The UK housing market continues to prosper despite some predictions to the contrary. The imbalance between the demand for property and the supply has kept prices at a high. Another effect of this supply vs demand ratio is that buyers are required to move quickly to ensure they purchase their ideal home. The competition is aggressive. Estate agents, including Redbrik estate and letting agents are having to face both aspects – some sellers who, taking advantage of the benefits, are not willing to reduce their prices and many buyers who are in a rush to get the house of their dreams.
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The goal of owners, whether the property is to live in, rent or sell, is to keep the ROI (return on investment) at an increased level. Here are some ways to improve your home’s value and achieve this goal.
Budget and plan:
You will need to have an idea of the amount you are willing to spend to upgrade your home. Once this is calculated, a plan needs to be created. First clarify the reason – if you are selling or renting your house you need to look into features that will add value to your home. If you wish to continue living there and need to make it more comfortable, improvements to increase the ambience will be required. A home inspector can help by checking details of the house such as foundation, basement, interior electrical, plumbing, heating and cooling systems, woodwork, floors, ceiling etc. Structural defects can devalue a home and not only dissuade prospective buyers but some mortgage lenders will not lend on properties with such defects. Hence, these need to be attended to. Once you have a plan of what needs to be achieved, you can go ahead.
Improve kerb appeal:
First impressions make a difference and if the view of the house from the outside is appealing, not only will it enhance the prospective buyer’s interest but will also add to the value. A fresh coat of paint works wonders! Choose a neutral lighter colour for the walls as that seems to be the trend, rather than dark or depressing colours. Woodwork and furniture can be spray painted or polished, which will not only give a sheen but will protect the items as well. Ensure that the lawn or garden is neat and weed-free. Spring cleaning and decluttering will provide a healthier and happier environment.
Repairs and replacements:
Nothing can be more off-putting than a leaky faucet or loose wires. Minor and major repairs need to be taken care of so that every feature is in good working order. Replacing knobs on the doors of rooms, kitchen cabinets and closets can give a new look to the home. There is a saying that “kitchen and bathrooms sell houses”. These are focal points of a home and by renovating and updating them, improved value is added. Durable granite or quartz worktops are not only easy to maintain but give the kitchen a luxury look. Modern energy-efficient appliances will also add appeal and value. For the bathroom, the addition of modern spa-like facilities such as a power shower and underfloor heating will help people relax after a hard day’s work. The initial cost may be high, but the returns in the increase in value of your home will justify the expense.
When people are still working from home, a good internet facility is a must. In addition, you should take advantage of modern technology and make the home “smart” with the use of IoT (Internet of Things) technology from switches for lighting to sensors for voice and speech, allowing control of these devices. There are gadgets to monitor water pressure, electricity usage etc. By updating your home with such technology, the value will immediately increase.
Every home has to have an Energy Performance Certificate. The higher the rating, the more value will be added. Hence, it is important to see that the systems covered by this are as energy efficient as possible, such as central heating, thermostats, gas, coal, etc. Upgrading the home to save on energy can add value to the property.
No, we don’t mean constructing another room! One suggestion is to make use of unnecessary space such as alcoves by converting them to built-in cabinets or wardrobes. Storage space can be made by installing drawers under a bench in the hall. If there is an open staircase with unused space beneath, closing it in and adding a door could provide heaps of storage space. This will increase the value of the property.
There are numerous ways to improve your home’s value. By following the above tips, you can ensure that the value of your home is increased and that the target – to increase the ROI on your home – is met.