When it comes to selling your home, the goal is to achieve more than the initial
price you paid when you bought it. A significant amount of your home’s resale
value will be affected by the appreciation of house prices in Saffron Walden, where average sales values have risen by 50.0% over the last 10 years. However, if you want to achieve the maximum sale price for your property, there are several home improvements you can make that will add to the overall value.
Creating an extra bedroom, especially with a loft conversion, offers the best return for your money. Although initial costs are not inconsiderable, a double bedroom could add 11 per cent to the value of your home, a gain of £46,200 on average Saffron Walden properties. Budget carefully according to your house size and current market value, and you could be onto a winner.
Space commands a premium, so you should create more of it in your property if the opportunity arises. Extra space can transform the whole look and feel of your home, adding value and making it more desirable to house hunters. By adding extra square footage, you can increase your property’s overall value by as much as nine per cent. That would be an extra £37,800 if we go by the average property price in Saffron Walden which is £419,700.
Kerb appeal is often overlooked by sellers when they put their house on the market, yet it is one of the most important aspects to not only adding value to your home but making it look appealing to the first-time viewer. The outside of your property is the first thing any potential buyer will see, so you want to give it the ‘wow’ factor. A £300-400 spend on the exterior and front garden/driveway could add up to four times the initial outlay to the overall value of your home and cut down the length of time it takes to sell the property.
Buy-to-let landlords will want to make sure their rental property is in the best condition to achieve maximum yields. Furnished properties can often rent faster than those that are unfurnished (but do check with us as it depends on the type and location). It is also a good idea to update the interior and exterior of your property every three years by painting the walls, cleaning the outside space and replacing furniture to stop it looking dated. A fresher looking property will increase its chances of renting more quickly and nullifying potential long void periods.
Weighing up the potential cost of any home refurbishments is important. But even an increase of around 10% to the overall value of your property can be the difference between buying your dream home or having to compromise on something you’re not so keen on. If you want to find out more about how much value you can add to your home, just call or email to have a chat with us. We are always happy to help.
The total housing market value is a combination of the number of transactions and the average property price in a given quarter. It can give a real idea of the buoyancy of the market in Saffron Walden. The first quarter of 2016 was the largest quarter (28.0%), closely followed by the final quarter of 2015 (27.3%).
Increasing clarity in the UK’s economic future has increased confidence in the property market. A look at sales levels in Saffron Walden over the last 15 months seems to indicate this too. Since May 2016 sales levels for flats are up 97 points and houses are up 30 points since November 2016.