According to mortgage lenders, house prices are expected to rise around 11% over the coming three years. While this may not be welcomed by those looking to get onto the property market for the first time, for most of us it means very little. Any money we gain when we sell one home, we are likely to pay out again when buying another.
The key to adding extra value to your property, or indeed leave money in your pocket when you move, is to take steps that will add to the property value, without it costing too much.
If your main aim is to add value to the property then, understandably, the first thing that often comes to mind is a loft conversion or extension. However, this can be tricky as sometimes, the increase in value will only be around your initial outlay. A good place to start if you want to add a lot of money without spending too much is the garden.
Hot tub: According to This is Money, by spending a few thousand on your garden installing a hot tub or barbeque, you can add £10K to the value of your property.
Space: It also makes sense to remove any old bushes and to keep the garden cutback as much as possible. Increasing the amount of space, or even the perception of space, can be a very affordable way to add value to a property without having to shell out too much.
Think twice before building an extension: Extensions can indeed add value to a property, but it can also pay to give its some serious thought before getting the builders in. Garden space can also be a valuable asset and by having an extension, you could be making your home less appealing to a prospective buyer.
It’s a fact that when viewing a property, many potential buyers will look to the kitchen before considering other rooms. As such, it can really pay to make sure your kitchen stands out. However, that doesn’t mean you have to go out spending several thousand pounds having a refit.
The face of it: Many cupboard doors can be replaced with brand new ones without having to get new cupboards. By spending a few hundred pounds replacing the doors, you can make the kitchen look as good as new. An excellent way to add value for little cost.
Make it match: Another great way to improve you kitchen’s look is to purchase new light switches and door handles of the same design. Replacing the old with new and making them all match can really make a difference.
Remove the clutter
Space is a real selling point and by removing as much clutter as possible, you can make rooms look much bigger. This will increase your chances of getting the figure you are looking for when selling, or even that extra few pounds. Making sure the lights are on and that the walls are painted a light neutral colour such as white will also make a room look bigger.
You can’t put a figure on the first impression your property will give to a possible buyer. Therefore, it’s vital to take some time to pay attention to the aesthetics. From a lick of paint on the garden gate to filling cracks on the outside walls, a few pounds and some elbow grease can make all the difference. Put some nice flowers around the front door and make sure the outside light is on when viewers visit and you can make a real impact.
Whilst it goes without saying that big changes and a makeover can add value to your property, very often it will cost a lot to do and you can be left with no guarantees. As such, the sensible approach is to spend as little as possible while at the same time, creating the biggest impact and you could add a lot to the value of your property without taking out a second mortgage.