Often the most significant purchase you make, your home, may have the potential to offer you financial stability for the rest of your life. But are you getting as much out of it as you can?
You can make drastic changes to your home to increase its value. Add extra living space, a loft conversion or a conservatory – all are viable ways to see a return on investment. But what about the less invasive methods; ones which, although maybe not as grand as an extension, could have the potential to see your bricks and mortar work harder for you?
A lick of paint and a bit of polish
It may sound simple, but external impressions are incredibly important when it come to the value of your property. Despite the cost sitting from £100 - £1000, a fresh look can feasibly add an impressive £5,000* to your property’s value. And that’s not all. Sprucing up your home’s front door with a new door handle, letterbox and numbers can make a significant difference for not a huge outlay*.
Hang mirrors in the hall
Not in the way you get at fairgrounds, but a mirror or two in a narrow hallway can really open up the space and make a tight entrance seem like a hotel reception.
Install central heating
Although the vast majority of homes in the UK already have central heating, there is still a small percentage, around five, without*2
. And if your home is one of those, it could be costing you a fortune, in more ways than one. Aside from the obvious year-on-year efficiency savings, installing central heating – which can cost anywhere from £1,000 - £4,000* *3
– can add up to £8,000 to a property’s value*3
Replacing your boiler
Modernising your boiler can go a long way in seeing your home’s value rise, with a new installation seeing a 400% return on the initial circa £2,000 cost*3
, as well as saving you on energy bills in the process.
If you meet certain benefits-related criteria and your current boiler is at least five years old, you could qualify for a grant. BoilerGrants.org.uk offer an eligibility checker.
Adding more electrical sockets
In the midst of the technological age and electronic gadgets and gizmos a huge part of everyday life, spending as little as £800 on installing more plug sockets around your home could see your house value rise by as much as £4,000*3
A garden gives homeowners the opportunity to express themselves, and it’s not uncommon for people to fork out thousands on creating their own little piece of paradise. Different zones, textures and materials can often see an increase in value; however, generally a well-kept area can also do the trick.
Clearing away litter and dead plants, weeding, repairing and feeding the lawn, alongside cutting back old trees and adding some shape and colour to your garden’s borders will all help add value*4
Another cost-effective addition, which many overlook in their home, is an up-to-date security system. There are a huge number of different products and providers on the market, and serious money can be spent, although that is by no means always the case. But a modern, reliable security system could add £3,500 to you property’s value*3
A useful tip to remember
Although modernising and extending your home is a great way to increase its value, it’s also important to remember to respect its aesthetic period. Unless you’re making drastic changes, such as a complete redesign, some modern alterations can have a detrimental effect both to your property’s value and your wallet.
So, if, for example, you are keen to update your home’s wooden windows, be sure to choose like-for-like rather than heading down the cheaper plastic and PVC route. In the short-term it may set you back a little more, but the benefits of maintaining your home’s current feel will be clear later down the line, with a wood to PVC switch potentially decreasing a property’s value by as much as £20,000*5