When looking to sell a home it can help to carry out some work beforehand to improve the value of the property while also making your home more appealing to prospective buyers.
When looking to increase the value of your home it’s a good idea to know what improvements you can make will have the biggest impact on the value of your home. Handily HSBC carry out an annual “Home Improvement Survey” which can give us a look at which improvements will have the biggest impact on the value of your home. It’s even broken down regionally so we can see which improvements have the best value added effects within the North East.
Within the north-east the two biggest are loft conversion and room extension, both adding on average £10,000 to the value of your home. This makes sense given both these projects add considerable space, extra rooms depending on the level of work done, which makes a home considerably more appealing to new buyers. Following this is the addition of a conservatory, adding just over £5,000 to the property value. A conservatory is technically an additional room, though of less use given they’re mainly useful during nice sunny days, something we tend to lack in Britain. New kitchens and bathrooms add £4,300 and £2,100 respectively. These are probably the more possible works to be carried out on a property and not everyone has the space to add a conservatory or new rooms to a building. The least valuable improvement to a home is re-carpeting, adding just £1,550 extra to a property. The low weight given to new carpets in valuing a home is understandable as carpets can be cheap to replace, and in some cases a new buyer might be interested in having wood flooring.