10 Top Tips for Adding Value to Your Property

Introduction

With property prices continuing to rise and recent increases in interest rates starting to bite, many homeowners are deciding to stay put rather than move. Instead of shelling out vast sums on stamp duty, legal, survey and estate agent’s fees, and mortgage and removal costs, they are choosing to invest in their current property – maximising their enjoyment of it now and, they hope, adding value for the future.

Unless you carry out the right kind of improvements, however, you’re unlikely to see even a return on your investment. By all means, indulge in a swimming pool or a garden makeover – they may add immensely to your quality of life – but don’t expect them to boost your home’s value. And even if you choose the right sort of improvements, if the work is done badly, or in a style that is unsympathetic to your property or the area, they may actually reduce it.

Some points to consider

Location is the most important factor in deciding the value of your property and, therefore, how much you stand to gain from improvements. Never develop a property out of its neighbourhood, externally or internally. Spending £30,000 on a new kitchen in an area where the maximum selling price is £150,000 is clearly a poor idea from an investment viewpoint.

Pinpointing the sort of buyer you will be targeting when you come to sell is a good way of ensuring you don’t get carried away. Before you knock down that wall to transform two small rooms into a larger, open-plan living space, consider: if your target market would be young families, double doors might be a better option. Seek advice from a local estate agent.

Some improvements, like installing a security system or restoring period features, won’t add appreciably to your home’s value, but may help make it more saleable.

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