How to add value to your home – Mishon Mackay’s top tips
Every seller wants to get the best possible price for their home. To maximise the chances of this happening, there are a number of things sellers can do to add value before putting it on the market.
Below, using our experience as estate agents working in Brighton, Hove and the surrounding areas, we outline what some of these are.
There is currently a great demand for en-suites, a trend that doesn’t look like ending anytime soon. If you can provide this, you’re more than likely to impress buyers. If the layout of your home doesn’t allow for an en-suite, then adding an extra bathroom is still a sensible move. Families, in particular, will appreciate more than one bathroom.
It needn’t cost the world, either. According to Tradewise, a new bathroom can cost as little as £2,500. That might sound like a lot, but a well-furnished bathroom can add significant value to your home. That then immediately cancels out the outlay you’ve made.
An extra bedroom
This could mean transforming your spare room – as we talked about in a previous blog – or it could mean creating an extra bedroom via a loft conversion, an increasingly popular move in the last few decades. The first option is by far the cheaper, but a loft conversion will add far more value to your home.
However, as we said, it will be expensive. Depending on the size and location of your property, you should anticipate spending around £15,000 on a small loft conversion and between £25,000 and £40,000 for a larger one.
Build a conservatory
With loft conversions, extensions and conservatories, it’s worth calculating the costs and how much these things will add value to your property before starting out. You don’t want to spend a lot of time, money and effort if the rewards are going to be minimal.
In the case of a conservatory, which has a long tradition in Britain and still has substantial appeal among certain demographics, it’s likely to cost between £4,000 and £10,000 and will add around 5% value to your property. It won’t add as much value as a loft conversion or even an extra bedroom, but it is an excellent way of creating extra space for less and bringing light into your property. On the downside it will mean sacrificing some of your garden, on the upside you won’t need planning permission if your conservatory is under a certain size.
A new kitchen
As we’ve blogged about before, the kitchen is now seen as the most important room in the house and should be a major part of any sales pitch. Which? puts the average cost of a new kitchen at around £8,000, which seems like money well spent given how much focus buyers now place on kitchens. They will love the prospect of a brand-spanking new one – it might even save them a job when they eventually move in, as a new kitchen is often one of the first things buyers look to replace.
It’s also worth remembering that open plan kitchens/dining spaces are all the rage at the moment. Something to bear in mind.
You don’t need to splash out thousands to add value to your home. Smaller home improvements could also help, if you don’t have the funds or inclination to go down the route of an extension, loft conversion or new kitchen.
Something as simple as sprucing up the garden, completing those long-deferred DIY jobs or decluttering could push up your asking price. As usual, making sure your house is clean, attractive and welcoming when people come to view it will drastically improve your odds of selling.
For more advice on adding value to your home, please get in touch with Marc Cox on 01273 416732. If you want an accurate estimate of how much your property is currently worth, check out our instant online valuation tool.