Regardless of whether you’re looking to sell your house now, in a year’s time or in the distant future, the ultimate goal is always to sell it for more than you paid for it.
Although property does typically always go up in value, there are a number of things you can do to maximise the profit you make.
Add a loft conversion
A loft conversion is an excellent way of making your home bigger and adding an extra room or even couple of rooms depending on the space you have. It’s estimated that whatever you spend on the cost of a loft conversion, you should be able to double what it will add to the value of your house.
Add a second bathroom
If you only have one bathroom in your property, adding a second one can add huge value to your house. One of the UK’s leading building societies, Nationwide states that having two bathrooms is now standard and is a bare minimum if you want to get top dollar for your home.
The cost of installing a new bathroom can vary hugely depending on the quality of the products you use and the plumbing and tiling costs. On a property that is valued at £80,000 or more however, you can typically expect an additional bathroom to increase the value by 5%.
Property company, Savills says that adding a conservatory to your home can increase its value by an impressive 10%.
In order to get the maximum value, ensure that your conservatory matches the style of the rest of your house and don’t make it seem as if it’s a separate part of the house. Do remember that if you carry out any building work or make significant changes to your property, you must let your home insurer know because not doing so can invalidate your policy.
Convert the garage
A whopping 90% of garages in the UK don’t contain a car which means that they’re a wasted asset. If your garage is used to store things that you never even use, convert it into a space that is useful and will increase the value and appeal of your house.
The average cost of turning a garage into living space is about £10,000 and to calculate the value added, multiply the square footage gained by local price per square foot.
Another option for your new space is to convert it into a studio apartment that you can rent out for extra income. This will be an attractive prospect for potential buyers who may also want the rental income or to be able to house an elderly relative.
Revamp the kitchen
If you only have the time or funds to focus on one room, make it the kitchen. Often referred to as the heart of the home, good kitchens sell properties.
A new kitchen can add nearly 5% to the value of your house but make sure that what you spend is relative to what your house is worth. For example, a £10,000 kitchen in a £1 million property may actually put buyers off whereas if you spend £30,000 on a kitchen for a house valued at £250,000, you’re unlikely to see your money back.
A great tip before you begin any renovations is to think about who your target market will be when it comes to selling your property. Once you have identified this, you can tailor your home accordingly. A young couple for example is likely to value extra bedrooms as they may be thinking about extending their family. An older couple who don’t have children living with them are more likely to be impressed by a conservatory as this offers a place for them to relax in.