So you are buying a property. Did you know that increasing the value of your own property can boost your chances of moving up the property ladder far quicker, getting you into your next home or even your forever home far sooner?
By making a few changes to your property it’s possible that you could seriously increase the value. For example, adding an extra bedroom can increase the property value by as much as 20%. Adding an ensuite bathroom can cost a couple of thousand pounds to install but can add tens of thousands of pounds to the property value.
Increase the value of your property and climb the property ladder quicker
In this guide we will give you 8 tips that will add serious value to your property. A couple of these tips can cost a few hundred pounds but can add several thousand pounds to the value. Let’s start upstairs in the bedroom!
1. Adding an extra bedroom
Although this is not always possible, if you can add an extra bedroom to your property it may increase the value by as much as 20% according to The Guardian. This could involve converting a room that is currently used for another purpose or splitting a very large bedroom into two smaller bedrooms. Do some research using Rightmove or Zoopla. See how much difference an extra bedroom makes in the value of the properties on your road or on the same road as a property you are considering buying. It may cost a couple of thousand pounds to separate a bedroom, but this can add tens of thousands of pounds to the value of the property.
2. Extending the property
Although this option is one of the most expensive ways to increase the value of your property, it is still worth considering. If you intend to live in the house for a few more years it can be worth thinking about as not only will it add value to your property it will also give you the benefit of the extra space while you continue to live there.
Over the last decade, the emerging trend has been the desire for much larger downstairs living space than upstairs. Who had heard of a ‘ManCave” just a few years back? Playrooms in particular have become very popular when people are looking for a new home. These days parents want to be able to sit in a lounge and watch the latest Netflix series and not to have to share a room with piles of children’s toys and the noise they come with!
3. Adding a loft conversion
This option needs real consideration however can also add serious value to your house. It makes sense to get an idea of prices and to find out about a couple of local builders before making a decision. How the roof has been constructed will determine how easy it is to convert and therefore the resulting cost. Also depending on the amount of space available it can sometimes be possible to add two bedrooms or an ensuite bedroom, which once again will add considerable value to a property.
A luxury kitchen is one of the top-selling points of a home to the extent that it is no longer considered a luxury but is now thought of as essential when searching for a new home. How long you intend to stay at the property may determine how much it may be worth spending.
When selling your home, a potential buyer will not be making their decision based on whether the units are oak or MDF. It’s all about the look, design and finish of the kitchen. This can be achieved by getting a clever designer and not necessarily by getting an expensive kitchen. Having a granite worktop will make any kitchen look very expensive however may only cost a few hundred more.
Bathroom trends have changed massively in the last few years and this is one room that can add far more value to the property than it costs. It is possible to transform a bathroom by just changing the bathroom suite and not moving anything around and therefore very little building and plumbing work will be needed. An inexpensive white suite with some tasteful tiles and heated floor can look amazing and won’t cost a fortune.
6. Ensuite Bathroom
An ensuite bathroom was once thought of as a luxury but is rapidly becoming a necessity. You will find that any property built in the last 20 years will have at least one ensuite bathroom or shower room. Adding an ensuite to an older property could add a lot of value, especially if this is a feature that your competition is lacking.
Buyers are willing to overlook a slightly smaller bedroom if it benefits from an ensuite shower room or bathroom. By reducing the size of a bedroom by 1×1 meter at one end it is possible to put in a wetroom to include a shower and loo.
7. Put in a downstairs cloakroom
Having a downstairs cloakroom can often be a deal-breaker and to some a necessity when searching for a new home. There are several easy ways a downstairs cloakroom can be added to a property. Contact a builder as they will be experienced in what options are open to you. These options may include the possibility of putting a downstairs loo under the stairs. Similar to the ensuite option, it can be possible to reduce a room at one end by as little as 1 meter to allow room for a lovely downstairs cloakroom. If you are considering an extension, adding a cloakroom at the same time will cost very little but can add thousands to the value.
8. Buy a pot of paint and a paintbrush
This is our tip for adding the most value to your property for the least amount of money. It is possible to add tens of thousands of pounds to the value of a property by spending a few hundreds of pounds on paint. First impressions count for so much. A prospective buyer will spend as little as 20 minutes in your property while completing their viewing. If the walls are freshly painted in neutral colours it will make a world of difference.
How to fund home improvements
Home improvements are often funded by either remortgaging or by a further advance or loan. If you would like to know the options available to you, talk to us at YesCanDo Money. We are a Fee-Free mortgage broker and therefore do not charge for our services.
If you’re looking for financial advice and a no fee mortgage broker, please give us a call or drop us an email and one of our helpful team will be able to help you with the options open to you.
Do you have to use the estate agent’s mortgage adviser?
The estate agent may tell you that it’s either compulsory or that you are more likely to have your offer accepted if you use their in-house mortgage adviser. In both cases you definitely do not have to. It is actually illegal for an estate agent to force you to use their own mortgage adviser. Read more on “Do you have to use the estate agent’s mortgage adviser?“