When you are a homeowner, or are thinking of becoming one, then one thing on your mind is wondering how good of an investment the home is. Is it going to be something that you can sell in ten years time, for example, and it has gone up in price in a significant way? Of course, with the likes of inflation things will naturally increase a little anyway. But there are plenty of things that you can be doing to add value to your property. In many ways, that is why you might have heard it called a property ladder; you start lower down and then with each property adding value, you can get higher and higher up the chain each time, so to speak.
Being able to add value to your current home (or potential future home), means that you have made a good investment as it will be worth more when it comes to selling it. Then when you’re ready to move to your next home, you could be looking at a house loan calculator to see what you can afford when you’ve got a much larger ‘deposit’ this time. So being able to add value is important. With many people buying new build homes, though, there isn’t always the potential to expand or extend to add value; you’ll need to look for other ways to do just that. So with that in mind, here are some easy ways that you can add value to your home without having to spend a lot of money or get the builders in (the less you spend the more likely that you’ll see the benefit of the changes or investment).
You might have only just moved in, but what does the exterior of your home look like? When someone is coming round to look at it, they will have an impression in their mind about how it will look by just seeing the outside of it? That can put them in a particular frame of mind about how much they are willing to pay before they’ve even set foot in the door, so it does make a difference to how much value your home is worth. Think about the exterior; is there wood that needs to be sanded and repainted? How about the window frames; do they need to be jet washed? Are fences broken, roof tiles cracked, or the garden or driveway full of weeds? Try to view the front of your home with fresh eyes and make changes with those things that you can change.
Problems with tiles has been mentioned, but any visible issues with the roof can put people off straight away. Plus, if there are any issues with the roof that are discovered when doing a survey on the home, then it can reduce the price that people are willing to pay. So make sure that you are checking if there are any issues with your roof, as the roof is part of the home that shows the house as a whole, compared to pipework or foundations, for example. The gutters and drains are also a quick fix to get repaired if there are cracks in them or they’re clogged. These are another visual thing for potential buyers that can put them off offering the asking price.
Light and Bright
Some homes naturally have more light than others because of the way that they face or if they have trees surrounding them, for example. But there are things that you can do to your home, good natural light or not, to make the most of the light that you have and make it brighter. Walking into a dark room in the daytime is not what potential buyers are going to want to see. Here are a few things that you can try to make your home lighter and brighter:
- Keep your windows fresh and clean; it is surprising how much dirt can block out the sunshine.
- Energy efficient light bulbs are the way to go, but getting bright LED ones is not only cost-effective, but will look better too. This is especially important in winter months when light can be pretty restricted.
- Larger windows, patio-style doors, or skylights can all help to give the look of a brighter home, simply as more light is allowed in.
- Place mirrors wisely around the home, as they reflect the light, as well as creating an illusion of space.
When selling a home, one of the things that people forget about, as a lot of selling a home is about aesthetics, is how energy-efficient your home is. In fact, places like RightMove do show an energy-efficiency rating for each home on sale. People do (or should) pay attention to that, and a low rating should set alarm bells ringing. Which is why you should be taking steps to make your home more energy-efficient. It can save you money while you are living there, but also help you to get closer to your asking price when it comes to sell up.
One way to increase the efficiency of your home is through loft insulation. It is something that you can do yourself, or get a professional in to do it for you; it will be less than a days work. The thick layers of fiberglass insulation can help to trap heat from the home and stop it from escaping through the roof.
Keep in Your Budget
One of the key points to remember when it comes to adding value to your home is that you shouldn’t overspend. You need to be able to keep within your budget, but also not spend more than you’ll get back. For example, in the UK, a loft conversion could cost around £40,00 to complete, and it can add around 20% to your home’s asking price. So you need to think about the current price of your home, and see if some of the changes are going to be worth it. A home is a good investment when you treat it as one and don’t overspend.
Disclosure: This is a collaborative post.