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Jun 23

How to increase your property value without overspending

Reading Time: 3 mins

Through the COVID-19 pandemic, many homeowners have been forced to shelve their plans for moving. But as the world begins to get to grips with the virus, and a sense of normality returns, the property market has once again been made free for individuals to buy and sell as they please. So, now might be the right time to prepare your property for sale. 

And, of course, there are many things that you can to improve your home and up the value of your property – however, a key mistake that many homeowners make is that of overspending. Overspending can actually take two forms: the first being that during your renovations you spend more than you are likely to get back in the value of the property. The second form is creating a property that is too lavish for your target market.

Homeowners with a two-bedroom terraced house in a cheaper part of town would be unwise, for example, to put stunning marble counters in their kitchen. The result would first be that the cost of the marble counters would not be matched by the rise in price, but also that the house would become too expensive for its location. 

 

Ensure any works are in keeping with the current property

The first thing to make clear here is that you need to ensure that any work that you plan is in keeping with the level of quality and the aesthetic of the rest of the property. Spending a great deal in one area of the home can create a lovely space, but it can also leave the property out of balance. The issue here is that you simply won’t recoup that money as the property is sold. 

If you are preparing a home to be sold and want to add value it can often actually be most beneficial not to be too aspirational with the changes you make. Putting in hugely expensive features may make the property more of an acquired taste and actually have the effect of putting buyers off, rather than getting the best price out of them. 

 

Focus on the kitchen and bathroom 

It is often said that if you want to improve the value of your home then our best bet is to make improvements to the kitchen and the bathroom. This holds true – homebuyers are more likely to want to keep a bathroom and kitchen as they are, but then to make changes to the living areas of the home. So if you can wow potential buyers with a strong kitchen and bathroom, it can go a long way to increasing value

It can be a smart idea, rather than having brand new suites and furniture installed in these rooms, to make improvements to what is already there. Refreshing the current look of the bathroom can be beneficial. 

 

Smarten up your outdoor space

It is certainly the case that one of the best areas of your home that you can make improvements to is the garden – or, in fact, any outdoor space. COVID-19 has created a situation where socialising can be done more safely outdoors, which has created a greater need for usable garden spaces. 

With that in mind, why not take the time to smarten up your outdoor space? The amount you spend doesn’t have to be enormous, but it can make a big difference to the value of the home. 

“Since the partial lifting of lockdown, we have had a large number of customers interested in decking for their garden,” says Oak & Wood, specialist timber suppliers in Surrey “outdoor spaces have become much more important to homes, as households want to make the most of their time outside”. 

 

Final thoughts

Try to consider any home improvements that you make in an effort to raise the value of your home objectively. This shouldn’t be about your personal preferences, but more about what can actually raise the value without spending excessively. 

The vast majority of people buying a property will want to have a chance to put their own stamp on it and make it their own. So making sweeping changes may not be necessary – but rather freshening up and smartening the property as it is. 

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