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.