Strutt & Parker reveals its top 10 tips to help you increase the value of your family home.
UK National estate agent Strutt & Parker reveals its top 10 tips to help you increase the value of your home. James Mackenzie, head of Strutt & Parker’s Country Department says: “Whether you’re planning an extension or something less ambitious, one thing you’ll need to consider is how much value you can realistically add to your home. If the most expensive home in your street sold for £500,000, it is unlikely that you will surpass it.”
So what can you do to increase the value of your family home?
Adding an extension is the most costly outlay but could increase the value of your home by up to 20% by expanding the living area.
2. Kitchen improvements
The kitchen has become the hub of the home – creating a real asset by modernising or making it more open-plan can be hugely beneficial and help you achieve your target asking price.
3. Bathroom upgrades
The prospect of upgrading a bathroom may deter some buyers. So a new bathroom that needs no work can be a prized asset.
4. Adding a bath/shower room
Gone are the days of having one big family bathroom for the whole house. The number of en-suites and bath/shower rooms are key for most buyers. Installing in an en-suite or wet room, even in a small space, will increase the appeal of your property.
5. Landscaping the garden
Many potential buyers have green fingers, so having an attractive garden can make a difference when it comes to valuing a property.
6. Think about flow
Don’t underestimate the flow of a house, if this means knocking down a wall or removing useless narrow corridors to make it more light and flexible to a potential buyer, it may be worth doing.
7. Loft conversion
Expanding into the roof space could turn your two bed into a three bed and open up your property to a host of new buyers with higher budgets.
8. Go green
For an average home in the country, improving its EPC from the bottom band G up to E, or from band D to B, could add more than 14% to the value of your home.
9. Use your outbuildings
A shed in the garden can be turned into a useful addition, such as a home office or a playroom, which may be practical for buyers.
10. Upgrade windows
There is no point having a marvellous home if the basics aren’t done properly, clean windows and replace old or broken ones to help achieve maximum price for your home.
Mackenzie adds a note of caution too, “The cost of renovating often runs over budget and can even spiral out of control so be prepared. The phrase most heard when doing up a wreck is that it actually cost twice as much as I thought it would so set yourself a budget and build in some contingency funding – 15 per cent of the total cost is a good guideline.”
Mackenzie concludes: “Altering your home can add value for a future move – especially improving the layout and flow. My advice would be to ask yourself what you really want – is it a lack of space, or are there other reasons for a change? If so it may be the right time to start looking.”