According to the latest news from the Office of National Statistics (ONS), housing remains the most valuable asset in the UK, accounting for over £4.05 trillion and almost 2/3 of the entire country’s net worth.
Although initial price increases showed at the beginning of this year, the latest forecasts indicate home prices will return to 2009 levels… at best. The rest of the year promises to be a buyer’s market. So what can you do to increase the value of your home in the face of dour economics news? Read on to learn about the give most cost-effective ways you can increase the value of your home in the UK.
1) Build an Extension
The major UK lender Halifax has repeatedly written that adding an extension to your home can increase its value by a greater margin than any other single investment.
Quite simply, building out an extension on your home increases the available square footage, and therefore directly improves the value of your home. Unfortunately, building an extension most likely requires the largest amount of capital investment of any of these ideas. If you’re relatively short on money, then keep reading for more ideas.
2) Convert Your Loft
This is one of the most popular home improvement ideas in the UK right now. Many UK homes have available, yet unused, loft space. A loft conversion is cheaper than you might expect, and can drastically increase your livable space.
3) Convert Your Garage
If your home has one, consider converting your garage into living space. Like a loft, most people are just using their garage as storage space and therefore not taking full advantage of the value of that small piece of real estate. If your garage is attached to your home, it is very easy to convert it to another living room. If your garage is unattached, it might require a bit more work like installing plumbing, but when you’re done your home will have a nice little “guest house” that is very attractive to potential buyers.
4) Remodel the Kitchen
Experts state that if you’re only able to upgrade a single room in your home, the kitchen is the best place to invest your money. Home buyers particularly avoid refurbishing kitchens. It is one of the first places they look while home shopping, and one of the last places they want to re-do themselves. Modernize your kitchen and nearly every dollar spent will increase your home value.
5) Tidy Up and Complete All Maintenance
Lastly, many people can increase the overall value and selling price of their homes to a surprising degree merely by making sure everything is extremely tidy and all minor repairs and maintenance is completely caught up. You would be surprised how few people take this advice seriously. While you’re living there, minor inconveniences like a burnt-out light bulb in a hard to reach place or a squeaky door hinge are easily ignored. But these seemingly small things quickly add up to a potential home-buyer. Don’t forget: first impressions are always the most important! Make sure anyone inspecting your home is unable to find small faults, and you’ll notice your home value goes up.