In the wake of the Brexit effect on the property market, selling and moving house may not be an option, so why not consider home improvements – a guaranteed way to increase your home’s value?
Buying a home is more complicated and expensive than ever before, and first-time buyers, in particular, are struggling to get that first foot on the property ladder. Along with arrangement fees, legal costs and a substantial deposit, first-timers and families upsizing for the first time are also faced with the potential costs of modernising a home. Whether it’s a matter of cost or time, many buyers want to get the new keys to their home and move straight in. If you can attend to the central amenities, utilities and decorative features in your home, you could get a pleasant surprise from your next property valuation.
Updated utilities are significant home improvements and can lead to higher house prices.
If your home is more than thirty years old, there is a chance that it may need rewiring. The easiest way to determine whether rewiring is required is to check the type of fuse box in place. Modern wiring requires a current fuse box with a residual circuit device (RCD), and if your home doesn’t have one, it will be one of the first jobs a new buyer will have to carry out – affecting your home valuation. In addition, rewiring before putting your property up for sale could result in a final sale price that more than makes up for the work cost, as buyers will often pay a premium for a property that is ready to move straight in.
Because rewiring a home is a disruptive and messy job, it is always good to schedule any cosmetic works – including new wall and floor coverings – after the heavy work is finished. Rewiring is also an opportunity to increase the number of power outlets in your home and upgrade your light fixtures to something more attractive and contemporary. However, it is often the tiny details in a home that have significant influences on property prices.
The state of plumbing also plays a significant part in the formulation of house prices, and carrying out these kinds of home improvements, i.e., any works before listing your property for sale, could also attract a premium from a buyer. Older pipework can experience a build-up of fur, which can be detrimental to hot and cold water flow around the home. In addition, if your plumbing system is old, it may suffer from pressure issues and be prone to leaks and burst pipes. By upgrading to a pressurised plumbing system, you could make your home far more attractive to buyers.
Loft conversions and new windows can increase house sale prices.
It is possible to convert your loft space for as little as £500 per square metre, and that is around half the price of an extension. The addition of windows in the loft and a permanent staircase could vastly increase the size of your home – opening it up to countless more potential buyers. However, building regulations apply to loft conversions, so you must seek an expert’s advice before committing to a potentially expensive project.
Double-glazed windows – usually made from uPVC – are widely considered essential features in homes these days, and not having them can severely affect a home valuation. As well as requiring the minimum of maintenance, they reduce noise from outside and increase a home’s energy efficiency. Wherever possible, it is always a good idea to replace windows on a like-for-like basis – installing uPVC windows in a period property could seriously harm its value.
Buying a home – particularly for the first time – is now more difficult than at any time over the last thirty years, so making some home improvements and getting your house ready to move into has the potential to add thousands to its value!