Five easy ways you can add value to your home
Your home is likely to be the biggest investment you make in your lifetime, so once you’ve bought it, it’s a great idea to try and keep adding value through home improvements.
But what adds value to a house? Here are five simple ways that you can ensure your home’s value keeps adding up.
Get green fingered
A tidy, well maintained garden is an instant selling point for many buyers, and it’s also something that you’ll probably be able to do yourself without spending too much. At the very least, concentrate on ensuring that your outside space looks tidy and cared for. Mow the lawn, remove any dead plants or flowers, and consider adding a few hanging baskets for a splash of colour.
Name your house
According to The Telegraph, you can add thousands of pounds to the value of your home just by doing one thing: changing its name. Changing the name of your home costs just £40, and takes 24 hours, making this a quick, easy and cheap way to boost your home’s value without getting the builders in. When you’re picking your home’s new name, choose grand-sounding words like ‘cottage’, ‘house’ and ‘hall’. Regal-sounding words like Balmoral and Sandringham also work well.
Be aware, though, that there are some rules. You can’t duplicate an address that already exists, call your home something hard to say or spell, or include any offensive words or phrases.
Focus on getting the kitchen right
If you can afford to improve just one room in your home, it’s a good idea to make that room the kitchen. A decent kitchen can add up to 4.6% to the value of a home, according to property guru Phil Spencer, so getting it right is crucial, especially if you’re looking to sell up soon.
And according to the Location, Location, Location star, the key to getting it right is relating the cost of the kitchen to the value of the home. He said, ‘There is no point putting a £25,000 kitchen in a £250,000 house; you won’t see your money back. Equally, put a £10,000 kitchen in a £1 million house, and you will drag down the value.
Up, up and away
If you have the space, a loft conversion is a great way to add value to your home, and is often far easier and more cost-effective than an extension. Loft conversions start at £150,000. But, according to Nationwide’s House Price Index, adding an extra room in your loft space adds an average of 21% to a home’s value. So, a home worth £300,000 before adding more space could be worth £363,000 after. Plus, of course, you’ll benefit from some extra space while you’re living there.
Off-road parking pays
Do you have an outside space at the front of your home? If so, you could be sitting on a goldmine, particularly if you live in an area where parking is scarce. Nationwide’s House Price Index reports that adding a driveway could boost your home’s value by up to 10%, which, for the average home, is £22,000. Be aware that you may need planning permission before you add a new parking space, so make sure you speak to the council before you act.
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