The answer? According to leading property experts and our very own property expert Lianne Bootland, you don’t need to splash out on expensive renovations, just stay practical, functional and sensible! It’s bad news if you have just turned your 2 bedroom home into a 5 bedroom one with a flash kitchen and a converted basement or rear garden containing a gaudy jacuzzi…
In today’s post credit crunch adding value to your home is a great idea, as long as you are not expecting to reap the rewards anytime soon. There are lots of easy ways of adding value to your home, but it is as equally easy to spend money on your home and detract from its value.
4 THINGS TO AVOID
1. Outgrowing your street
More space usually means more value – but often only if this means more bedrooms and the home does not become excessively over-developed in the neighbourhood. Investigate the ceiling price in your area. If most homes like yours are selling for no more than £250,000, then don’t build an enormous extension and expect the house to be worth £400,000, this is completely unrealistic. People looking for a £400,000 house won’t want to live in a £250,000 street.
2. Extravagant kitchens and bathrooms
Most of us know that updating your kitchen and bathroom can add to the overall value and appeal of your property. The classic mistake for many homeowners is to install a very expensive designer kitchen and bathroom and expect that the cost plus some will add instant value to the property. Wrong! The golden rule here is to remember all costs/investment in your home should be relative to the overall value of the property. For example if you have a home worth £150,000 it’s highly unlikely that installing a £20,000 kitchen will suddenly make the property worth £170,000. An ‘average priced home’ in an ‘average street’ is more likely to be able to cope with the ‘average kitchen spend’ of around £6,000 to £7,000 for a new kitchen and £2,500 to £3,500 for a new bathroom. Although, with a little shopping around I’m sure that you will be able to secure an £8,000 look kitchen based on a £2-3k budget and a £3,500 bathroom on a £1000 budget.
3. Botched DYI and dodgy decoration
Botched DYI or a visible mess will bite back when you sell as it raises all sorts of negative questions in the buyer’s mind. Purchasers will always look for quality – not necessarily gimmicky improvements, but good quality finishes are always essential. Most buyers make near-instant decisions about a property, so spend your money wisely. Read more advice on how improve your home for sale
Interior decoration that reflects the eccentricities of the home owner can be a total turn-off for buyers, which is why we always advise our clients to invest in some Homestlying advice.
4. Too big a television!
I have seen far too many sitting rooms that have been overpowered by the over-sized plasma screen. A large plasma, especially in the sitting room or bedroom, maybe a status symbol for some however this can also become a liability.
So what does add value? We will let you know, speak to us for advise!
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