If you are intending to sell a property and to continue to climb the property ladder, it comes as no surprise that would like to get the best return possible on your initial investment. Many decide that the best way of adding value to their properties for sale is to upgrade or renovate different sections of the home in order to attract potential homeowners and inflate the recommended asking price. For more information, read this guide on how to sell your house at the best price.
However, do all home renovations or improvements add value to a home that is for sale? Not necessarily. Some home renovations tend to not be worth the expense, and in the worst-case scenario, it could actually reduce the entire value of the house itself. This is why you should always carefully consider any potential home improvements before going ahead with them.
But as a general rule of thumb, what are typically the best and worst home improvements in terms of adding property value? We take a look.
Don’t: buy expensive wallpaper
If you are decorating a house for yourself, deciding to splurge on expensive wallpaper may make the property feel more like home and so that you feel more comfortable in your surroundings living there. However, if you want to sell a house, you need to take into consideration that everyone has varying tastes, and your personal taste in wallpaper may not be everyone else’s. This is why it is important to keep walls neutral and painted when selling, as also wallpaper can put off potential buyers, given that it can be annoying and expensive to remove.
Do: convert your loft
If you have a loft or a cellar that is only used for storage purposes, then you should consider turning this space into a living area or bedroom through a loft conversion as it has the potential to increase the floor space of your property by a whopping 30%, therefore increasing your home’s overall value.
It can also be a very lucrative upgrade, as whilst an average loft conversion costs £11,500 it has the potential to add more than 12.5% to your house’s value.
Don’t: knockdown bedrooms
Whilst we can understand the appeal of knocking down the walls of two small bedrooms in order to create one larger bedroom, it is worth avoiding if you want to put the house up for sale. Why? This is because, with most estate agents, your property’s overall value will still largely be based on the number of bedrooms it has. As a result, you would effectively be downgrading the property by removing a bedroom.
Do: update your kitchen
For many people, the kitchen is considered to be very important when buying a house (source: ProperEaze). After all, many believe it to be the heart of the home. As a result, this is why it is worth thinking about modernising your kitchen.
However, this doesn’t necessarily mean you need to spend money on having an entirely brand new kitchen fitted before you put it up for sale. Instead, think about whether it might be possible to have smaller upgrades instead. For example, what about replacing lighting or cupboard fixtures, or getting a new worktop or sink? If you do believe that it would be best to get a brand-new kitchen, think about important selling factors such as good storage facilities, space and also adding energy-efficient appliances.