With the UK economy seemingly on the right path to recovery, unemployment falling and wages rising, not to mention record-low mortgage borrowing rates and housing initiatives, such as the Help to Buy scheme, many more people are looking to move or buy their first home, says property journalist Marc Da Silva.
When selling your home, you want the process to go as swimmingly as possible and to receive the highest price possible for it. When buying a new home, you want one that needs little work or money spending on it – this is important to think about when trying to increase the value of your house.
We’ve spoken to three property experts who give advice on how to increase the value of your home:
Tip 1: Keep your home clean
If you were a buyer, would you choose the house that is sparkling clean or a house that is need of a thorough spring clean?
If you make a clean house a priority, you help to keep on top of maintenance issues, spot potential problems before they come expensive ones, and it’s also healthier for you and your family. You can make your own cleaning products to protect your family’s health even more.
Andrea Morgan, Content Creator for Property said: ‘If you are preparing your home for sale, home staging is extremely important. Without spending any money you need to declutter, clean and arrange your furniture so that each room reflects the room it is. E.g. a bedroom should have a bed in, a dining room a dining table and chairs.
Henry Pryor, BBC’s favourite property expert said: ‘To increase the value or on occasions to actually make a property saleable, you need to start by making sure it’s clean and tidy. You don’t want people driving away after a viewing discussing the ring around the bath! Time and whatever spare cash you have is best spent on making each room look like what you are calling it, making sure that people can get into it and that it isn’t a health hazard.’
Marc Da Silva, property journalist said: ‘A homeowner can do a lot to improve their property’s internal appearance to entice prospective purchasers without spending much money if any at all. It is about creating illusions. Thankfully, you do not need to be Harry Houdini, or any other illusionist, to make that happen. Skilfully placed mirrors, strategic lighting, delicious smells, these are all tricks that the professionals use to create positive feelings and make homes more appealing. First impressions do count’.
Tip 2: Don’t forget about kerb appeal
It’s pretty much common sense to have the inside of your home clean and tidy when you have potential buyers coming round for a viewing. But many people neglect the so-called “kerb appeal” of their property. Marc told us above that first impressions do count. So spend some time sprucing up the exterior of your home.
Andrea said : ‘The outside of your home is as equally important as your interior presentation. Your home needs kerb appeal and your garden or outside space should suggest a lifestyle that will attract potential buyers.’
Tip 3: Think about who might buy your home
You should take time to think about the kind of people your home is likely to appeal to in terms of the general demographics of your area. For example, if you feel that young families are likely to be interested in your property, you could turn the small bedroom into a nursery or playroom.
Henry said: ‘Remember the three ‘P’s’ – price, presentation and promotion. Getting the guide price right is vital as an over optimistic asking price can stop people from even coming to look. Promotion means making sure it is seen by as many potential purchasers as possible. Spend time and money on things that make people look at your house as their next home.’
Tip 4: Think about spending money on rooms that are most used
Don’t spend money on rooms that don’t matter to potential buyers as much as others. Think about what most buyers look for when purchasing a new home and what is important to most people.
Andrea: ‘A common mistake is that any work you do to your home can add value. Do your research and don’t be afraid to ask your local estate agent for advice. Extensions are the most common way to add value but ensure that the room is legal as you may find the investment you make is not reflected in the valuation of the property. What most people don’t realise is that good home staging can add value to your home, get the staging right and you could even receive offers above the asking price.’
Find out more about extensions here.
Marc Da Silva: ‘If your budget will only stretch to renovating one room when it comes to preparing to sell your home, many industry experts believe that room should be the kitchen. For many households, the kitchen is no longer just a place to cook, as it is often used these days as a multi-function room where people informally socialise and even host their dinner parties – so a good kitchen is top of the list for many prospective purchasers.
So now you know how to increase the value of your house. Now check out our article from property expert Nigel Lewis on the 8 rules of selling your house to make that sale go through.