We’ve all watched Grand Designs and had envy over the amazing new builds or period renovations. However, when you’re looking to sell your property, it can be difficult to tell if a renovation is really worth the time and money. We already know that house prices are set to rise further in 2016, simply due to a supply and demand imbalance, so think carefully about potential renovations that could lose you money. There are some tried and trusted tricks in the book though, so here are our recipes for success.
Do The Maths
Be aware that a property renovation is going to take some serious time and money, and a really effective renovation will take years to plan properly and months to do the brunt of the building work. Winging it is simply not an option. There’s a lot of risk involved as house prices are never quite certain, so do your research and contact professionals to get realistic cost estimates. If you think you can do it, keep working at it. Check out some inspiration for dramatic renovations, and continue to ask the advice of professionals, especially if you are working on a period or listed property, as there are certain rules and limitations on adjustment to historically significant features.
Upgrade The Kitchen
If you’re looking for an almost guaranteed win, or you simply don’t have the budget to renovate the whole house, Channel 4 property presenter Phil Spencer says to upgrade is the kitchen. The kitchen is one of the most used rooms of any house, whether you’re simply tucking into tea for one, or entertaining guests, or the kids are doing their homework – it’s the bedrock of a family home. Depending on the upgrades you make, Spencer advises that you could up your property’s value by 4.6%. The easiest places to start is simply upgrading the appliances and redecorating, but kitchen extensions are popular renovations to get for very good reason, and really appeal to family buyers.
Green Renovations
With the recent EU targets to reduce energy emissions, green properties are most definitely a wise improvement to make. A report last year by the UK Government suggests that eco-friendly upgrades to a home could increase its value by 14%, with first time buyers finding these types of modifications particularly attractive. Features such as double glazed windows, solar panels, wall and loft insulation, and energy efficient appliances not only benefit the environment, but can up the asking price as buyers know they will save money on bills in the long term.
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Daniel Peacock