Property September 19th, 2016
A step towards ↑ house price
Almost 3 months into a “Brexited Britain”, there are undoubtedly several questions that have arisen within the property market in the UK, particularly when it comes to buying and selling properties in this current climate. Once you’ve taken the time to figure out whether you’ll be better off selling or remortgaging your existing property, it’s then down to you to figure out how you’ll get the maximum price from your humble abode if you’ve decided now is the time for you to stick it on the market.
Your first step
Just to throw a slight figure out there to put this into perspective for you, a study has found that on average home improvements have the potential to add up to a £30,000 increase in value, possibly more. So not only will they make your home much more appealing to buyers throughout their search to find a new property to live in, but also give its financial value that much-deserving boost – a win-win for both parties. So in a nutshell, is it worth it? Most definitely.
Your first question is how far are you looking to go to improve your home? Is it just a quick clean up with a lick of paint to brighten up the place or are you steering towards the full works of redesigning your home with structural improvements, even building a new conservatory or loft conversion to add a bit of space and luxury to attract your new homeowners. Following Britain’s brave decision to exit out of the much familiar EU, the property market now seems to be slightly more “up in the air” to most, however with some experts predicting that there may be a slowdown in the house price growth over the next two to three years, why not maximise the value of your home now with this first initial, fairly straight forward step in the right direction.
Where do I start?
It may actually be a case of you not knowing what actually needs refurbishing if there aren’t any obvious nooks and crannies you’re looking to fix, or there may already be specific spaces in the home that you have already decided could definitely do with a bit of an upgrade, like a new bathroom or kitchen perhaps. Whatever it may be, Zopa provided research suggesting a rough indication of how much you could be looking to spend on each structural addition to your home and how much it could potentially look to give you in return on your investment.
| Top Home Improvements | Return on Investment | Profit (Median) | Average Costs |
| 1. Conservatory | 108% | £5,750 | £5,300 |
| 2. Garden | 88% | £4,000 | £4,550 |
| 3. Exterior | 75% | £4,500 | £6,000 |
| 4. Extension | 71% | £14,000 | £19,750 |
| 5. Roof | 63% | £2,600 | £4,150 |
| 6. Floor carpets | 50% | £2,000 | £4,000 |
| 7. Loft | 50% | £12,000 | £24,600 |
| 8. Kitchen | 49% | £4,750 | £9,600 |
| 9. Bathroom | 48% | £2,350 | £4,900 |
Source: Zopa, 2014
Fact
According to Mintel, it is in fact females that are more likely to influence purchasing decisions than their partners across all consumer categories, therefore a beautifully presented home that ticks all the right boxes, both little and large, is your best bet when looking to sell your home in order continue your personal journey of moving onwards and upwards.
And finally..
If renovating your home is something you are definitely looking to put into action, we have provided a few links below for you to have a read on for further insight into a rough indication of different price ranges, ideas and the most obvious question, where to start.
- Audio visuals, home cinemas, lighting, control and home automation, data and telephony systems: http://www.funkyav.com/
- Bargain news and offers:http://www.standard.co.uk/esrewards/AlisonCork
- How to renovate your home on a budget: http://www.housetohome.co.uk/room-idea/picture/20-ways-to-update-your-home-for-under-a-grand
- 20 tips for a profitable renovation: http://www.telegraph.co.uk/lifestyle/interiors/renovating/10561441/20-tips-for-a-profitable-renovation-TV-experts-share-their-tricks.html
Happy Renovating!