Best Ways to Increase The Value of Your Property – 24 Tips
Wondering how you can add value to your house?
If you are intending to remortgage, sell or simply improve the value of a property, this short guide will highlight some of the most valuable upgrades you can implement in order to increase the value of your house.
The best ways to increase the value of your property – 24 top tips
- Important advice
- Structural upgrades
- Interior changes
- Exterior improvements
- Eco-friendly systems
Important Words of Advice
Prior to undergoing any major redesigns or renovations, you should ensure that you are aware of the average and maximum prices that similar properties in your neighborhood have sold for;
Undertaking a £60,000 renovation on a £90,000 property in a neighborhood where properties rarely sell for over £100,000 will be worthless if you’re intending to sell.
In this scenario, simply repainting the exterior/exterior, repairing any damages and potentially adding new flooring would be sufficient to sell the property at the higher end of the scale for that area.
Structural Upgrades to Add Value to Your Property
Old, inefficient buildings could require fixing roof leaks, rotten timber joists, crumbling or cracked walls, preventing damp etc.
Renovating is a simple, yet complex method to increase the value of a property.
Many people make a living through this method, which is also known as “house flipping”.
Incorporating modern insulation to the roof space, walls and floor will reduce the requirement of heating.
However you should ensure the property is well ventilated, as damp and condensation can build up with large amounts of insulation.
Upgrading your windows to triple glazing will improve the efficiency of heating and in turn increase the home value.
If you live in a sunny area, such as Spain, including window shades will reduce the requirement of air-conditioning.
Adding a new section to your house through extending will increase the overall living area, which in turn adds value to your property.
An extension could incorporate a new bedroom, en-suite, storage area, living area or garage.
A well designed and built conservatory is an effective way to increase the value of your house.
However, be aware that a poorly built conservatory or one which does not blend in with the overall property design can reduce the value of the property.
6. Basement Conversion
If your house includes a basement which is only used as storage, it can be a practical idea to convert into a living space.
Transforming your basement into another bedroom, living area or other type of space can further raise your property value.
7. Loft Conversion
Similar to the basement conversion, a loft that is only used for storage can be converted into an extra living space.
More living space equals a higher valuation.
If your house does not have off-street parking but there is room for a garage, constructing one will enhance the value of the property.
In cities such as London, off-street parking is a rarity, so if you are able to include off-street parking, your property will be in high demand and will thus increase in value.
9. Garage Conversion
Provided that your property has off-street parking, converting the garage into extra living space is a fairly straightforward approach to increasing your homes worth.
Interior Changes to Increase The Value of Your House
After time, interiors will require repainting for two reasons: Either the interior includes out of date wallpaper styles or the paint has faded.
Repainting the interior will increase the value of your house by a small amount.
Numerous properties have interiors that look like a throwback to the 1960s.
While you may like the old interior style, refurbishing the interior will make the property much more desirable and in turn increase the value.
Similar to refurbishing, redesigning the interior of your property can work wonders.
A large number of aged properties were poorly designed for modern living traffic and lifestyles. Consider hiring an interior designer to enhance the interior of your property.
It may be beneficial to consider an extension when redesigning in order to completely change the layout and internal structure of the living spaces.
13. Dedicated Storage Space
Including dedicated storage space in a property is a great incentive for prospective buyers as the interior of the property can remain largely clutter-free.
Dedicated storage space that blends in with the design of the property can increase the value of your home.
14. Bathroom Remodel
A common method of adding value to a property is to remodel an old bathroom – or construct an entirely new bathroom.
Ensuring that the master bedroom has an en-suite and all other bedrooms have use of an upstairs bathroom is highly important to prospective buyers.
15. Kitchen Remodel
Upgrading a kitchen can prove extremely beneficial to increasing the value of your home.
Remodeling a kitchen could consist of a pre-built design or a custom design, with the latter costing significantly more.
16. Incorporate an En-Suite
Provided there is sufficient room, incorporating en-suite bathrooms to bedrooms can contribute to the value of your property.
17. Open Plan
An open-plan kitchen-dining room creates the perception of a larger living area which also utilizes more of the interior space.
The perception of a larger interior can increase the value of your property.
Worn or threadbare flooring will reduce the value of your property.
Including high quality hardwood flooring in the kitchen, bathroom and dining room are the preferred type by many. Whereas bedrooms should be fitted with carpet.
Exterior Improvements to Increase The Value of Your Property
19. Landscape Designed Garden
It is vitally important to have a tidy and well maintained garden if you are considering selling your house.
A step further than doing the usual weeding and mowing would be to hire a landscape gardener – A designed garden can increase the value of your property whilst also gauge higher interest from prospective buyers.
20. Outdoor Sauna
A Sauna does not require planning permission and can be purchased for a relatively low amount. Contrary to what many believe, running costs of saunas aren’t excessively high.
A high quality sauna may slightly increase the value of your property.
21. Swimming Pool
You should be cautious when considering to construct a swimming pool – While a pool will increase the overall value of your property, it may prove difficult to find a buyer in the UK – Many buyers view a swimming pool as a liability.
However, if your property is located in a sunny location, such as the South of France, buyers will be less put-off by the inclusion of a swimming pool.
It is thought that decking increases the value of a property as it creates an intermediate living area between the indoors and garden.
Decking can be purchased for a few hundred £.
23. Planning Permission
If you own a section of land with no planning permission – I’m not talking about a back garden here – Applying for planning can add value to your property as there is the ability to construct another living area or off-grid cabin etc.
24. Re-Plaster / Re-Paint
A tired looking exterior can decrease the value of your home – Re-plastering and repainting the exterior will breathe fresh life back into the exterior of the house.
Eco-Friendly Devices and Systems
With an increasing importance on becoming more energy efficient and green, the value of energy efficient and eco-friendly homes are higher than traditional properties.
For this reason, incorporating as many eco-friendly systems in your property as possible will increase the value.
Below we have highlighet a few of the most popular eco-technologies which will increase the value of your house. To read more about these renewable systems, check out this article on reducing carbon footprints.
Efficient heating system– Under floor heating, heat recovery ventilation, ground source heat pump, air source heat pump or combined heat and power units
Eco-friendly devices – kettles, showers, combi-boiler, induction cooker, energy efficient fridge/freezer
Solar systems – Solar panels, solar cells and solar air-conditioning
Water recycling system
Miscellaneous Factors That Affect The Value of Your House
The "Waitrose Effect"
Research conducted by Lloyds Bank found that properties within the vicinity of a supermarket are higher than those in other nearby areas.
The supermarket which has the most prominent affect on house prices is Waitrose, with price increases of nearly £39,000.
A property with a body of water is generally more expensive than one with no body of water.
However, factor in fishing rights to the property and the value could increase by 10%.
It is estimated that properties with Wisteria growing up the exterior walls are up to 5% higher in value than those which have no wall-plants.
If your property is located on a street which includes the word King, Queen, Warren, Chase or Mount, the value could be up to as much as 50% higher than a similar sized property nearby.
Further to this, if your property does not have a name, then name it! A house with a name rather than a number can be worth up to 5% more.
Many people are not only superstitious when it comes to day-to-day occurrences – Properties with the number 13 are, on average, lower in value.
Research has also found that odd numbered properties are worth more than even numbered properties. Odd, right?
Research has found that properties located in the vicinity of a good quality pub are up to 7% higher in value than those not near to a pub.
Similar to the Waitrose effect, living near to certain shops can either increase or decrease your property value – A McDonalds will decrease the value, whereas an M&S will increase the value.
Halifax has found that property values increase at a greater rate when located near to a popular sporting venue – especially when near to top Premier league football clubs.
Research conducted by Zoopla has found that properties located near to a world heritage site can be valued nearly 30% higher than properties not located near a heritage site.
Infographic: Increase The Value of Your House
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