Blog
DIY to add value
Tuesday, March 12, 2019
With the clocks going forward at the end of March, and the “bank holiday season” almost upon us, around 75% of UK homeowners start making home improvements this month. Whether you’re moving or improving, it’s important to weigh up the cost of a project and the potential value it may add. A good estate agent can advise you on this and what improvements could sell your home quickly or at a higher price in your neighbourhood. If you’re selling, it makes sense to present your property well to avoid any negotiation on price. Often buyers overestimate the time and cost to refurbish a house and reduce their offer accordingly.
Interior condition is all important: de-cluttering and cleaning a must to selling your home at the best price. If you are planning to “DIY”, it’s worth checking your home insurance covers you for accidental damage. If you haven't got the right skills, it may be better to pay a professional! Whether you do the work yourself or get professional help, here are some ways to maximise your time, energy and budget.
Extra space is likely to enhance your property’s value as well as adding comfort; a new conservatory, loft conversion or extension should all add value if done well. Moving internal walls to create a new room may cost less than extending whilst still adding perceived extra space.
In addition to extending, the main improvements which add value are central heating, double glazing, a new kitchen or an extra bathroom. Costs vary but in general will yield up to twice the value of the work. A good wood burner costs approximately £2,500 and can add up to 5% to a property’s value. Now is a good time to consider spring reductions on “winter products” such as fires and heating systems. Experts advise that new double-glazed windows add up to 10% in value and make a home more cosy and saleable. But quality counts. An additional bathroom costing £4-20,000 can also add 10%.
A relative newcomer to the “value added” list is faster broadband. Superfast broadband means you can stream TV, music or data without delays, with all members of the family using it at once. Broadband use has become so firmly entrenched in people's lives that it can be massively important to buyers choosing a home.
Revamping your kitchen can certainly add value to your home. Buyers look for spacious kitchens with integral appliances. You could just give your kitchen a makeover, by painting cupboards or upgrading doors and worktops; just make sure to include as much storage space and work area as possible.
A covered patio with bi-fold doors from the house can give the feeling of an extra reception room. With good lighting and patio heaters, you can enjoy it throughout the year. An interesting focal feature outdoors such as a sunken garden with a fire-pit adds a wow factor, and can add £thousands to your property in the process. Gardens are often the poor relation when it comes to adding value, but if a garden is well kept and designed, it's a real plus point.
With outdoor space at a premium, consider what type of buyers you are likely to attract when you come to sell. Young professionals may want a low-maintenance garden with outside entertaining space while families look for a safe play environment. Think twice about installing a hot tub or swimming pool as these can reduce a home's appeal due to concerns over maintenance and safety. Always ask your local estate agent’s advice, about major changes and their effect on your property's saleability. Whatever you do, indoors or out, invest wisely. With a bit of DIY skill you can increase the value of your home by completing a few small projects. In fact you can even add value and make money if you pay professionals to do the work for you. The value of your home is partially determined by that of your neighbours’ homes, so don’t take your property’s value out of line with the neighbourhood. To get more advice on ways to add value and selling your home, visit our website. Or for a free, no obligation appraisal of your property call your local Frost Partnership office.
