Discover 12 Great Factors Which Add Value to Your Home
There are the 12 prominent factors which add real value to your home. See our other blog for negative factors.
1. Location location location! Yes, it is integral to property prices
Some homes will always struggle to achieve the top end of market property prices – regardless of where they might be. If your home is not at risk of flooding, is in a highly desirable area and enjoys stunning views of the countryside or the ocean, it is likely to attract a premium. However, if your home is in a crime-ridden estate that has an unfavourable reputation, or it is on the main flight path into Heathrow Airport, even major home improvements and all the latest amenities will only have a limited effect on its final selling price. In the world of real estate, location means everything, adding more value to a house than anything else.
2. Kerb appeal can add extra value to your home
The term ‘kerb appeal’ is a buzzword amongst estate agents, and it refers to the first impression buyers receive when arriving at your home. If the fascias, windows, doors and gardens are in a good state of repair and attractively finished, potential customers are going to be in a positive frame of mind as they step over the threshold of your home. This positivity and connection between buyers and your home ‘kerb appeal’ can translate into higher house values.
3. The value of a property is affected by size and shape
Generally speaking, home buyers like traditional property layouts and as much space as possible. Homes built on large, rectangular plots with plenty of space in the gardens will often attract a premium. Conversely, oddly-shaped, triangular homes at the end of terraces or those close to main roads will often be looked upon far less favourably by home-buyers.
4. More bedrooms or a room extension usually means higher home values
Three and four-bedroom homes are always in relatively high demand, as they appeal to average-sized families of between four and five people. Having a bedroom for every youngster in a family is often a priority for families upsizing from smaller homes and flats, and that alone can result in higher property valuations. If you can’t make an extra bedroom, then consider extending a room and add value to your home.
5. An impressive kitchen can mean a higher house valuation
A lovely new modern kitchen adds value to homes. The kitchen is usually the heart of a family home; it is where people come together to share food, socialise and talk through the events of the day. Homes with spacious, well-designed and modern kitchens will usually have a competitive edge over other homes for sale in the area with less appealing kitchens.
6. Storage space is a major plus point for buyers
It is surprising just how many personal possessions a family can amass throughout the course of day-to-day life. Families with teenagers and those who like to work from home will need a decent amount of storage, and homes with lofts, under-stair storage cupboards and walk-in closets will sell relatively quickly. The high demand for these homes will inevitably push house prices upwards.
7. Off-road parking usually means higher property values
Vehicle crime can happen in any area, but it is often the more affluent areas that are targeted by career criminals. The added security of a garage or private driveway can leave a car less susceptible to crime and high insurance premiums. Any properties with these facilities will have a distinct competitive edge over similar homes on the market with no private parking and can be surprisingly cheap to install.
8. Modern amenities mean buyers can move straight in
Buyers have to find larger deposits than ever before to buy the home of their dreams, and that can leave money for home improvements scarce. However, a home fully equipped with modern amenities, electrical wiring and tasteful fixtures is likely to attract a higher final sale price than one that needs work. A new kitchen and bathrooms are necessary renovations that add value to your home. Your home tastefully decorated with high-quality floor coverings and modernised utilities may be able to command a premium from cash-strapped, first-time buyers.
9. Energy efficient homes often mean higher house prices
The spiralling costs of energy in the UK are stretching household budgets to breaking point. If your home can cut average fuel bills for potential buyers, it will be very popular adding value to your home, and you could use that increased demand to hike up its final sale price.
10. Families love homes within the catchment area of great schools
State-operated schools in the UK usually give priority to those children who live in the catchment area. Schools that receive favourable OFSTED reports and those that rank highly in performance league tables will make the surrounding areas highly attractive to buyers with children having a knock on effect and inevitably translating into higher average house prices.
11. Low crime rates
‘Low crime rates make neighbourhoods more attractive to home buyers, equating to higher house values‘. No one wants to live under the shadow of street crime, anti-social behaviour and graffiti. Areas that rank well regarding published crime statistics, those that have low crime rates and those that operate efficient neighbourhood watch schemes will be highly desirable to people making the biggest investment of their life. If your home is in such an area, you may be able to sell your home at a premium. The correlation is simple, places with a low crime rate add value to your home and are more desirable, attracting higher prices.
12. Nearby recreational facilities can lead to more profitable house sales
Properties that are within walking distance of retail developments, leisure facilities and recreational areas will have a competitive edge in the marketplace over similar properties that aren’t. If your home is near a park, leisure centre or a significant retail area, you may be able to exploit heightened demand to attract a higher sale price.