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Whether you’re a seasoned mover or first-time buyer, most homeowners will be looking to add value to their properties, ensuring a better price when they eventually decide to sell on. However, renovating your home doesn’t have to be time-consuming or overly expensive – there are ways to add value to a property without breaking the bank or working past your deadline.
Ways to Add Value to a Property
There are simple ideas that can be implemented to ensure a more efficient and affordable process. From using storage units to fully utilising your garden, take a look at our top tips for adding value to a property within a year.
Simple tasks to redecorate the property can be easily accomplished within a tight deadline and can surprisingly add value. From decluttering to adding a fresh coat of paint, there are several easy and inexpensive steps to take:
- Add more mirrors to reflect light
- Paint the rooms in neutral colours
- Clean every room thoroughly
- Add new light fittings
- Re-grout tiles
- Replace old flooring or carpets
2. Utilise Self-Storage Units
Whilst you’re decluttering your home, you can allow yourself more time to reach your deadline by renting a self-storage unit. This will provide you with much more space to ensure you renovate the property without delay and without damaging any of your existing furniture. The average cost for self-storage is around £23.94 per square foot but you can also compare providers to help you save more.
This is a vital step if you’re looking to increase the value of your property within a year, or any other timeline, as it allows you to focus on the tasks that will add the highest value. By utilising storage facilities, you can put the smaller jobs on hold whilst also ensuring you have enough space to get the bigger jobs done right.
3. Fix Obvious Defects
One of the most common homeowner mistakes is ignoring minor issues. Every detail counts when updating your home and you’d be surprised at how much minor defects and issues can affect the value of a property.
Take a quick walk around your home and inspect it as if you were a first-time buyer looking to make a purchase. Make notes and list everything in order of importance. Things to consider include:
- Leaking taps
- Damaged or squeaking doors and windows
- Cracks in walls and ceilings
- Lifted flooring
- Insect infestations
- Exposed wiring
- Loose tiles
- Damaged locks on doors and windows
- Broken light bulbs
- Limescale build-up
4. Make Use of Garden Space
From summer houses to patio furniture, there are so many ways to utilise your garden space. Businessman and property investor, Phil Spencer, has previously advised homeowners that a well-maintained garden space can add up to 20% on your home’s value, so it’s definitely worth the added effort. You could complete simple jobs such as adding decking or vibrant flowers, or you could go one step further and build cosy outdoor spaces such as an office or bar.
Due to the increased number of people working from home, outdoor office spaces, in particular, are becoming much more popular. Whilst it would require a high budget to arrange, it can greatly add value to any property.
5. Increase Kerb Appeal
Don’t neglect the exterior of the property. A fresh lick of paint and bright flowers can increase kerb appeal and, as a result, the overall value. You could also replace broken fencing, put up hanging baskets, clean the patio and just give the garden a general update to increase the value by 2-3%.
6. Update the Bathrooms
Whilst overhauling your bathroom can be a bit of an expensive investment, it could add 3-5% to the value of the property. A plain white bathroom is the most popular choice as it appeals to a range of buyers and acts as the perfect blank canvas. If you don’t have the budget to fit an entirely new suite, a simple fresh coat of paint and deep clean can also work.
However, if you’re looking to add even more to the value, you could add an en suite to the master bedroom or even convert one of the smaller rooms into a functioning bathroom. You can keep the costs of this down by sticking with the existing layout of the property.
7. Convert Your Garage
You may require planning permission, but converting your garage into an extra living space will most definitely impact the value of the home. According to Property Price Advice, converting your unused garage can actually increase the value of your home by up to 15%.
However, it’s also important to consider whether the garage is currently a useful space for parking, as individual parking spaces can also be beneficial to buyers, increasing the value.
8. Renovate the Kitchen
Extending or revamping your kitchen is a sure-fire way to up the value of any property. Large, open-plan kitchens are especially sought after as it’s a room that many families gravitate towards, so space is essential.
Modern fitted kitchens are the most likely to affect your property’s value, potentially adding up to 10%.
9. Consider a Loft Conversion
A loft conversion could add up to 20% to the value of your property, according to research by Nationwide Building Society. It ensures an extra bedroom is added, greatly increasing interest as well as value.
Whilst most lofts can be easily converted, it’s advised you speak to an architect or builder to ensure it’s done correctly.
10. Ask the Experts
Whether you’re renovating for your own enjoyment or to increase the value of the home, don’t forget to arrange for a number of estate agents to inspect and value the property. They will have much more knowledge concerning the local housing market and will be able to advise you on what renovations would be worth the investment.