It’s a problem that many homeowners have faced in the past – organising an evaluation on the likely resale value of your property, only to be given an estimate that falls far below what you had hoped for.
Of course, when putting your property on the market, you list the home in the hopes of making the largest possible return on it after it is sold, but how can you maximise this return? It’s one thing to ensure that your home looks its best during a viewing with potential buyers, but small, aesthetic changes will only go so far.
The old adage goes that ‘sometimes you have to spend money to make money’, and this is never truer than it is in the context of selling your home! The most effective way to increase your property’s resale value has always been to make a few clever renovations before you put it on the market – and plenty of them are a lot more affordable than you might imagine.
With that in mind, here are five renovations that will increase your home’s resale value!
Add An Extension
One of the best-known ways to increase your property’s resale value and continuously one of the most effective!
Adding a single-story extension to your home will commonly add between 4% and 7% onto the resale value of your home, with this increased to a huge 11% after the addition of a two-storey extension! In the case of the average UK three-bedroom, two-bathroom home, this could work out at an increase of around £33,000.
There are plenty of options when it comes to adding an extension, all depending on the current layout of your home. Whether you use the extension as an opportunity to create an extra bedroom or bathroom, add space to the kitchen, create a garage or simply turn it into a multi-functional space and leave its use up to the new owners is entirely down to you. Either way, extensions are a sure-fire way to increase your resale value in often huge amounts.
Install A New Kitchen
According to a report by PropertyMark, around 65% of UK homeowners install a new kitchen in their home before putting it on the market – and with good reason!
A well-designed, high-quality new kitchen will produce an average increase of up to 6% on your property’s resale value – around £13,000 in the case of the average UK home.
This doesn’t always mean installing state-of-the-art equipment and spending tens of thousands of pounds, either, as the above figures are based on the average kitchen installation price of £8,000! That’s an easy potential profit of £5,000.
Converting Your Loft
If you have a spacious loft going to waste and have the space on the floor below to add means of easy access to it, then a loft conversion could be a fantastic way of increasing the value of your property by up to a huge 15%!
The reason for this is that loft conversions give you the opportunity to list your home with an extra bedroom, opening it as an attractive option to plenty of potential buyers that would otherwise pass on it during their search.
Of course, if you’re looking to add a loft conversion, you need to ensure that you have the necessary headroom for it to be a viable living space and should also look into having a skylight installed. A loft conversion is one of the larger renovations and so it, understandably, comes with a higher price tag – however, it comes with a larger return, too.
Adding A Driveway
We love our cars and want to keep them as safe and secure as possible, which is perhaps why off-road parking is one of the most coveted property extras amongst potential buyers. In fact, if you have the space to add a driveway and are yet to do it, you could be missing out on increasing your home’s resale value by up to 10%!
Adding a driveway to your home is a surprisingly affordable project to take on, yet it’s also certainly one of the most effective (and simple) ways to increase your home’s potential resale value.
Back garden full of potential, but left to become cluttered or overgrown?
Fixing up your outdoor space could be one of the most effective ways of increasing your property value, yet it can also be one of the most affordable – with you and your family able to do plenty of the work yourself – as well as being perhaps the least disruptive to life in the home whilst you are still living there.
If you or any member of your family are green-fingered, chances are that you could take on the task of giving the garden a makeover with little assistance from the professionals! You’d be surprised at the effect that mowing the lawn, cutting back overgrown trees and bushes and planting vibrant flowers could have on your front and back garden.
However, if you are happy to shell out a little more for some professional landscaping assistance, then Post Office Money has found that you could be looking at a huge potential return of up to 77% for a beautifully landscaped back garden!
The best news of all is that the majority of these services are available with Culcheth Property Maintenance – and we pride ourselves on taking the time to deliver each and every service to the very best of our ability.
With hundreds of happy customers and a wide variety of different services available, why not get in touch with us today and find out what we can do to increase the value of your property before you put it on the market?