It’s fair to say that with the increase in stamp duty, and the impact of the Brexit vote, the last twelve months have been fairly tumultuous for the UK property market. However, the good news is that the market seems reasonably stable, with predictions for modest growth in 2017.
For those looking to sell this year, this rather slow increase in property values means that owning a home in itself and just waiting for the value to rise with the market is probably not going to give you the best return. But there are steps you can take to create that extra value yourself, whether you’re looking to move up the property ladder or maximise your current equity to downsize.
The majority of property professionals agree that the single best modification to add extra value is creating an extra bedroom, followed by upgrading your kitchen, adding a bathroom and installing a conservatory.
Adding any kind of square footage to your property is going to add value, and it’s even better if you can use an open plan design when extending living areas. Simple, open plan living, particularly in kitchen and dining areas, is very desirable and is becoming a must for house hunters. A new kitchen costs on average £8000-£10,000 and can add an average 6 per cent to the value of your home.
Creating an extra bedroom, ideally with en-suite bathroom, in a loft conversion. offers some of the best bang for your buck. Loft conversions can also be less disruptive than other types of extensions as most of the work can be done from the outside, and can add more than 10 per cent to the value of your house.
Forget the traditional image of the conservatory – today’s modern glass designs mean they are becoming cool again! But make sure they are actually made of glass; conservatories built on the cheap with uPVC can actually deter buyers. Done correctly, a conservatory costing between £4000 and £10,000 could increase value by 5 per cent. Remember however that gardens also add significant value, so make sure you’re not forfeiting too much outdoor space.