Whether you’re a first-time buyer purchasing a doer-upper or you’re planning to sell your home in the near future, adding value to your home will help you make money back on your investment.
1. Redecorate
Redecorating is the most popular home improvement, and adding a lick of paint can be done at a relatively low cost. Neutral colours are most appealing to house buyers and can go a long way to giving your home a new lease of life, so do not be afraid to pick up the paintbrush.
2. Fix superficial defects
While unlikely to be the clinching factor in a house sale, minor problems and defects can create an impression of a run-down house that has not been well cared for. Bigger issues (like damp) should not be covered as they will show on a survey and come back to haunt you.
Things to look out for include:
- peeling paint
- dirty walls, especially near door frames and light switches
- dripping taps
- squeaky floors, doors or stairs
- mouldy sealant in kitchens or bathrooms
- limescale build-up on kitchen and bathroom fittings
- badly fitted laminate flooring
- broken lightbulbs
3. The front door
First impressions count. Your front door says a lot about the rest of the house to viewers. If you cannot afford to replace the door, make sure it looks new by giving it a power wash or a fresh coat of paint. Even a new doorknob, house number or name plaque can help. Make your front door look smarter than your neighbours to help your property stand out.
4. Declutter
Never underestimate a tidy, clean room and pay special attention to high-impact rooms such as the kitchen and bathroom. Consider whether there’s too much furniture in each room ,as it can make the property feel smaller.
5. Heating and lighting
Preset the heating to come on ahead of a scheduled viewing. Potential buyers will want to know that your central heating works well and feel comfortable in your home if it's cold outside. Good lighting is essential on a drab day, so having lamps on in dark corners helps. It's better for the viewing to take place in daylight, but turn any outside lights on if the potential buyer is coming once it's dark.
6. Garden appeal
If you have a front garden, spend a little time sprucing it up. A few plant pots and a clear pathway can make the front of your house more appealing.
Out the back, a well-designed garden can add value. It should feel like an extra space for entertaining or relaxing rather than an expanse of grass. It's essential to trim borders, clear pathways, and cut back any overgrown trees or bushes, especially if they block direct sunlight into the property.
An area of decking creates a sense of bigger usable living space. Three per cent of homes sold in 2019 were even found to have a summerhouse in the garden, giving owners more space to relax and entertain in the brighter weather.
7. Create a driveway / off-road parking
In some areas of the country, the ability to park close to your front door comes at a massive premium. If you have the room to add off-street parking, you will surely increase your property's value.
8. Look smart and be energy efficient
Smart home technologies are increasingly important to buyers - just advertising the presence of fibre optic cables in your area could be enough to encourage buyers. Statement systems like multi-room music platforms can also make a difference.
Double glazing will also help retain heat (and keep noise out). Smart technology such as Hive, which gives mobile control over heating systems, is a feature worth considering. If a home improvement moves your Energy Performance Certificate (EPC) up a band could add thousands to the sale price!
9. Makeover the kitchen
Kitchens are often the main focus for many buyers, it may be the first thing they look to replace or pay more for if a property has one they like. You may not be able to afford a whole new kitchen but, for a relatively small budget, painting units or replacing cupboard handles or doors are great alternatives. Good lighting and clutter-free, clean surfaces will also make a big difference.
10. Fresh bathrooms
In the bathroom, re-grouting, eliminating all limescale and replacing taps are good options. Bathrooms need to look fresh and hygienic, so paint the walls a neutral shade and ideally add a new shower curtain or a standard glass screen. In 2019, new bathrooms were fitted in 29 per cent of homes which sold that year so this could be the key to selling fast and earning more.
Bigger projects which add value to your home
Big projects like loft conversions, adding a conservatory or converting a garage are big projects with big rewards. In fact, 22 per cent of homes sold in 2019 had an extension added; increasing a property's value and making them more appealing to buyers. In some areas of the country, the ability to park close to your front door comes at a huge premium. You are sure to increase the value if you have the room to add off-street parking.
If you can’t afford an extension or conversion, it might be worth obtaining planning permission to do so at a later date. You would have to spend money on drawing up the designs and getting a survey, but it would remove a big element of doubt from a potential buyer’s mind if they know the council has already approved an extension.
Can you make an extra £20k a year from your property
Rising energy prices, expensive food and sky high fuel prices at the petrol-pumps mean some people are deciding to ditch the nights out and luxury treats for staying at home and economising.
But according to property expert Klara Painter, another way to navigate through tough economic times is by earning extra money – and the answer to that could lie very close to home.
Painter, from HouseBuyFast says you can earn up to £20,000 by making the most of an existing asset.
“Our home is probably our biggest monthly expense – particularly with mortgage rates creeping up again. But many people might not realise that your property can be a great way of generating income by using the space you pay for – but might not use. By putting your home – and garden – to work, you could earn literally thousands a year to provide that much welcome boost to your finances. And it’s not just homeowners who can benefit – those in rental properties could too.”
Rent out part of your home to a business
Small businesses and start-ups need office space, but shared desk services like WeWork and similar desk-sharing services can be too costly for those just starting or working with tight budgets. With many jobs now being hybrid, they only need a meeting room ad hoc, a few times a month.
You can rent part of your house as an office or meeting space for a small fee which can provide a quiet and affordable work environment while allowing you to earn extra income. Before you advertise your space, check with the council to make sure you adhere to all the local regulations.
Total: £2,500
Use the spare room
If your children have left home and you find yourself with an empty spare room, there are plenty of ways to make use of that space and even earn some extra income. You can sign up for online services like SpareRoom or the government’s Rent a Room Scheme which allows you to earn up to £7500 per year tax-free – but the room you rent out must be furnished.
If you earn over £7500 from renting out a spare room you will need to fill in a tax return. It’s also important to note that if you use the Rent-a-Room scheme, any expenses you incur such as decorating costs, won’t be deducted from the amount you earn.
Total: £7,500
Consider a foreign exchange student
Living with another person full time isn’t for everybody which is why a solution could be for you to consider a foreign exchange student. This can also be a good trial run if you were thinking about renting long term. Hosting foreign exchange students can earn you around £50 a day, depending on where you live. To find out more, check-in with the local student exchange companies as they are always looking for potential hosts. Unlike just renting out your room, if you are hosting a student there will be more requirements including meals and including them in your family activities so they don’t feel isolated in a foreign country.
Total: £250 per student per week
Rent out the driveway
Since the introduction of the Ultra Low Emission Zone (ULEZ) in London, people have changed their attitudes about parking. According to YourParkingSpace, a platform that allows homeowners to rent out their driveways, the number of people registering their driveways increased by 34% in the first week following the ULEZ expansion.
But it’s not only greater London where people might want to rent your drive: Cities like Bristol, Portsmouth and Sheffield have extra charges for more polluting vehicles and if you live in a town with mainline train stations you can offer an alternative to expensive and unreliable parking.
Renting a garage or a driveway, especially in big cities like London or Brighton is a no-brainer and can pocket you an extra £500 a month.
Total: £6,000
Become a pet sitter
If the idea of letting another person into your home doesn’t sound like your cup of tea, what about an animal?
Pet owners are often on the look out for reliable people who can care for their furry friends when they are away at work or on holiday. Instead of hosting a teenager, you can host an animal. Like hosting a student, it does require some work on your part but particularly with dogs, it’s a great way to ensure you get in some fresh air and exercise every day and earn some money while providing reassurance to a pet owner. It’s a great opportunity for animal lovers with space to spare!
Total £20,000