HOW TO ADD VALUE TO YOUR HOME
When Sefftons are called out on valuations of property for sale or to let in Norfolk and Suffolk, a question often posed to us is about adding value to property.
Here, Conrad gives his views:
“Any property has what is known as a ‘ceiling price.’ Let me explain: a house in a certain area is often defined in value by something we call comparables – in other words, for example, if your property is a 3 bedroomed 1930s semi detached home in Thorpe St Andrew, we can quickly see sold values of others near that postcode.”
“Say that property is worth hypothetically £400,000, you may not see much increase were you to spend massively on it. Say you went into the loft at a cost of £40,000 you may only recoup £20,000 on sale – because of that ceiling price.”
There are though simple ways to add value to your home – without breaking the bank on something structural like a loft conversion.
Here’s 7 great ways, Conrad recommends, to add value to your home:
- Decor. Decorating a home from top to bottom in neutral colours shouldn’t cost more than around £500 and yet a clean finish adds value and desirability to a property. Any viewers will see that your home with its neutral hues is ready to move into.
- Kerb appeal. Improving kerb or curb appeal is another relatively easy fix. Take a long objective look from roadside and consider how a potential buyer may react to that first sight. Simple ideas like tidying a from garden, pruning shrubs and hedges and adding a splash of colour with planting and tubs can all help. Make those first impressions count.
- Kitchens. There’s no doubt that a new kitchen will add value to your property. Statistics show that buyers like smart kitchen areas. You can replace units completely or just have new doors and worktops. Sinks, ovens and hobs are relatively inexpensive now and can add value and appeal to a property. The key is not to go over that ceiling price.
- Off-road parking. In a city like Norwich, off road parking carries a premium. If you’re able to provide that by some redesign of existing outside areas, you will add value.
- Bathrooms and showers. A tired bathroom with no shower can be quickly and cheaply transformed and add value. Even new taps and an electric mixer shower with a semi opaque shower screen can make a splash, forgive the pun.
- An en-suite. If you’ve got space in a master bedroom, an en-suite shower room adds value. Why do you think they come as standard in many new homes? People want them, you can add one, space and budget permitting.
- Flooring. There’s no doubt that flooring adds value and appeal when selling or letting a home. Tired carpets can be quickly and cheaply replaced depending on expenditure to make easy money. Laminate flooring is affordable, next up is engineered wood and then solid hardwood flooring which will cost a lot. A great compromise with flooring though is to go for something like LVTs: luxury vinyl tiles, which are incredibly contemporary and hard-wearing, with a myriad of choices.
If you need further advice on adding value to your home, contact one of our team at Sefftons today.