Not all home improvement projects add value. Some can just make your property easier to sell, but you may not necessarily increase the price.
So I’ve put together a few things to keep in mind as you think about improving your home.
In many cases, it’s more cost-effective to turn a two-bedroom house into a three-bedroom house than it is to invest in a new property with an additional bedroom.
A couple of further options for creating more rooms are:-
- Reconfigure the floor plan
- Add more living space with an extension or conversion
Reconfiguring: Reconfiguring the existing floor plan can be a cost-effective way of creating more bedrooms. Providing the rooms created are of adequate size, and the space in the original ones has not been overly compromised, a well designed reconfiguration can add value to your property.
Conversions: Converting loft space or a basement can increase the number of bedrooms, as well as the living space in your home. Generally more bedrooms mean more money, but has the cost of conversion outweighed the increase in valuation?
Extensions: Any project that adds square footage is likely to add value, however, these can be costly and have to be designed well for your property.
Once you have rough costings of the above, ask a local estate agent to give you a valuation for your property as it is now and what it would be on completion.
Kitchens sell houses so this is a good ‘value adding’ area to spend money, especially if your kitchen is tired and in need of replacing. From a seller’s point of view at least buyers won’t knock the price down when they consider the costs of installing a new one.
So often spoken about on the TV but paid little attention to, this would be one of the most important aspects of selling your home. If buyers like the look of the property from the outside, then they will likely want to see the inside. More viewers equal better prospects of getting the price you want. So my advice for those on a budget is to sort out the front of your property first; maybe hanging baskets, clean the front door, relay some stone chips and paint that fence!
Instruct the best agent, not the cheapest
This can be the wisest way you spend money. Cheap estate agents are cheap for a reason, they cannot afford to put the time and energy into selling your property, as they are likely dealing with as many sellers as possible in order to keep the costs down. My advice is find a reasonable agent that uses professional photography and advertises on the major property portals such as Rightmove, Zoopla and 1st Avenue Estate Agents this will maximise your value with the littlest amount of investment.