Since the housing crisis in 2008, house prices have continued to rise. If you’re wanting to take advantage of this and sell up in the future, there are steps you can take to raise the value of your property even further through home improvement and retrofitting.
A property price analysis by Savills predicts a significant UK housing market boom over the next five years, with average prices potentially growing by 21.5%. By 2026, this could translate to an average house price of £370,785, showcasing a remarkable increase of over £40,000 - with average prices in London expected to reach a staggering £713,987.
Interior
When it comes to upgrading your home’s interior, focus on creating a light, bright, and spacious feel. Declutter as much as you can and embrace minimalist decor. A fresh coat of neutral paint throughout will instantly brighten the space, while strategically placed mirrors can amplify light and make rooms look bigger.
Exterior
First impressions are everything, so let's make your house shine from the outside in. A fresh coat of paint on the facade, a vibrant new front door, and tidy garden with flowers and outdoor furniture works wonders. Don't underestimate the power of good lighting; well-placed outdoor lamps can add a sense of warmth and security. If you have enough space in your front garden, you could even consider converting it into off-street parking. According to Zoopla, this could raise your property value by a massive £50,000.
Energy-efficiency
Making your home energy-efficient is not just good for the planet, it's also great for your bank account. Upgrading to double-glazed windows, insulating your loft and walls, and installing a smart thermostat can all keep energy bills down and attract eco-conscious buyers. Consider exploring renewable energy options such as solar panels and heat pumps too – they are a bigger investment upfront, but the long-term savings and value boost can be significant.
Utilise space
If you have an unused space, such as a garage, attic, or basement, consider converting them into additional living spaces, offices, or even extra bathrooms. Doing so increases the utility of your home while you live in it, and can also significantly raise the value.
Kitchen/bathroom upgrades
If your kitchen needs a makeover, new cabinet doors, contemporary appliances, and updated hardware could make a big difference. Your property’s value may be greatly increased by updating your bathroom with sleek fixtures, a walk-in shower (if space permits), and a tidy, modern aesthetic. Remember these are functional spaces; make sure you have enough storage, satisfactory water pressure, and appropriate ventilation.
Add finishing touches before viewings
If selling is your main intention, there are some things you can do to spruce up your property before potential buyers come round to view the place. Fresh bedding, fluffy towels, and scented candles can create a warm and inviting atmosphere. Strategically placed artwork, houseplants, and decorative accents can add personality and show potential buyers how the space could be lived in. Finally, ensure every room is clean, well-lit, and free of any lingering odours.
By following these tips and tailoring them to your unique property, you can add significant value to your house, create a more enjoyable living space, and achieve your future property goals with confidence. Good luck!
Important information
You may have to pay an early repayment charge to your existing lender if you remortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.
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