Everybody likes to think they can add value to their home. If you plan on re-selling at some point, it makes sense to try to add a little extra to your selling price. When thinking about your home’s resale value, there are a number of different things you can do to boost the money you’ll receive. We’ve put together this guide, which ranges from large jobs which require bigger investments, to the smaller jobs you can implement more quickly. Here’s our top tips.
We’re starting out with larger investment, as this is the way to add the most value to your home if you’re looking to sell. The old saying is true – you’ve got to spend money to make money.
Build an extension
Extending your existing home is bound to increase its value. There are, however, things you need to consider before jumping into this; your overall budget being one of them. Of course you need to be sure you can actually afford a costly renovation, but also that it will add sufficient value to your home once it does come to re-selling. Will the added square footage add significant value? You also need to think about whether it will look out-of-place with neighbouring homes. It’s important not to outdo the street on which your home is situated. If you add too much value, people who have more money to spend may look in places with homes of a similar standard to their budget. If your extension increases the price too much, you may struggle to sell when it comes to it.
Convert an existing area of your house
If a new extension is out of your budget, then renovating an area of your house may be a better solution for you. If you have a loft, basement or garage that’s relatively unused, a renovation could increase your home’s value significantly. Creating a whole extra bedroom, home gym, cinema room or man cave would all be very attractive to potential buyers. If you’re handy with DIY you could do this yourself to save more money, but if you’re unsure on anything it’s always best to consult the professionals. Having to re-do work that you’ve botched from inexperience can be a costly mistake, so make sure you’re completely comfortable before embarking on any DIY missions in your home. Often, these spaces are used simply for storage – turning them into a functional part of your house is a sure-fire way to boost its resale value.
Not everyone has the money going spare to renovate or extend their current property. Luckily, there are other ways to possibly increase your home’s value; without breaking the bank.
Focus on your curb appeal
The outside of your home is the first thing potential buyers see. Many people see the ‘for sale’ sign and make their initial judgement on how the outside of the property. Once they come for a viewing, they’ll be judging first impressions based on how your home looks externally. Clean your gutters, keep windows sparkling and ensure lawns are clean and tidy. If you’ve got flaking paint anywhere, such as window frames or your front door, make sure it’s touched up and looking like new.
Spruce up the interior
The good thing about changing up your interior is that you can do as much, or as little, as your budget allows. Whether it’s a re-paint of the walls or a full re-vamp, making just a couple of subtle changes can make your home look more enticing to those viewing your house. Neutral colours are the best to go for, but if you’ve got an ideal buyer in mind you should think about what they’d like to see in a home. A newly decorated interior helps your home to be perceived as higher value.
Replace old carpets
Old carpets are a breeding ground for dirt and stains. Not to mention the fact that modern interiors seem to prefer hard floors nowadays. Old carpets can also hold onto allergens, which could be off-putting to potential buyers with asthma or pet allergies. Replace old carpets with wood flooring to add a new lease of life to rooms. Whilst real wood floor swill add more value, if your budget is a little tight you can get the same effect with laminate flooring. You’ll get the desired wood effect, but with added durability – and at a cheaper price.
Have you got any tips for adding value to your home?