Homeowners often consider the impacts of renovating or remodeling their property, particularly when the idea of selling or letting comes to mind. In higher-cost areas such as the Mayfair real estate market, property owners are consistently pouring thousands into changes to their homes. This is not only to increase the potential value of the house but also to modernise the look and feel of a home to make it both unique and appealing to buyers.
There are several reasons to complete updates or repairs around the home, but adding value is the most common driving force. If you are giving some thought to what may provide the most return on your investment, regardless of the current value of your property, here are a few tips on how to quickly improve your home to create additional worth.
Spruce up the Outdoor Space
One of the easiest ways to improve the value of your home is to focus your attention on the outdoor space. This step may include cleaning up a garden area with fresh plants or eliminating overgrown trees or weeds. It may also mean adding updated walking paths or pavers to the front of a home. Because outdoor space is limited in some regions of London, boosting the appeal of these outdoor areas can add significant worth to a property, up to an additional 10 per cent. A larger budget may prompt a more substantial undertaking when it comes to improvements, such as adding a deck or patio to create entertaining space outside.
Paint and Decorate
Simple updates around a home can make a big difference. If you notice chipping paint or think about how outdated a wall colour is, taking a small amount of money and a long weekend to refresh these issues improves the value of the home. Consider neutral tones like grays and light blues to make a space feel open, or darker paint choices for accent walls or areas of the house that need some drama or flare.
Updating décor can also have a healthy return on investment. Not only does a freshening up of decoration around the home appease potential buyers, but it also provides a more modern feel to the property if you plan to stay in place. Between a few painted walls and new décor, the value of a home can increase up to five per cent.
Make Small Repairs
As homeowners, we get used to the slight repairs that may be needed around the house. They end up on a to-do list that ultimately never gets accomplished. However, taking the time to repair small issues around a home can have a positive impact, increasing the value up to ten per cent. Think about what sticks out to the eyes or the ears when walking around the home, such as:
- Creaking floors or lifted floorboards
- Door latches or locks that do not work properly
- Dripping taps
- Loose tiles in the kitchen or bathroom
- Broken or damaged windows or frames
- Squeaky stairs and handrails
- Cracks or lines in plaster or ceilings
These repairs may seem unnecessary – until you go to list your home. Making these things right takes little time and is often a do-it-yourself task over a day or two.
Convert Underutilised Areas
For homeowners with a larger budget, creating a plan for converting unused or under-used spaces around the house can have a substantial influence on the value of the property. Consider what the loft space could be, such as an added home office or a new bedroom. Cellars can also be easily converted with the right vision and plan for change. In either case, be sure to consider the total cost of the project before diving in, knowing that the return on investment could yield upwards of 30 per cent.
Update Kitchens or Baths
Finally, whether you are planning to stay in your home for several years or put it on the market in the next few months, kitchens and baths deserve some attention. Aside from the smaller updates such as paint and refreshed décor, bath and kitchen upgrades can provide a big bang for the buck. With values increasing up to 30 per cent in some properties, changing the tile, replacing a vanity, or updated fixtures in a kitchen or bath offers the most benefit for the cost.