ADDING VALUE TO YOUR HOME
How to add value to your home?
Everyone wants their home to be as valuable as possible but that can be hard to achieve when property prices start cooling. Homeowners looking to improve their home’s value – perhaps ahead of a sale – don’t have to rely on the market. Instead, they can make improvements that will increase the property’s appeal and boost the chances of attractive offers.
Energy efficiency can fire up your home’s value
How much carbon a property produces and how low the fuel bills are has become a priority among movers. As a result, homes with the best EPC ratings are worth more than their less efficient counterparts. It’s a phenomenon recently crowned by Rightmove as the ‘green premium’. The portal found a home whose EPC had improved from a D to a C could see an increase in value of +3%, while a home whose EPC had risen from F to C could increase in value by as much as +15%. A separate study by BOXT found solar panels alone could lift a property’s value by up to +13%.
Cash in when it’s clean and clutter-free
According to research by the House Buyer Bureau, an untidy, messy or dirty house can knock -4% off a home’s value. Additionally, pet damage or odours can reduce a property’s value by -3.9%. Value is added when a potential buyer walks through the door and feels the space is bright, airy, open and fresh smelling. Less is definitely more when you’re property styling, so lose the knick-knacks, light a naturally-fragranced candle and perform a deep clean.
Kerb appeal is king
Having an overgrown garden could knock -14% off a home’s value, according to the House Buyer Bureau, so a mow, weed, prune and tidy is a small price to pay to ensure a property reaches its full value potential. A freshly painted front door is always a winner and what colour you choose could affect your home’s value. A study by Safestyle found properties with red front doors can see their value increase by approximately +36%, while homes with grey front doors can sell for +20% more than the national average. Black (+11%) and blue (+2%) are other smart paint choices.
Planning permission in place is a winner
Although it’s not a tangible home improvement, having planning permission in place for an extension or alteration can boost a home’s value. In fact, property expert Phil Spencer divulged to This Is Money that applying and gaining planning permission – but not undertaking the work - can increase a property’s value by +10% and can help it sell more quickly. Rudolph Diesel Interiors can create interior design CGIs to bring any plans to life and highlight tantalising potential.
Alternative ways to add value
There has been extensive research into the home improvements that add the most value. Here are the most common, together with their potential value boost, according to the Post Office:
Garden landscaping - up to +77% in added value
Home gym - up to +44% in added value
Extension - up to +37% in added value
Walk-in wardrobe - up to +34% in added value
Jacuzzi/hot tub - up to +27% in added value
Well fitted new kitchen – up to +26% in added value
Basement conversion - up to +17% in added value
Conservatory - up to +10% in added value
New driveway - up to +9% in added value
Wet room - up to +7% in added value