by Mark Johnston
What Improvements Add Value When Selling a Property?
With buyers still in short supply these days a few careful improvements could attract the few that are still around.
It seems then that most home improvements will add some value, but the cleverest will reap rewards in relation to outlay.
Some Figures released by Nationwide showed that adding a bedroom could increase value of a property by up to 11 per cent.
Therefore converting the loft may be an option.
Prices start for an average loft conversion start at around £8000 and most lofts with a roof height of at least 2.4 metres are suitable for conversion. Loft conversions are normally used to add another bedroom.
According to the 2012 HSBC Home Improvement Survey valuation, experts picked a loft conversion as the best way to improve a home’s value, it can add around £16,152 on average.
Another possible option would be to building an extension, howeverextending a property is an ambitious and expensive move.
Any significant building work will cause disruption and it can also reduce the outdoor space. Though, on the other hand, extra square footage can be a real advantage.
It is worth noting that both extensions and loft conversions involve major building work and will require expert help.
Some property experts suggest that if a home owner only has enough time and money to improve one room, they should go for the kitchen. This does not have to mean an entire re-fit as simply clearing surfaces, painting unit doors and replacing handles could make a big difference.
Painting and decorating was ranked an equal second, alongside a new kitchen, in the Halifax valuers list of improvements are likely to add value.
It is also worth noting that bathrooms can quickly look shabby and dated. A new one could set sellers back thousands, but it’s possible to get a decent suite for £500.
If home owners are competing with newer properties then they should consider adding or re-arranging rooms to increase the bathroom to bedroom ratio.
Sellers should not neglect outdoor space during a property spruce-up. Remember, first impressions count.
The fact is that even without dramatic structural changes, good presentation can have a real impact on the amount buyers are prepared to pay.
Experts suggest that modest changes are usually a winner as the initial outlay is small and the potential gain is comparatively high.
Robin Chatwin, the sales manager at Savills estate agents states that “it is all too easy to think about a home improvement in terms of what it will offer the way that you live but if you plan to sell, you need to tailor your improvements to what appeals to the most buyers.”
All in all it seems then that from sweeping the front path to building a major extension, there can be buyer friendly home improvements to suit every pocket.
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