You will profit monetarily from knowing how to raise the value of your overseas property whether you decide to sell or stay. There is a serious undervaluation of this part of the housing market. Even so, homeowners who successfully update their house have a greater sense of control over their wealth and net worth. The most important financial investment most people make is in a house, so it pays to understand what factors increase and decrease the value of your sale price in order to take advantage of local housing markets.
The higher sale price is only one advantage for sellers. Raising the value of your house will draw in more potential purchasers and shorten the time it is listed for sale. Another benefit that will materialise soon is an increase in your family’s standard of living. Now let’s investigate ways to increase the value of your house.
- Curb Appeal
One of the first major mistakes made by novices looking to increase the value of their property is to focus only on the interior rooms. People first notice the outside. The exterior appeal of a house is referred to as its “curb appeal.” Your front door should be the first place you check for problems. This ought to stand out and have a strong impact. Do you think you should also paint the outside and give driveways and courtyards a thorough cleaning?
Although the garden doesn’t have to resemble the Chelsea Flower Show, well-kept gardens are powerful statements. Additionally, think about lighting for the evening, clear the gutters, and look for damage on the roof. Do fences and boundary walls need to be painted again? Clear out the shed and garage, and give them thorough cleanings. Sheds and garages are typically the areas most neglected when it comes to cleaning. It may seem like a lot of work. For do-it-yourself enthusiasts, however, average prices offer a huge and reasonably priced benefit.
- Kitchen Renovations
The most foot traffic is in the kitchen, especially when families are around. Therefore, the second thing to consider should be kitchen renovations. Many people believe they need a brand-new kitchen in order to add value. This is untrue. Furthermore, it’s likely that any prospective purchasers will have a different idea of what kind of kitchen they want.
Start with a thorough cleaning. In kitchens, dirt accumulates quickly, but portable steam cleaners come in handy. Make inroads and remove the cooker and refrigerator. Examine the condition of the light fixtures and the ceiling to determine if they require painting. Invest in some high-quality paint for the tiles, countertops, and cabinet doors if they don’t look too great. Just make sure to use neutral colours and stay away from bold ones. Finally, examine the light and electrical outlets. You can replace these for almost nothing.
- Interior Windows, Doors, Flooring, and Lighting
Even though interior doors see a lot of traffic, most people don’t notice the quality because they pass by them on a daily basis. You don’t need new doors; instead, think about giving them a thorough cleaning and coat of paint. Examine window frames and skirting boards as well.
Windows painted with PVC will apply fresh coats of paint to repair scratches. For the simple reason that they allow in more natural light and give the impression of more space, net curtains and blinds are out of style. Check for drafts around windows and doors as this leads to higher energy usage.
Laminate flooring is an inexpensive, low-maintenance alternative to worn-out, old carpets. Add some neutral-colored rugs to the space to make it seem better. And last, should we paint the walls one more time? Because built-in light fixtures require less cleaning than traditional lampshades, many people prefer them.
- Energy-efficient and reasonably priced heating
Buyers are immediately drawn to energy bills because everyone enjoys saving money on bills. There are several approaches to increasing a home’s efficiency. If you don’t sell, your wallet will also gain from lower utility costs.
First off, are solar panels good for the environment? In hot countries, harnessing solar radiation to generate electricity reduces energy expenses, and solar panels are usually mounted on roofs, hidden from view. Second, get double glazing if you don’t already have it.
Inspect your loft insulation as well. Light bulbs are generally out of style and replaced with energy-efficient or LED lights. Which heating system do you currently use? Are there any less expensive options? Are you able to install SMART Home Technology? There are plenty of options, but be sure to examine them closely and keep in mind that the main goal is to reduce energy costs or make a house more environmentally friendly.
- Organising and Having Enough Room for Storage
Many people haven’t mastered this issue, but minimalists have. As time goes on, we accumulate stuff in shelves and drawers, overflowing our homes with things we no longer need or remember. While buyers are turned off by cluttered homes, decluttering creates more visual space, which appeals to them. Give closets, cabinets, and drawers a thorough cleaning, and decide what should be donated or thrown away. Next, examine the storage that you have. Look through the variety of creative storage ideas that are currently on sale if you are short.
- Shower rooms and suites with designer fixtures
Bathrooms increase a home’s value by 8 to 10%, according to cost versus value studies. The number of bathrooms is always mentioned in real estate listings, and updating the shower fixtures, doors, lights, and faucets gives the place a new look. You don’t require a completely new loo.
Create a comfortable and useful bathroom to draw in buyers who envision unwinding nights spent in the tub surrounded by peaceful, soothing environments. Remember to check your bathroom for limescale and whether it needs to be rerouted. Carpets in bathrooms are not hygienic. Wet rooms serve as an additional downstairs lavatory.
- Increase the Square Footage to Provide More Living Spaces
Of course, this is an expensive upgrade that needs to be done in accordance with building permits and regulations. However, value is always increased by usable square footage that creates additional living areas. Most people convert their patio space into a year-round conservatory. This serves as an additional living space and indoor garden.
Professionals or remote workers can have more space by adding a home office. Families, however, are always fond of having a dedicated laundry room. Converting a garage is an option for some, but consider your options carefully because designated parking spaces increase property value and attract buyers. Converting a loft is another common way to add a bedroom. Plan carefully; the more usable square footage, the better.
Tips on what Buyers are Looking for?
Knowing what buyers are looking for will be beneficial if your goal is to sell. Putting oneself in the buyers’ position makes it easier to identify necessary maintenance and upgrades. But buyers of real estate consistently express a desire for particular attributes.
Low Maintenance: This is as easy as painting the interior walls with washable paint. Similarly, the garden ought to be striking without necessitating a lot of labor-intensive gardening each month. Owners are aware of which things require ongoing upkeep and upgrades, but keep in mind that purchasers prefer modest building repairs.
Additional Space: Ingenious storage design has its own niche. Whether it’s kitchen cabinets that don’t need a stool to reach the upper shelf or storage beneath the bed. Popular built-in wardrobes may be purchased; buy some cabinets for low-lying storage spaces. The best places to store kids’ bikes and do-it-yourself tools are in the garage.
Natural Light: Buyers dislike small rooms facing north because they get less natural light. Opt for blinds instead of curtains and stick to neutral décor colours because bright colours tend to make rooms appear smaller. Because buyers enjoy having a sense of space and being outside, you should also think about including a decking or patio area for outdoor use in gardens.
Laundry rooms: These have been installed with heating elements and washers and dryers, so all that needs to be done is close the door. For large families, they can have areas for ironing and sinking, depending on available space. This is why basement conversions are so well-known.
Seating Areas in the Backyard: People enjoy being outside, and the seating areas are a delightful addition. Customers adore lounging there with friends, sipping cocktails, and having dinner outside. Remember to install exterior lighting so that it can be seen and used at night.
Kitchen Dining Areas: These areas are necessary for afternoon tea and snacks. There, kids complete their homework and reduce traffic in areas that are more difficult to clean, like dining rooms and living rooms. Include an island if there is room. If not, a bar table against the wall is just as functional.
Master Bedroom: More bedrooms add value in terms of selling price, but don’t undervalue your master bedroom, which is frequently regarded as indispensable. Real estate experts attest that double bedrooms should have plenty of floor space and are a major draw for purchasers. Although an en suite bathroom is a nice perk, consider whether the upgrade will net you more money in the long run.
Take Care: Subpar Do-It-Yourself Projects Affect the Sale Price
Everyone has had the experience of feeling sufficiently confident to attempt do-it-yourself projects, only to have everything go horribly wrong. Inadequate do-it-yourself projects deter potential buyers and are expensive because they require experts to fix errors. Although it may be alluring to save money, be practical. We always limit our do-it-yourself projects to modest, reasonably priced tasks, leaving larger jobs to the professionals.
Upgrades to Your House That Don’t Add Value
Even though you probably have a tonne of ideas by now, you must be realistic because not everything makes a house more valuable. It’s true that you can spend thousands on certain projects and not increase the selling price by a penny. Certain projects may even cause your property’s value to decrease, drive away buyers, and outbid you from the market.
Luxury Conversions: You would think that upgrades and luxury goods would increase value when thinking about money. They don’t. They also face the drawback of no one wanting to purchase a £500,000 luxury home in a middle-class neighbourhood where the typical selling price is £250,000. Recognise your local markets and adhere to them.
Swimming pools: This is yet another typical error. Pools are a family favourite, especially during the summer. Although it would be simple to assume that an indoor pool would increase value, the expense is outweighed by the benefit. If you’ve always wanted a pool, get one for sentimental rather than pragmatic reasons.
Removing a Bedroom: You want to add a bathroom or make more room for living, but doing so would require removing a bedroom. This will not only not create value, but it will also make you less valuable now. It is always preferable to have more bedrooms.
Wall-to-wall carpeting and wallpaper: These design and décor fads are outdated and most likely won’t come back. Furthermore, the most common mistake made by newly purchased homeowners is to redecorate, which includes taking down the fitted carpets and wallpaper.
Increasing the Worth of Your House
Recall to manage your finances sensibly. Regaining the financial advantages is the main goal of increasing the value of your house. It is a time and effort waster to spend £50,000 and get $60,000 in return. Thus, avoid taking on large projects. Make your house appealing to mainstream purchasers as well. Avoid bespoke fixtures, choose muted décor colours, and give the buyer enough leeway to envision how they would renovate the home. Everyone likes to personalise their living space, after all.
Inquiries to Make When Purchasing a Home:
Investments in homes are big financial and private commitments that come with a lot of choices, factors to think about, and possible difficulties. Asking questions is a crucial step in the home-buying process that is sometimes missed. Careful questioning combined with effective communication guarantees that buyers avoid pitfalls and make educated decisions.
What Makes a Location Good?
The adage “location, location, location” is well-known, but what precisely constitutes a good location? Families and investors both care about location. Please do not undervalue its significance. There are general guidelines that apply when selecting a home or apartment complex in the perfect location to aid you in your property search.
We hope that this advice will assist with the initial cost of improvement and provide you with knowledge on how to raise the value of your home, covering everything from structural issues, homebuilding, and renovations, to important features that add value.
