When it comes to selling your house, there’s nothing more important than getting the best value possible. At this point, many look to strategic home improvements that can increase the market value. It makes sense, right? If your property looks better, more modern, perhaps even more luxurious, it’s going to attract more buyers.
However, the mistake many make is focusing on renovations that barely make a difference. For example, it’s thought a loft conversion can add 15% to your home’s value. However, what if you live in an area where buyers are more interested in a larger kitchen or a parking space?
It’s all about finding the right home improvement that will add value when you sell your home. In this guide, we’ll explore everything you need to know to choose the right home improvements, understand the current value of your home and how you can achieve a quick sale.
Let’s get started.
How Much Is My House Worth?
Before diving into improvements, it’s always worth getting a clear understanding of your home’s current value. The UK average provides a helpful benchmark, but it is definitely not to be used alone, as other factors can influence the value of your specific property.
UK Average
The average house price in the UK serves as a general reference point. Currently, the average house price stands at around £290,000. However, property values vary widely based on location, size, condition, and local market trends. There are differences within cities alone. Let’s use London as an example.
In SE London, here are the current average property prices by property type:
- One bedroom £382,416
- Two bedrooms £553,193
- Three bedrooms £724,185
- Four bedrooms £902,482
- Five bedrooms £1,338,730
Compare that to SW London:
- One bedroom £491,183
- Two bedrooms £776,912
- Three bedrooms £1,228,691
- Four bedrooms £1,738,337
- Five bedrooms £2,232,012
As you can see, just the location and type of property play an important part in calculating an accurate property price. If you would like an accurate estimate, feel free to contact us to get a free quote for your property now.
10 Tips to Get Your House Ready for a Quick Sale
If you’re looking to get your house sold quickly, a home renovation may not be for you. Simply put, renovations can take a lot of time. By the time you figure out the right renovation, purchase the materials and find a professional to complete the job, several months may have passed. Instead, there are smaller renovations that you can focus on. Many of these can be completed by yourself with some DIY action. Here are ten tips to achieve a quick sale without splurging on a home renovation.
- Enhance the Exterior
First impressions matter. A ‘For sale’ sign on the outside of a badly maintained property is unlikely to attract buyers. So, focus on improving your home’s exterior. You can do this by focusing on the garden, planting some flows, and even running a pressure washer across the paving slabs.
If the exterior looks great and well-maintained, buyers will naturally presume the inside to be the same. It’s all about getting the buyer through the door first.
- Depersonalise Your Space
Potential buyers need to be able to envision themselves living in your home. If you still have pictures of your family on the walls, this will subconsciously make a buyer feel like they’re in someone else’s house. Rather than their future property. So before buyers come to visit, remove personal items, such as family photos, and neutralise the decor to make it more appealing to a broader audience.
- Declutter and Clean
Similar to the above point, removing your personal belongings will also allow you a chance to clean. This isn’t just from a hygiene perspective. One of the many things a buyer looks for is space. Many will be looking to purchase a larger property, so they will automatically look to compare new potential properties to their current ones.
So, a clutter-free and clean home can appear more spacious and well-maintained. So, focus on organising each room, removing excess furniture, and carrying out a deep clean to showcase the property’s potential.
- Upgrade the Kitchen
The kitchen is a focal point for many buyers. Usually, you would be looking to include a kitchen renovation to add value to your property. However, if you don’t have the time or budget for a new kitchen to be installed, there are ways around this. You can consider updating the kitchen from an aesthetic point of view. You may be able to replace countertops and cabinets to give your kitchen a modern and appealing look. Now, this will cost some money, but it’s nothing compared to the cost of completely revamping a kitchen. The best way to do this cheaply is to only focus on the features of the kitchen that stand out the most.
- Renovate Bathrooms
Similar to kitchens, bathrooms can significantly impact a buyer’s decision. It’s also another example of a home renovation that can add the most value to a property. Again, if you’re restricted by time and budget, there are still things you can do. Bathrooms undergo lots of wear and tear, which can cause them to look much more dated. Sometimes, all it takes is a few minor renovations to make it look much more appealing. This may simply require a deep clean, regrouting between tiles, or just adding fresh paint. You can also consider upgrading fixtures in the bathroom to make it look more modern. However, most importantly, ensure everything is in good working order.
- Address Repairs and Maintenance Issues
Now, many assume repairs and maintenance fall under renovations. However, repairs and maintenance are a must. Now, while repairs may not be cheap, they are necessary to ensure buyers are attracted to your property. This is true even for minor issues such as leaky taps, cracks in walls, and broken tiles or windows. These small issues are much more visible to buyers and can stand out much more than major structural issues. So it’s important to try and remedy
- Neutralise Paint Colours
While bold and vibrant paint colours may suit your taste, they may not suit every buyer who comes through the door. There are many theories about how and why the colour of paint can influence a buyer, but the end result is the same. The colour of the paint affects buyers. So, instead, if you’re looking to sell your home quickly, choosing neutral tones can make your home more universally appealing. This will allow buyers to feel comfortable throughout their viewing.
- Improve Lighting
Lighting is another small home renovation that can make a world of difference. It’s also one of the more cost-effective renovations you can invest in. Many buyers look to visit properties in the evenings, and for those looking to sell in the winter months, we all know how early it gets dark. As a result, a well-lit property can feel more welcoming with a bright and inviting atmosphere. It’s not just about replacing bulbs, though; switches and fixtures can also be replaced to provide a more modern feel.
- Stage Your Home
Another great way to get your property sold quickly is to work on the aesthetics alone. You may look to get inspiration online or from professionals to ensure your home looks the best. Investing in staging can help buyers visualise the property’s functionality and layout. It’s also a great way of accentuating your home’s best features to make sure buyers can understand its full potential.
- Set the Right Price
We live in a time where everything is available online conveniently. Many start their buying journey by sorting available properties by price. So if yours isn’t competitive enough, buyers will simply scroll past. So, it’s important to research comparable properties in your area to determine a competitive and realistic asking price.
What Puts the Most Value on Your House?
Certain home improvements have a more significant impact on increasing property value than others. Here are some key areas you can focus on:
- Kitchen Renovation
A modern and functional kitchen is a major selling point. It’s no surprise that a kitchen renovation can increase your home’s value by around 5%.
- Bathroom Upgrades
Upgrading bathrooms, especially the primary ones, can significantly increase your home’s appeal. In fact, a bathroom upgrade can add around 5% to your property value. How much of a renovation you complete is up to you. You can look at installing a new shower, updating fixtures, and ensuring a clean, modern aesthetic.
- Energy-Efficient Improvements
Investing in energy-efficient upgrades, such as installing double-glazed windows, adding insulation, or upgrading your heating system, not only adds value but also appeals to environmentally-conscious buyers. In fact, an upgrade like double-glazed windows can add an extra £5000 to your home’s value.
- Loft Conversions
If feasible, converting your loft into a functional living space can add valuable square footage to your home. It also provides a great return on investment with an extra 20% added to your home value. Space is a primary reason for many to move, so the more you can offer, the more interested buyers.
- Extension/Addition of Rooms
Similarly, an extension or addition of rooms around the property can also increase your property’s value. As mentioned earlier, the difference between a 2-bedroom property and a 3-bedroom property can sometimes equate to an extra £100,000 at a minimum. Of course, this may require planning permission, which can cause delays.
What Decreases Home Value the Most? Things to Look Out for and Change When Trying to Sell Your House
While certain improvements increase value, there are also factors that can decrease your home’s value. Be mindful of the following:
- Poorly Maintained Exterior
A shabby exterior can immediately turn off potential buyers. Peeling paint, a damaged roof, or an unkempt garden can lower your home’s perceived value.
- Outdated Fixtures and Appliances
Outdated features, such as old-fashioned light fixtures or appliances, can make your home feel dated. These can be upgraded for less than £1000, and it is definitely worth it to achieve a faster sale.
- Signs of Neglect or Damage
Visible signs of neglect will always deter buyers. This can range from issues such as water stains, mould, and even pest infestations. If you can tackle these issues, you can remove objections from a buyer’s mind.
- Lack of Storage Space
Insufficient storage can be a deal-breaker for many buyers. Especially for buyers looking to move with families, there is a need for storage.
- Inconvenient Floor Plan
A poorly designed or awkward floor plan can affect your home’s appeal. While many may assume an open floor plan would be a great idea. Some buyers may want separate rooms. Take a look at similar properties and try to deduce what has worked well for others when selling.
There are many ways you can achieve a higher value for your home. However, make sure you calculate the cost of both money and time before you look to carry out an expensive home renovation. There are other ways you can still get your house sold at a good price without having to go through carrying out a renovation. For example, if you’re looking to sell a tenanted property, it’s not always possible to get permission from the tenant so you can carry out additional work. However, with Sold.co.uk we can get your property sold while tenants are still living there and without disturbing them. Simply get in touch to receive a free cash offer.