As we welcome in the New Year and set our sights on a handful of resolutions, the United Kingdom’s property market is facing uncertainty as our exit from the European Union approaches. This is highlighted by buyers across the country becoming increasingly anxious and London surveyors reporting price falls since June’s referendum.
Whilst Cherwell’s team can’t postpone Brexit, we can help you prepare your home by increasing its value in the first half of 2017. Therefore, in this article we’ll be exploring 3 home improvements that could not only increase your home’s value in the short term, but also help towards protecting it in the future.
The number of bedrooms your property features plays a pivotal role in its market value. Therefore, if you’ve got a healthy investment available and want to increase your property’s value, then converting an existing space or introducing an extension to make room for an additional bedroom is wise.
In fact, a Nationwide survey indicated that the introduction of a double bedroom could add more than 10% onto your home’s value. Based upon the average residential property value at the time, this could add as much as £30,000 in market value. It’s also worth noting that loft conversions are said to add more value than simply introducing a dividing wall into a larger room.
The reason for bedrooms adding so much value is simple. As families stay living together for longer and new home buyers plan families themselves, there is a growing demand for large properties. People are also buying properties with the intention to call it home for longer than ever before, making more rooms a necessity to allow for family growth.
When introducing a new bedroom, the addition of an en-suite bathroom could add 6% more onto your property’s value. That is according to MoveWithUs, who have witnessed a growing trend in buyers demanding en-suites rather than communal facilities.
Unlike the introduction of a bedroom, adding an en-suite shouldn’t require as much investment. Moreover, it is entirely dependent upon the finishes you want to how much it will cost you. Data available from TradeAdvisor suggests that a new bathroom can set you back between £2,500 and £6,000.
Homeowners are already becoming increasingly savvy when it comes to their utility bills. Therefore, making your home more energy efficient is certain to attract more potential buyers and aid its market value.
There are a number of ways you can achieve greater efficiency in your home. Firstly, re-insulating your walls and ceilings will provide you with the basics needed to keep warm air in. This helps cut your usage of heaters during the winter and air conditioning during the summer.
To work hand-in-hand with this introduced insulation, it is always recommended that you consider the condition of your windows. This is as they are often the primary cause of heat loss with gaps around the frames allowing air to flow in and out of your home. Luckily, some of these gaps can be easily fixed without extensive cost but could save you considerable money moving forward and attract new buyers.
If you’ve got more investment to hand, considering the frames currently being used is suggested. This is as some frames allow heat to transfer very easily, increasing heat loss. Timber window frames, on the other hand, do not transfer heat as much as others and add a beautiful aesthetic to your home.
By performing just one of the above home improvements, you can work towards increasing your home’s value and therefore weather the storm that 2017 may throw at you. Whilst none of the above improvements are ever guaranteed to improve your home’s value, they are a good place to start when researching other methods.