In my previous column, I talked about the impact of house prices and keeping on top of repairs in order to put yourself in the best position to get offers close to your asking price. Recent research by Propertymark has found that a high proportion of sellers are consciously making changes to their properties, both large and small, with a view to making more money on their property.
An updated bathroom or kitchen area can add around three to 5 per cent to your property price and is one of the easiest ways to brighten up a home. However, if you’re making the investment to add value, it is essential to set a strict budget to avoid losing money in the long run. Research by Property Workshop found that the top investments for a bathroom are underfloor heating and power showers, and in kitchens are modern appliances and marble or quartz worktops.
Adding an extra room
Whether this is a loft conversion, the re-purposing of a garage, building a conservatory or orangery, or a brand-new extension, extra rooms can add up to 30 per cent to a property’s value, and may garner more attention from potential buyers, meaning you’re more likely to get the price you’re looking for.
Research by the Guardian found that converting a loft into a bedroom can be a particularly attractive prospect for those who, say, need the space of a four-bedroom house but only have the funds for a three-bedroom. The buyer will see the benefits as it will still be a bargain for someone looking for a bigger property, and the seller can ask a higher asking price than average for the size, up to 20 per cent added to the original value.
Simon Wright, director at Robinsons Estate Agents also pointed out the value that little, inexpensive extras can add to your asking price.
“People often forget the little things that can be the difference between offering the asking price or not. For example, people use more electrical devices, so adding more power sockets in convenient spots. We have found more people are installing sockets with USB ports as well.
“A lick of inexpensive paint or pruning the roses can also provide kerbside appeal, and make your property appear more attractive.
“The main message I would want to give is you don’t need to spend a fortune to get a good return on investment on your home. Even a few tweaks and a little modernisation can help to get closer to your goal asking price.”
By Martin Williamson, Head of Residential Property at Latimer Hinks Solicitors
It is, of course, important to seek any necessary planning permission and building regulation approval before considering renovations or extensions, to avoid running into problems with the local authority. Planning documentation must also be produced when you come to sell. It is also important to ensure you are aware of any load-bearing walls before making any decisions about converting rooms to open plan.
Please note: This article is intended as guidance only. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm.