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Did you know you could increase property value with just a few cheap changes?
Increasing the value of your home is easily done – without costing the earth. (And, let’s face it, you don’t want to spend lots to add to your property’s value – it defeats the point!).
When the housing market is slow, it can make it harder to ensure interest in your property.
There are ways around this, though: in fact, experts say that you can increase the value of your home by as much as 10% with the quickest of fixes. If the value of your home is around the national average of £230,000, you could increase it by £23,000 with just a bit of work.
Sounds good? Here are some of the ways you can increase your home’s perceived value with a relatively small outlay (or sometimes, none at all).
You can help your home to sell – and get a better price for it – by making sure you do the following before you start thinking about bigger changes:
It’s so obvious that you might never have thought of it, but the experts say that, if you’re in an area with bad reception, installing satelite broadband can add real value to the cost of your home. We agree – after all, strong wifi is pretty much a basic need these days.
How much value will satellite broadband add to my home? Between 5% and 10%, according to online estate agent Sam Mitchell.
Buyers will want to see the convenience that your home can bring them, so a pre-installed alarm system is a great addition if you’re looking to increase value easily.
How much value will an alarm system add to my home? Some have said that a pre-installed alarm system could add as much as 20% to the cost of your home – win win!
If you’re looking for a new alarm system, check out the deals on Amazon.
Locks on windows, on exterior gates, and on outhouses or sheds can add a sense of security that you might not even have considered, especially if you’ve lived in the property a long time. Likewise, adding a dead-lock on your main door could increase perceived value in a buyer’s mind. It also clearly demonstrates to them that the house is well cared for.
How much value will secure locks add to my home? We can’t find an exact number, but the value of adding devices such as smart locks has been written about numerous times – so maybe ask your estate agent about the perceived value that buyers might see in this added security.
Yes, really. First impressions count, and a brand new, freshly painted front door could stick in the mind of a potential buyer without them even realising it.
How much value will a new front door add to my home? A survey in the US says $24,000 (about £18,400) could be gained by adding a new front door. Yes, we’re shocked too.
Ok, it’s not the cheapest of fixes – but a conservatory can offer the wow factor, offering light and airiness to houses that might otherwise lack these things. A conservatory could be the tipping point that gets your house the offer it needs.
It depends what sort of conservatory you build, how much it will cost and how much it will enhance the price of your property. Average costs are:
It’s really important to make sure that the conservatory is well-made, as a badly-built conservatory can actually reduce the value of your home.
How much value will a conservatory add to my home? A 2017 study by Towergate Insurance suggested that a conservatory would add an average 5% to the value of a home. It’s important to work out whether your initial investment will make a 5% increase in value worth it. For example, if your house costs £200,000 your conservatory is likely to increase its value to £210,000 – so there’s no point investing in a project that costs more than this difference.
Double glazing traps heat within your home, leading to more efficient heating use. Again, make sure these are fitted properly as having windows with condensation can rightly put buyers off.
Double glazed windows could cost on average between £250 and £400 per window, meaning your costs (based on ten windows needing to be refitted in your home) could be between £2,500 and £4,000. There is large variation in the types of windows you go for, however.
How much value will double glazing add to my home? Double glazing wil add around 10% to the value of your home.
A new, impressive bathroom can really sell a house. Make sure that the colours are neutral and that at least one of the bathrooms in your home has an actual bath. Many buyers like to have a bath as well as a shower.
The price to renovate a bathroom can vary. Whilst the UK average of £7,000, do it yourself and you could spend as little as £1,000.
How much value will a new bathroom add to my home? A bathroom renovation could add value of 4 – 6% to a property in the UK.
This is where you can make a significant improvement to the price of your home. If you can add a loft room – and particularly if you can add an ensuite to it – you are highly likely to increase the property’s value. Make sure you get planning permission first!
The average cost in the UK to add a loft conversion is £30,000 – £50,000, depending on the size and location of property.
How much value will a loft conversion add to my home? The initial outlay might sound like a lot, but it can add value of 20% to your property – so it might very well be worth it.
Solar panels can help with your heating bills as well as increasing the value of your home.
The average cost to install them is £4,000 – £6,000 depending on the size of roof and how many panels are needed. Or, look for local ‘green schemes’ offering free solar panels. You ‘rent’ your roof space to a company that installs the panels. You benefit from cheaper or free electricity, and they earn cash from selling the surplus energy to the grid.
The energy efficiency they create depends on which season you’re in. Summer will give you more energy than winter, for example. In the summer months, you could save a whopping 50% on your energy bills.
How much value will solar panels add to my home? There’s a lot of debate about exactly how much solar panels affect the cost of your home, but one positive is certain: a huge reduction in energy bills for your buyers is definitely something to shout about.
The benefits of re-doing the roof of your house include better insulation (hence cheaper energy bills from the trapping of heat), and a reduction in the chance of mould or mildew forming. Of course, a new roof can also change the aesthetics of a property – something that potential buyers will immediately notice!
The cost of a new roof in the UK is £5,000 – £6,000.
How much value will a new roof add to my home? It can increase the property value by 60 -70% of the initial roof renovation cost.
You may be tempted to just put “roofing companies near me” into a search engine and go with the top result, but not all roofing contractors are created equal. You’ll need to compare the services offered, rates charged, and time to complete to determine if it’s a solid investment.
We hope this has given you some inspiration with which to give a bit of extra value to your home. Good luck!
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.