Home prices in the UK have gone up significantly over the past decade. In 2012, estate agents pegged the average property price at £175,000 in England. Today, the figure is £286,000, according to the most recent estimates.
For people looking to sell their property, this is both good and bad news. The good news is that buyers are paying more. The bad news is that sellers also have to pay more (unless they’re moving into rented accommodation, care homes, or back with family).
Because of this, smart sellers are looking for ways to increase the value of their homes before listing them. But what exactly are they doing? Let’s take a look.
Install Solar Panels
Before 2022, the return on solar panels was mediocre. For people who were concerned about the environment, it was a nice-to-have feature. But for the general market, it wasn’t particularly appealing, even with recent cost declines.
Fast forward to today, and it is a different story. Solar is in high demand as people worry about their energy bills going into next year and in 2024. Homeowners are diversifying power sources to heat at their homes, just in case gas is in short supply. And that’s pushing up demand for homes with systems already installed.
Get A Loft Conversion
According to research by the Guardian, loft conversions can add up to 20 percent to the value of your property. Hence, if you own an average-priced house, that could equate to an extra £55,000.
Loft conversions are easier to carry out than traditional extensions. Planning requires and prices are both usually much lower, improving return on investment (ROI).
Add Off-Road Parking
Off-road parking might sound like a small addition to your home, but if you have space, adding it can increase your home’s value significantly.
Why is this? There are several reasons.
First, many buyers don’t want to walk a long distance from their car to the front door. It’s not fun when you’re carrying heavy shopping.
Second, buyers want to avoid high on-street parking charges imposed by city councils, some of which are as high as £300 per month.
Lastly, they want lower insurance premiums. Insurers often view on-street parking as being higher risk.
Install Double Or Triple Glazing
Continuing the energy theme, buyers are also looking for homes with double or triple glazing. As with solar panels, they keep bills down.
If you have the option, go for triple over double glazing. It costs 30 percent more but it is twice as efficient.
Paint And Decorate
Lastly, consider painting and decorating your home. Adding a fresh coat of emulsion and top coat can bring rooms to life and totally change how they feel. Plus, it’s a cheap option compared to many other renovation projects.
Recent estimates suggest that painting your home’s interior has a return on investment (ROI) of 107%, meaning that you actually get back more than you put in. Likewise, painting the exterior has a 55% ROI.
If you want to speak with us about the current value of your property, or are thinking of selling then please do get in touch with us for a chat.
