At least 2-3 times a week, I will get asked by potential home sellers what they can do to their home to help increase the properties value and maximise the price they will achieve. Whilst many homes we see in Lancaster and Morecambe will have a ceiling value for their street, there are some things that can be done that will add value.
In the first instance I always like to look at low cost / no cost jobs. These are really simple and include cleaning, tidying, de-cluttering and minimising furniture in order to show off your space better. More recently though, we have been asked about more expensive improvements.
Our friends at dataloft shared with me their latest research that surrounds improvements. Some of I agree with, some of it I do question. It is based on the UK’S average property value which is currently £287,506. Remember in Lancaster, the average value is currently £180,208.
Let’s look at each point.
Full decoration
Decorating is probably the most cost effective thing you can do and certainly tops my list. Your return on investment make it worth while. Where else you can get a 3x return on your investment?
Kitchen upgrade
They say an average kitchen replacement will set you back £10,550. This all depends on the number of your cabinets and the spec that you choose. For many the kitchen is the most important room of your home. If your home needs a new kitchen, it’s worth doing, however would a kitchen makeover be more cost effective? I’m thinking a new work surface, new handles, new flooring instead?
Utility Room
Would you really want to spend over £8000 replacing your utility room? I wouldn’t. I would want a full kitchen for that. Again, follow my advice, change the worktops, handles and flooring to match the kitchen!
Garage conversion
The jury is out on this one. One one hand it can be very much needed space. It could create an extra room, a home office, even an additional bedroom. If it is space you need, it could be cheaper converting than moving. However, some people both want and need a garage. If I was doing this, I would be doing it because I needed the living space not to sell my home. Reports say you could get back double your spend. I’m not sure, however, on a positive, I don’t see you losing money!
Solar Panels
Everyone wants to save money on the energy bills and solar panels are a growing trend that are here to stay. The payback isn’t what it was, but if you can cut down on your bills, isn’t that good enough? It is something I am looking at for my next home when we move! However does it add value? Personally I don’t think that many buyers take this into consideration when buying a home. if you are doing it, do it for you!
Electric Car Charing Point
I’m an electric car driver so an Electric Car Charing Point is a thumbs up from me. However I question does spending £1000 in getting one installed really add up to £4,888 of extra value on your home? It is certainly not a plus to someone who doesn’t drive an electric car and surely a buyer would prefer to have one installed new for the lesser £1000 themselves. I know I would!
The garden office
Buy a garden office and you could be doubling your money. If you have the space it will certainly make your home more appealing and saleable. After all so many people now work from home. I also feel you will get your money back on it. But doubling it? I’m not sure.
The loft conversion
Many people ask how much value would converting the attic add to the value of a home? The average cost of an attic conversion (according to research) is coming in at £37,500. It could increase your value by up to £43,126. If you need the space (eg a 4th bedroom) this is worth doing, especially if you plan to stop long term. The question is, is it worth it to you or would it be cheaper to move?
So there you have it. A list of big ticket items that research shows could increase the value of your home. Personally I am going to suggest that you follow my low cost advice, unless of course your house is a renovation project! Of course, some of you maybe be planning on stopping where you are and just making home improvements. Don’t let my thoughts put you off. A home after all is for enjoying
What are your thoughts? I’d love to know. Am I right or am I wrong?
My name is Michelle Gallagher. You can call me on 01524 843322 or email me at michelle@jdg.co.uk or why not just add a comment below!
Thanks for reading
Michelle x
