I’m Sarah from FAKRO GB / RW4Y & in this guide I’ll be suggesting a few simple, yet effective, steps sellers can take in order to add value to their home after the coronavirus pandemic.
It’s safe to say 2020 has been quite a year with the outbreak of Covid-19; it has seen a strain on our NHS, a number of businesses forced to make redundancies and a fall in house prices. The shift in the housing market is concerning more and more homeowners, architects and developers as the Centre for Economics and Business Research predicted that house prices will fall by 5% by the end of 2020 and then fall a further 10.6% in 2021 (This Is Money).
If you were hoping to sell your home in the near future, then it would be advisable to take a few steps now to increase the value of your home. In this article, we’ll go through exactly what you can do to boost the asking price of your house!
Starting with the interiors, a dated décor can be really off putting for potential buyers, especially an outdated kitchen.
Completely renovating a kitchen can be time consuming, inconvenient and expensive so if this is the route you want to take, make sure you will profit from your investment.
Rather than this, we would suggest painting the units to give them a fresh feel – white or grey are always good neutral choices and will fit with many potential buyers’ colour schemes - we want to ensure they can see themselves living in your home before they’ve even made an offer! Adding new handles onto cupboard doors can give the appearance of a completely new kitchen & new appliances (although you will take them with you) is also a simple and clever shortcut. Tidying or retiling the splashback can cost very little but totally change the look of your kitchen and bathrooms. If tiling isn’t your forte then even tile stickers are extremely effective and can cost as little as £7.99! (Amazon)
Transitioning from a three bed to a four bedroom house can increase the value of your home by 10% (Telegraph) so it is definitely worth taking a look around your property to see where you could squeeze an extra bedroom in somewhere.
In order to add another bedroom, a double storey extension would be required. According to Build It, this could cost between £60,000-70,000 before you’ve even started with any interiors. Therefore, before you build, make sure you will make your money back when the house is sold! A more cost effective way of increasing the amount of bedrooms is to build up. Your loft space may be the best place to add another living space and can give you the opportunity to move the master bedroom upstairs or create a little oasis for younger members of the family. A loft conversion with roof windows can cost 4 times less than an extension, starting in at around £15,000 (Homebuilding & Renovating). As an added bedroom may see an increase of 9% in value to your home - a loft conversion will more than likely see a return on your investment.
It is becoming increasingly important that our homes are as eco-friendly as possible, especially when it comes to selling. Many homebuyers will assess a house based on its energy efficiency so if your EPC rating isn’t the best, then there are a few steps you can take to improve it and impress those all-important buyers!
By further insulating your home, draft proofing, installing an energy efficient boiler and a smart meter, you will see an improvement in your EPC rating. Another important thing to consider is that there are plans to phase out traditional fuel vehicles by 2035 so installing an electric vehicle charging point would prove beneficial when it comes to selling. According to Viridian, a parking space can add 5% onto the value of your home, which will be increased even more with an electric charging point!
Finally, turning to the outside of your house, first impressions really do count. If your neighbour’s front garden isn’t the tidiest, your house will appear the best on the street by making small improvements to your front door, pathways and front garden.
The exterior of your property is the first thing that greets potential homebuyers and it pays to make it as inviting as possible. If you can’t afford to completely replace the front door, then giving it a lick of paint, with a new handle and knocker, will make a massive difference. Invest in some decorative stones and potted plants, clear the weeds and plant some sweet-smelling flowers, like lavender, to give you that all important edge over any other sellers on the street.
If you are considering selling within the next few years, making these small changes will add much-needed value to your property!
Helpful advice for assisting you with your window buying experience