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TGtB Recommends - Value Adding Property Tips
Looking for ways to add value to your home? We've come up with 14 ways that could increase your property's value as well as its selling power in 2014.
Read on for our advice on everything from loft conversions to kitchen remodelling.
1. Add an Extension
An extension is a fairly straightforward way to add value to your home. According to Nationwide Building Society, a first-floor extension can increase your property’s value by around 5%, while adding an additional bedroom will increase the value by 12%. During the planning process ensure that each room is as big as possible. Avoid sacrificing too much garden as this may deter buyers.
2. Invest in a Conservatory
If you need more space but don't want the hefty price tag that comes with extending your property, another option is a conservatory. Generally they don't need planning permission to build and are quick, cheap and easy ways to boost your home's selling power. Usually a conservatory can add around 7 per cent to the value of your home.
3. Knock Down Walls
Increase the space and potential of your property by changing the internal layout. Buyers are more interested in the amount of usable space, rather than the number of rooms; so knock down any walls that aren't load-bearing.
4. Convert your Garage
A staggering 90% of British garages don’t contain a car. Instead of wasting space, why not transform your garage into a living space instead? To calculate how much your property's worth would increase by, multiply the square footage gained by the local price per square foot.
5. Hang Mirrors in the Hallway
A mirror on either side of the wall will make your hallway seem instantly bigger. The hall is the first thing that potential buyers will see, so you don't want it looking cramped, cluttered or narrow.
6. Invest in a Loft Conversion
One of the least disruptive ways to add an extra bedroom and bathroom to your house is a loft conversation. The beauty of this kind of project is that most of the work can be done from outside. Ensure that the conversion fits the rest of the house, rather than looking grafted on.
7. Target Specific Buyers
Once you've determined the type of buyer that you're targeting, you'll be able to present your spare room accordingly. This will help you determine whether or not you present your extra space as a play room, a gym or a study.
8. Consider Garden Paving
In areas where parking is hard to come by, creating practical off-street parking from an otherwise redundant strip of garden, is an effective way of adding real value to your property.
9. Improve your Kerb Appeal
Make sure that your home looks inviting and that it has 'kerb appeal'. First impressions can make or break a deal. Gardens should be tidy, no matter what time of the year and window frames should be repainted, if necessary.
10. Give your Kitchen a Facelift
If you haven't got the budget to update your kitchen, you can still transform any outdated fittings with sharper worktops, replacement cupboard fronts and shiny new knobs or handles. For an instant spruce up, re-grout to give tiles an instant makeover. Replace any fluorescent lighting with new, modern lighting fittings.
12. Avoid the Seven Deadly Sins of Property
A number of home improvement faux pas including pebbledash, stone cladding, vivid paint colours, swimming pools, wood chippings, artex ceilings and pine panelling can all seriously affect the value of your home. To improve saleability remove all of the above from your home.
13. Be More Eco-Friendly
Research suggests that within the next three years an eco-friendly house will be worth 6% more than a standard property. Ecological improvements such as adding insulation and fitting solar-panel heating, will not only increase the value of your home but also save money when it comes to your energy bills.
14. Add an Extra Bathroom
By simply renewing your bathroom suites you can instantly make your home more saleable. Nationwide Building Society claim that a new en suite or second bathroom can add 5% to your home’s value.