UK property prices saw a surprising, if modest, rise of 0.5% in April, following months of decline, according to figures from one of Britain’ s biggest lenders, the Nationwide.
So a house-price crash has certainly been avoided. And if this news, plus the (mostly) milder weather is making you think of moving home, early summer can also be a good time to think of how you can maximise your property’s value.
Here are our tops tips for giving the worth of your home a boost:
Improve energy efficiency
Not only are all homes rated for energy efficiency these days, but property owners need to have an up-to-date Energy Performance Certificate (EPC) when selling, so potential buyers will appreciate anything that boosts the place’s energy efficiency.
That could include wall or loft insulation, a new boiler, or double glazing.
The CAB has more information here.
Add a cellar, loft or garage conversion
Not got planning permission, finances or room for an extension? There are alternatives, from a conservatory to a loft, cellar or garage conversion. (If you’re thinking of converting your loft, remember you’ll need to have enough space for the staircase to access it.)
A garage conversion will be the cheapest of these projects, followed in price by the loft and cellar conversions respectively.
Fit a fresh kitchen
Clearly, it’s a big job and not a decision to take lightly. But Installing a new kitchen is a popular thing to do – and with good reason. Indeed, according to the Post Office, these projects account for a quarter of all home improvements completed during the past five years. Not only can revamping the ‘heart of the home’ refresh the appearance of a property, but it can enhance its value by up to 26%. (Again, that’s according to the Post Office.)
You could also consider creating a smart-looking, multi-purpose space by combining your kitchen with the dining room.
Build an extension
If you have a growing family, you could decide to ‘improve not move’, and this could be the financially sound solution. As you’d expect, a bigger extension will increase the value of your home more than a smaller one. It’s always a sizeable investment, so go with a reputable builder and be sure you’ve thought the project through before work begins.
According to the Office for National Statistics (ONS), a medium-sized extension (measuring around 25 square metres) can put nearly £60,000 on to your property’s price tag.
Go open plan
If you just knock a wall through, it can make a surprising amount of difference in terms of creating a bigger/brighter living space. And although it can be pricier if you have to remove a supporting wall, for a professional this job should be relatively straightforward to do.
As well as this, if you have a large property, you could consider splitting it into two (or more) residences.
Get in touch
It’s a good time of year for renovations, with longer hours of daylight and drier weather conditions. But while all these ideas can seriously enhance your home’s price tag, none of them is especially cheap. If you want advice on a second or bigger mortgage to help cover the cost of your home improvement, talk to us.