July 16, 2024
Property: Least expensive ways to boost value of your home

Boosting property value has never been more important as the housing market continues to boom in the UK. The current average house price in the UK is £286,079, according to the latest Halifax house price index. However, in some areas estate agents are reporting homes going for thousands above asking price due to a lack of stock in some areas of the property market.

In a video for Move iQ, Cat King shared the best of property expert Phil Spencer’s home improvement ideas for boosting the value of a property.

Ms King said homeowners should focus on what they’re improving rather than how much they’re willing to spend.

The property expert shared the “top ways” to help “boost” the value of a home.

She said: “Savvy home improvements are all about what you spend your money on, not how much you spend.

“For example, investing thousands on a gorgeous patio and pond might actually put buyers off if they’d want to fill it in.

“On the other hand, a kitchen extension will benefit you and it’s likely to be seen as a plus when it comes to selling.

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Meanwhile, The Garden Office Guide said some estate agents valued a property at 15 percent higher because of an additional garden office.

Robert Ellis of Nutbrook Property estimates that the value added to a property would be around 1.5 times the cost of installing the building.

Prices of garden rooms and outside offices vary hugely but homeowners can buy them for as little as £10,000 while the average is around £13,000 to £20,000.

More expensive garden rooms can cost around £90,000.

She suggested either adding an office pod or a kid’s cabin in the garden.

This adds space without the cost and planning involved with an extension.

She added: “A quality, fully-insulated shed shouldn’t need any planning permission and you can kit it out as you choose.”

Another great way to boost value is to create a driveway.

She said: “If you have space, consider creating a driveway with off-street parking.

“This is a great selling point.”

Adding decking or a patio is another home improvement that doesn’t have to cost a lot but can make a huge difference to how a buyer sees a home.

She said: “A decking or patio area is another home improvement which doesn’t have to cost too much depending on the size of your outside area and could be a deciding factor if a buyer is choosing between your property and a neighbouring one.”

For those who are concerned about cost, homeowners can check out the Royal Institution of Chartered Surveyors.

This is a building cost information service which informs homeowners of the likely costs of renovations.

Improvements include everything from garden landscaping, to adding an extra storey to a property.