How to improve your home's resale value

Collaborative Post | Whether you hope to sell your home in the near future or may do down the line, it’s good to make yourself aware of the many approaches you can take to improve its resale value.
 
In this blog, we’ll discuss some of the best ways to improve your home’s resale value and the average cost involved in these changes.

Photo by Lotus Design N Print on Unsplash

Considering whether an investment is worth it

Before exploring the best ideas for increasing your property's value, it’s worth mentioning a few things regarding whether or not an investment is worth it.
 
If you plan to sell your home in the future, many of these additions will, of course, be valuable for the practicality and use that you and other household members get out of it before your home is sold. In these cases, certain home alterations offer value in two ways.
 
However, if you hope to sell your home in the near future, you’ll really want to consider carefully whether the added value (or even potential added value) is worth the cost. In many cases, such changes (e.g. a new house extension or new kitchen) may only be worthwhile if you get years of use out of it AND added property value.

New Heating System

Having your current heating system swapped out for a more efficient and modern alternative is a great way of lowering heating bills and potentially increasing your home’s resale value.
 
If you have an old boiler, replacing it with a modern A+ rated boiler is not only important from a safety point of view (older, more worn-down boilers will generally become less safe even if serviced annually) but also one of the more cost-effective ways of increasing the value of a property.
 
In fact, having an old boiler replaced by a modern, highly efficient boiler may add around 3-5% to your property’s resale value, potentially providing a net gain of £1000s when subtracting the total cost of a new heating system from the average increase in property resale value.
 
Beyond that, other ways to enhance an existing heating system (or as part of having a new heating system installed) include a smart thermostat or even having your radiators swapped out for underfloor heating. 
 
Of course, as with any alteration to a property, an increase in a property’s resale value (as a percentage) will differ based on the average cost of said property. For instance, a 4% increase in value for a £150,000 property is worth £6,000, whereas for a £275,000 property, a 4% value increase represents a gain of about £11,000.

Kitchen Renovation

Having your kitchen renovated is another way you could increase the resale value of your home. This may involve changing certain aspects/elements of the space (e.g. new microwave or new furniture), though, in many cases, households will opt to have an entirely new kitchen installed.  

This can involve changes such as the following:
●      Replacing one or more appliances (e.g. new fridge and freezer).
●      New countertops
●      Adding a kitchen island
●      New kitchen floor
●      Have an electrician add different lighting fixtures
●      Choose to have suitable, thermal curtains added

Ultimately, having your kitchen renovated (i.e. new kitchen introduced) is likely to cost somewhere between £3,000 and £8,000, while increasing the resale value of your home by around 7-10%.

New Bathroom

Having your bathroom replaced with a more modern alternative is another way to increase the resale value of your home. 
 
This can involve steps such as the following:
●      Having the bathroom partially or fully re-tiled
●      Installation of a new bath or/and shower
●      Replacing other fixtures/fittings such as taps
 
The cost of a new bathroom will depend not only on the types of changes you opt for but the size of the bathroom (including whether you’d like to have it extended) and the complexity of the design. Broadly speaking, the average range is about £2,000 to £8,000.
 
For example, replacing several fixtures in a small bathroom will cost significantly less than having a large bathroom swapped out for a custom-made wet room. A new bathroom may increase the resale value of your home by 4-5%.

House Extension

A house extension, whether it be a rear extension, side return extension or either a single- or double-storey extension, will likely cost £10,000s, but they can often add anywhere from several percent to as much as 23% to a property’s resale value.
 
Obviously how much value they provide will depend heavily on the size and type of extension, as well as what it is used for (including per its design, if applicable), the materials used, and both its practicality and functionality.
 
Along with considering how much value a house extension might add, you’ll want to ensure that it’s right for you and your home before making such a major investment. Working with a trusted design and build company can help you create a space that perfectly suits your needs while enhancing your property’s value.
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Loft Conversion

If your property does not have the space required to add a suitable extension or/and you’d prefer a (generally) more affordable choice, it’s worth considering having your loft converted if possible.
 
On average, a loft conversion will cost around £20,000 to £80,000, but as with a house extension, this will depend on the size and type of loft conversion. It’s also worth noting that a loft conversion won’t be suited to every property type.
 
That said, if a loft conversion is feasible for your home, along with gaining an extra room or an additional space for practical uses (e.g. home office) or to unwind, a loft conversion may add between 10% and 20% to the value of your home!
 
There are many other ways to improve a home’s resale value from a new front door to double-glazed windows to built-in storage. Whatever the case, be sure to carefully consider what may work best based on your preferences, budget and how certain changes may look and feel when introduced to your home.


Disclaimer: this is a collaborative post.