Are added extensions/kitchens worth anything to your sale?
However, if you are thinking of selling or letting your home, it might be worthwhile to look at what home improvements will actually be welcomed by buyers or tenants and more importantly, if your investment in home improvements will actually add value to the property.
Golden Rule of Home Improvement
According to ThisisMoney.co.uk, as a general rule, you should avoid spending more than 10% of the overall value of your property on a single project, as you may not be able to recoup your investment when you come to sell or let it.
Generally speaking, if you are a city dweller, an expansion project, such as a loft conversion or extension, usually add the most value to a home. With city parking at a premium, adding a parking space can be very worthwhile, and if it is an option, adding a garage with a room over it can combine the need for extra living space with extra parking space in one money-earning solution.
The Top 6 Home Improvements that Add Value
The National Association of Estates Agents (NAEA) advises that the following are the top 6 improvements that can be lucrative in a property:
1. An extension
2. New kitchen
3. Loft conversion
4. Off-road parking
5. A conservatory
6. An en suite bathroom
The Biggest Home Improvement Loser
Extravagant, over-personalised decor can really turn buyers and renters off. Keep the decor neutral, light and fresh with as little clutter as possible. People want to personalise a home when they move in and it is best to give them the look of a clean slate.
The Most Worthwhile Small DIY Jobs
If it is not possible to invest in the improvements that will add value to your property, focus instead on the small changes that could mean a faster sale or let.
1. Freshly paint your front door
2. Ensure the front garden and drive are clear of junk and clean and tidy
3. De-clutter and clean the hallway or front reception area to make the best first impression.
Crunch your Numbers Before You do Anything
Before you start swinging hammers or employing builders make sure that the improvements you've planned are worthwhile.
Ask an expert for their opinion on whether the work you have planned will actually add value to the property. As estate agents we see properties day in and day out and we know what buyers and tenants are looking for in property – and even more importantly, what they're willing to pay for it!Back to articles