John Fitzsimons looks at some simple ways to boost the value of your home.
John Fitzsimons looks at some simple ways to boost the value of your home.
With prospective sellers deciding that the property market has hit its bottom, and flooding the market with properties, things look a little ropey for house prices. However, there are a few things you can do to boost the value of your home.
1 A fresh lick of paint
It sounds simple I know, but it can make a real difference. According to a study by Santander a year ago, some simple cosmetic improvements, like repainting the house can be one of the easiest ways to add a few bob to the value of your home. They found that an average spend of around £1,300 on such improvements would boost the property’s worth by a whopping £3,500!
2 Build an extension
Far more expensive than a quick trip to the paint aisles at B&Q, I admit, but adding a room or two to your property can boost its value by thousands. Of course that room will only make a difference if it’s actually a decent size – adding a new boxroom and advertising it as a third bedroom won’t fool anyone.
According to Nationwide, adding a 13 square metre bedroom to a property can boost its value by between 11% and 13%. On a £150,000 home, that’s possibly an extra £20,000!
3 Speak to an estate agent
I know, I know, estate agents are right up there with politicians in terms of the most unpopular people in the country, but they do have their uses.
And they come into their own if you are looking at ways to boost your home’s value. Estate agents, after all, are the ones that value the properties that go onto the market, and while it’s not an exact science, chances are they’ll have a decent idea about what little changes you can make here and there that will boost your home’s price. Just as importantly, they will be able to tell you what NOT to do!
For more tips, check out our goal Sell your home at lovemoney.com/goals.