Add Value To Your Home
How to add value to your home
In recent years, house prices have crept higher and higher. Back in 2011, the average UK property price was £162,730. It has now risen to £215,134 (figures from the ONS). That's a 31% increase! As you can imagine, that puts many people off buying a house. Especially young people who cannot afford to get on the ladder. But it also means that if you already own a place and want to sell, you will make more money for it than ever before.
The best way to add value is by doing renovations on your home. This includes the garden too, so a new patio, decking, or just some tree care and garden tidy up, all count.
Here's a few ways you can add value to your home.
Do some interior decoration: This is the most popular way of adding value to any home, but it will get you the biggest returns on investment. You could paint your walls, buy new furniture, and generally make your home look more like you want it to be. So if there are any rooms that you have not used in a few years, consider moving the furniture around. And if you are renting the property, you will be able to deduct these costs on your tax return.
Install window blinds: One of the most overlooked ways to add value is through good lighting effects within and outside your home. You can get designer blinds for about £60-£80 and they will immediately add value to your home, especially if you have a 1930s house with loads of light filtering through. If you are renting the property out, it is very possible that you can deduct these costs from your tax return.
Purchase a new boiler: Boilers often break in old houses, and when they do, it can be a nightmare. You might have to work with the landlord to get one fitted, which can take months. If that's the case you could consider fitting your own boiler (if an authorized engineer has given it the all clear).
A new boiler will add value as well as improving your home in terms of comfort and of course, safety. You can expect to pay anything from £800 to £2000 for an electric boiler depending on the brand and how hard your home is to access.
Renovate your bathroom: A good bathroom renovation can add between 10% and 25% value to your home, depending on the state of the property when you bought it. You can easily spend 10-20% of the cost of your home for a complete bathroom overhaul, especially if you are going for an expensive finish.
The most common way to recoup these costs is by renting out the property (you don't have to be renting though). You may also be able to deduct expenses on your tax return.
Make the most of your loft/conservatory: If you have a loft or conservatory, it's worth thinking about how you can make the most of these areas. If they are in poor shape then don't worry - you can fix them up and add value to your home without spending much at all.
Electrical Re-Wire:
If your home has had a recent re-wire then it's a good idea to go through the property again and check that everything is working how it should be. It may take some time but you could save yourself a lot of trouble later on by making sure the sockets are all working and that lights have been installed properly.
Install energy efficient windows: Energy efficient windows can add a lot of value to your home. If you are buying new ones, it is always worth considering their energy efficiency rating and the cost/benefit ratio of getting energy saving windows compared to normal new windows.
Power lead replacement: A lot of old properties have power leads coming in from outside that may be old and inefficient. You could consider a new power lead if you are having some other renovations done, or even if you are just adding new sockets around the house for modern appliances.
New drainage system: If your home has a problem with flooding or damp then it might be worth installing a drain while you do some other building work around the house.
Improve the air: Having a more efficient central heating system will make your home more energy efficient and may add value. If you are buying a new boiler then look for one that is energy efficient as well as having good reviews from customers and technology websites. Some boilers can cost £800-£2000 so you shouldn't be afraid to read articles and reviews online before you buy.
Can I afford a new boiler? Get an energy assessment or use our calculator to work out how much your monthly repayments would be if you installed a new boiler in your home. Get estimate for installing a new boiler
What else can I do? Paying for all these improvements may seem like a lot, but you may be able to find grants or funding for some of your work. You should also check that the improvements will actually add value to your home when it comes time to move on.
As long as you have all these points covered though, there is no reason why you can't get started and earn back the cost of your new improved home.
Check for leak detection:
A lot of homes have problems with water and dampness. Sometimes this is hard to spot until it's too late so you should check for leaks as well as the general structure of the building. You can use specialist kits, or just follow your nose! It's a good idea to have an expert check for leaks if you notice anything that looks like a problem, or if you are considering changes to the property.
Insurance: You may need to check your home insurance while you do all of these improvements. If money is tight then it's worth checking to see how much your insurance will go up - as some of these improvements will increase the value of your home and could therefore increase your insurance bill as well.
Take pictures: It's always a good idea to take some pictures of the property before you start any work, just in case something is damaged or lost during the process. You can also show off your efforts when you are finished - and even submit them to us!