fbpx

Increasing the value of property

Robyn Hall

March 18, 2014

Space is key

Converting a loft can add instant value to a house. It may seem like a large project to take on but the returns for a conversion can take a property from a two bed to a three bed, which is a strong move. Dependent on property type and location this can cost anywhere between £15,000-£80,000. This type of conversion has the potential to increase the value of a home by 10-20%.

Central heating

A home must be fit for purpose when it’s sold. Adding or updating the central heating system will add more to the value of a property than it costs. It will be considered a crucial selling point by most buyers.

A lighter, bigger space

People who are looking to build a conservatory have the right idea about increasing the living area in their household in order to increase its value. The cost of a conservatory will set a client back between £3,800 and £10,000; averaging at around £6,236.

A lick of paint

Getting potential buyers through the front door is a key factor. To give the outside a few coats of paint could cost anything from £100 to £1,000 (size dependent) but has the potential to provide a 400% return on the initial investment. Painting the inside rooms a neutral colour will create a minimal clean feel, while giving the potential home owners a blank canvas to build an image of ‘their new home’.

Window of opportunity

Changing the windows can also be a solid way to guarantee value increase. However, bear in mind the windows must match the general aesthetic of the property. This visual aspect should factor into the decision process in this case. New windows have the advantage of insulation and contemporary design, however if the age and originality of the property requires a certain style of window your clients should be wary of jumping straight in as they could end up with a warmer yet uglier home.

The Kitchen

If your client has to choose one room to invest in, make sure they make it the kitchen. As a showpiece this is a priority room. For many people the kitchen has evolved into the family room where most time is spent. The typical spend on a new kitchen is £8,000 but a good quality kitchen can be achieved on a much smaller budget. If money is tight and a full refit is not in their budget, suggest they consider changing certain elements of the kitchen such as cabinets and furnishings to give it a fresh new look.

First impressions

It’s good advice for your clients to touch up the paint work and the flooring in the main reception room. Whether that is the corridor leading through to the house or the just the first room buyers step into. Sellers should de-clutter and create a tidy and presentable first impression for visitors. Many buyers are looking to move into a house that is ready and functional with little refurbishment necessary.

Knock knock!

It’s amazing what people notice when they are viewing a property. The front door should tell them what they need to know about the interior of the house. It can make a big difference for your seller clients just by buying a new doorknob, letterbox or stainless steel house number.

This article was brought to you by Mortgage Introducer


Sign up to our daily email