Here’s How to Increase the Value of Your Home
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Are you looking to downsize or unlock the equity tied into your home but want to increase the value of your home first?
If so, you’ll likely want to get the most out of your estate.
While increasing your property value may require some initial capital, the long-term investment will likely pay off.
Even if you don’t have the means to renovate your entire property, small changes can make a big difference.
With that, here are 10 fairly straightforward tips that you can use to increase your property value.
Even just a couple of changes can make a big difference.
Tip #1: Make Essential Repairs
Before you consider spending your time and money on cosmetic upgrades for your home, you must look at fixing the foundation.
If you avoid mending structural and minor defects, you won’t receive the maximum valuation or sale price.
Covering up structural issues can also lead to deals falling through or reduced offers once a surveyor has determined how much your property is worth.
Instead, ensure you fix all leaking taps, moldy sealants, and bad paint jobs, so your home isn’t showing signs of deterioration when it’s time for the valuation.
Tip #2: Upgrade Your Windows with Double or Triple Glazing
If you own an older property with its original windows, it’s likely time for an upgrade.
While British homes were once built with single-glazed windows, newer windows feature double or triple glazing.1
Optimal glazing is bound to increase your property value and attract more buyers because of its benefits.
These include soundproofing, reduced condensation, and temperature regulation.
While double-glazed windows can save a homeowner up to £165 in energy bills every month, triple-glazing is 30% more effective.
If you can’t replace your windows completely, you can look into secondary glazing.
This is when an additional glass panel is added to your current windows to provide some of the benefits of double-glazed windows.
While this method is cheaper, it isn’t as effective.
Tip #3: Replace & Update
If your home has old tiles, unsightly light fittings, or old and broken doorknobs, it’s within your interest to replace these small features.
Furthermore, consider how your home is presentable, from neatening the garden to decluttering unsightly storage.
Tip #4: Install Central Heating
It’s impossible to overstate how vital central heating is for most households.
When it comes to selling, not having it will undoubtedly cost you money.
It will cost you back a few thousand pounds, but it will significantly increase the home’s value.
With the cold UK winters, even if the house is in excellent condition in every other way, not having central heating may prevent certain purchasers from buying.
Tip #5: Upgrade Your Kitchen
If you redo only one room, make it the kitchen.
A brand-new kitchen might raise the property’s value by 4% to 5%, and the construction may cost as little as £1,500 for a small home.
If you have a larger, more valuable house, your buyer may want a bespoke kitchen.
Always obtain several quotations, and make it clear that you’re doing the kitchen to help sell the home.
Don’t spend more than what’s necessary (for example, if your home is worth $150,000, don’t spend £10,000 on a kitchen because it won’t add that much value).
If your property is average in size and value or less, check out bargain ex discharge kitchens offered by DIY shops.
If you have a minimal budget and cannot afford a new kitchen, consider refacing the existing units and being conservative with neutral tones.
Tip #6: Redo Your Bathroom
If you’re looking for a new bathroom, check online for ex-display bathrooms or other low-cost bathroom suites.
You may get a white suit for as little as £300, so it’s definitely worth doing if you have an older design coloured bath.
Most purchasers will want at least one shower; therefore, if you only have a bath and no separate shower, consider this.
Tip #7: Increase Your Home’s Storage Capabilities
Storage is an extremely attractive feature in a property, so look for any storage opportunities that your home may present.
Whether there’s space under your staircase for a door or room for built-in cupboards, the more storage your property has, the greater likelihood that you’ll receive attractive offers.
Tip #8: A Gorgeous Garden
A neat and manicured garden will go a long way.
It not only adds to your property’s aesthetic appeal but also implies that the home’s garden is low maintenance.
You may want to consider planting hardy plants that can stand UK’s toughest climates. Foxglove and Red Clover are 2 great options.2
Tip #9: Front Door Upgrade
If the outside of your home looks aesthetically appealing, potential buyers are likely to want to come inside and see more.
Replace damaged garage doors if they’re dented; consider replacing or repainting your front door if it doesn’t look its finest; add a new knocker or house numbers if necessary.
While looking at the outside of the home, see if the window cleaner can clean your gutters and check to see whether the windows sills and porch steps could use a coat of varnish.
These jobs are both inexpensive and simple to accomplish.
Tip #10: City Car Parking Issues
If your home is in a city or any place where there aren’t enough automobile parking spots, converting the front yard to free up a parking space may increase the house’s value.
However, It’s entirely possible that you live in an area where this isn’t a problem.
Most people would prefer to park their cars in a secure location (even if you have a garage, most people do not park their automobile inside of it) over some garden –
Especially families with young children or elderly individuals attempting to get in and out of a vehicle on a busy street.
If you’ve decided to sell your home, these upgrades are a fantastic way to increase your property value, often a significant amount.
However, if you opt for equity release, you won’t benefit from the full value of your estate, meaning that the upgrades may not be worthwhile.
That being said, you can use equity release to renovate your home, allowing you to live in your dream property for life and increase the final sale price of the estate.
Whatever you consider in order to increase the value of your home, your best bet is to chat with a financial adviser to help you determine what’s best for you, your family, and your property.
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