Lisa Parker, an experienced mortgage expert at L&C Mortgages, shares valuable tips on how homeowners can enhance the value of their homes, whether they are considering remortgaging or selling. These expert recommendations focus on practical and effective strategies.
Enhance energy efficiency
Making your home more energy efficient not only reduces utility bills but also boosts its value. Consider investing in energy-efficient windows, insulation, and appliances. You can also explore options like solar panels, a smart thermostat, or a tankless water heater to increase energy efficiency, leading to long-term savings and improved resale value.
Improve curb appeal
The first impression matters, and the exterior of your home sets the tone for potential buyers. Enhancing your home’s curb appeal can increase its value by up to 10%. Simple steps like applying a fresh coat of paint to windows and doors, adding vibrant flowers or refreshing the grass, and maintaining the exterior will make your home more visually appealing. Installing outdoor lighting, updating the front door, replacing, worse-for-wear old numbers or names, and adding a new mailbox can also enhance its overall attractiveness.
Consider adding an extension
If you have the space and budget, adding an extension can significantly increase your home’s value. Each square meter of property space in the UK is worth approximately £2,907 on average. Thus, even a small extension can add considerable value. While costs may vary depending on factors such as size, materials, and permits, a well-planned extension can offer both functional benefits and a higher property value.
Convert existing rooms
Converting an existing room into a bedroom is a cost-effective way to boost your home’s value. Whether it’s a spare room, home office, or storage space, transforming it into a bedroom can make your home more appealing to potential buyers. L&C Mortgages found that adding an extra bedroom to a two-bedroom semi-detached house, for instance, can increase the property’s value by 20%. This option often requires less investment and effort compared to adding an extension.
Prioritise maintenance
Regular maintenance is essential for preserving your home’s value. Ensure your property is well-maintained, addressing structural issues promptly and keeping it free from pests. Perform routine maintenance on appliances, clean gutters regularly, and check for leaks. Staying proactive in maintenance not only prevents costly repairs but also keeps your home in optimal condition.
It’s important to consult with qualified professionals before embarking on significant renovations or investments. Their expertise can help align your actions with your budget, timeline, and goals. By implementing these tips, homeowners can increase the value and desirability of their homes, potentially yielding higher equity and resale value.
Leave a Comment