Many people’s ideas about increasing property value revolve around costly endeavours like room extensions, gut renovations, and conversions. Whilst some of these ventures may doubtless succeed in pushing up the price of your home, they are expensive measures that can run the risk of not being to a future buyer’s tastes. However, there are a number of simple ways to increase the value of your property without breaking the bank or alienating potential purchasers. Here’s our top five.
- Create a more functional layout
One of the best ways to increase the value of your property is to modify its layout. A great way to achieve this is to knock down a wall between two rooms to create more space. For example, you might want to increase the size of an especially small kitchen at the expense of a neighbouring dining room, creating extra kitchen storage space.
With kitchen functionality one of the more important aspects of a property, increasing the size of it at the expense of a less crucial room is sure to increase its value, with research by HSBC finding that a high quality kitchen may add at least £5,000 of value to a property. Whilst knocking down internal walls could cost up to £1,200, this is the fraction of the cost of an extension and the value it will add to your home will almost definitely exceed this expenditure.
- Ensure you have an up-to-date boiler
Another effective way to increase the value of your property is to replace an old boiler. Boilers become less efficient as they age, creating the potential for more issues and higher repair costs. If a boiler is more than 20 years old, then it is also likely to have substantially higher running costs, up to £300 a year in some properties, due to the inefficiency of the old technology.
As LS1 Boiler Installation state on their information page about new boilers, newer combi boilers “are a popular choice for a new boiler as they are one of the most cost-effective and energy-efficient” types. These boilers heat water as needed rather than heating it in advance and storing it in a cylinder. In fact, modern condensing boilers will have an efficiency of around 90%, in comparison to around 75% typical of older models, and in turn add value to your property.
- Re-paint your property
Sometimes a simple lick of paint can make all the difference to the value of your home. Not only can this revitalise tired-looking spaces to make your property look more presentable to outsiders, but houses painted in certain colours have actually been shown to sell for higher prices.
According to online estate agent Zillow’s 2017 Paint Colour Analysis: “Homes with rooms painted in shades of light blue or pale blue/gray can sell for as much as $5,440 (£4,273) more than expected.” Brown painted living rooms, ‘greige’ (a mix of light gray and beige) home exteriors, and navy blue front doors also correlated with higher selling prices. These gains were all achieved through minimal outlay and effort.
- Add more kerb appeal
Improving the exterior to the front of your home is another great way to add value to your property at a low cost. Just as in life in general, first impressions are all-important when others view your home. If the first thing valuers or prospective buyers see is a cluttered yard or an unkempt lawn, then alarm bells will immediately begin to ring. Don’t let this happen.
An appealing exterior will work wonders for your property, and simply having a tidy driveway and front garden can make all the difference to the first impression you give people. You can also add extra touches, like flowerpots or outdoor lights, to add even more allure. The same principle applies to your back garden, although this can often entail more extensive work.
- Let there be light
A brighter home is a more valuable home. A dark and gloomy house has little appeal to most people, whereas brighter properties typically have more character, and give the illusion of having more space. Creating more light can often be simple, and there are many cost-effective ways you can do so. For example, you could choose to install brighter lights in certain rooms. Get rid of those bland recessed lights and replace them with a shimmering chandelier, or opt for soft perimeter lights instead of harsh overhead lighting. Repainting rooms is again useful, with brighter colours naturally brightening a room. Combine this with bright and colourful accessories like scatter cushions, blankets or vases to complete the effect. Having more mirrors around the house can also accentuate this whilst making your home appear larger.
You might contemplate costly renovation to your home in hopes of selling it on for a higher price in the future, but this may not be the most effective method for increasing the value of your property. Instead, consider these more budget friendly ways of improving your home that could still pay dividends down the line.