How to boost the value of your property
The property market has been increasingly difficult to read in recent years, as landmark global events and national crises have had profound impacts on property demand and hence value. After two years of record rises in property value, the other boot has finally dropped – in the form of rising mortgage rates that make borrowing for a house more expensive than ever.
As a homeowner looking to sell, it is your prerogative to get the best possible price for your home. But in a market where buying a new home is growing ever more costly, the importance of adding value to your home becomes all the clearer. But how can you effectively boost your home’s value before sale?
Energy efficiency measures
One of the more prescient ways in which you can improve your property’s value – while also improving its desirability to potential buyers – is to address its energy efficiency. Both the growing climate emergency and the national cost-of-living crisis have contributed to increased consumer demand for sustainability and efficiency, especially with regard to domestic heating and insulation.
As the cost of domestic energy bills remains unacceptably high for many, alternative energy sources are much more sought-after. Investing in solar panels for home installation can help you reduce your property’s reliance on the national grid, mitigating energy costs in the process. When coupled with alternative heating systems like ground-source heat pumps (that require electricity to run), energy price concerns can be quelled near-completely.
Perhaps the single most effective way to add value to your property is through the creation of additional square footage – that is, the expansion of usable space. The biggest gross increases in value are created through the construction of multi-storey extensions, that add at least two rooms to your property. However, these are costly to plan and build, and time-consuming to boot.
For the most efficient way to achieve similar results, you could instead opt for a loft conversion. The space already exists in your home, and is simply underutilised; converting said space to be usable as living space would be less expensive and time-consuming, since less construction is necessary to convert the space and planning permission is largely unnecessary.
While a basic and even potentially obvious suggestion, a simple re-decoration of your home’s living spaces can have a marked impact on the results of your valuation. A lot of the valuation process is subjective, and based on superficial readings of property condition as well as location. As such, the valuation mighty be negatively impacted by shoddy or esoteric décor.
A fresh lick of paint can make a home feel smarter and brighter, with a sympathetic impact on first impressions and ballpark value. It is important to ensure that decorations are tasteful and as neutral as possible, in order to appeal to the widest possible majority of viewers.