors. For example, you can use quality building supplies to construct decks or patios where they can have outdoor kitchens, etc. Decking can make a garden look really sophisticated.
What Not To Do
When it comes down to increasing your property’s worth, there are things you should avoid doing. Some renovations might be too personal or luxurious for the area, thereby not giving you a good return on investment despite thinking bigger is better.
Over customisation
Try not to go overboard with designs that may put off most buyers. Transforming a bedroom into a built-in media centre is an example of such a decision since it limits potential buyers who may need more bedrooms.
Overexpansion
Adding space doesn’t always mean adding value if this makes your house very different from others around it, thus becoming hard to sell. A situation where extension leads you to have the most expensive building in the entire street could also work against quick disposal needs. Not everyone can afford that – we’re still in a cost-of-living crisis, and we all heard the news that we reached an official recession by the end of 2023. Oh, how fun it is to be a Brit.
Neglecting Unfinished Projects
Though it may be tempting to begin with the cosmetic renovations, there is a need to tackle all the structural or maintenance issues first. It’s one of the first things a surveyor will look for – and you can kiss goodbye to a sale if there are enough red areas on the report. Red = bad.
You can’t cover up the dampness, moulds or structural instabilities no matter how much you work on the aesthetic improvement. Besides, they’ll scare away purchasers or lead to lower offers.
In line with current market gains, you can increase your property’s worth by making wise decisions on enhancements and concentrating on buyer preferences – and don’t forget to avoid mistakes! You really don’t need to make buying and selling more complicated than it is. As a homeowner, you’ll know that.
Now is the perfect time to increase the value of your home!