Whether you’re planning on selling up to relocate completely, upgrade, downsize, or merely interested in maximising your profit when the time is finally right for any of those ideas to come into play, it’s worth knowing about the little things we can all do to add value onto your beloved home.
According to a survey by peer-to-peer platform Zopa, the most sure fire ways of boosting the resale price of your house is by adding a conservatory. With a potential (and rather staggering) 108% return on investment, the maths certainly adds up. Failing that, work on the garden- coming in at an average cost of £4,500- might also be tempting, with an 88% return.
Of course there’s more money to be gleaned from larger projects- an extension, for example, can offer a 71% return on investment, with the average profit from a £20,000 outlay coming in at £14,000. Of course we’re not all privileged enough to take such bold, not to mention expensive steps, so what can be done when you’re not in a position, or an address, where these are possible?
Spending money on your roof, floors and carpets are all great ideas, but these are more practical, and may not deliver the kind of wow factor that gets sellers noticed against their peers. As such we’d recommend looking to change and modernise entire rooms, making it impossible for prospective buyers to overlook the work and effort that has gone into preparing the property for those viewings.
Considering renovating or updating the kitchen is a popular choice, and again the numbers speak for themselves. With an average price of £9,600, it’s not always the cheapest route, but the median profit resulting from this investment currently sits at £4,750- just under 50% return for those willing and able to splash out. Hardly a figure to be sniffed at when you consider the UK’s famously competitive property market.
The bathroom is another great area of the home to look at. Coming in far cheaper than a new kitchen, you can expect to fork out around £5,000, and whilst the return is therefore smaller- £2,350- the margin is almost as high, at 48%. In both instances, it’s important to go for good quality fixtures and fittings, avoiding current trends as there’s a significant chance you’ll wind up with something destined to look dated in the long run. The best course of action being to think clean lines, minimal detailing, and a plain, fresh colour scheme that everyone can live with.