Taking out a mortgage is a major financial decision to make, and one where you’ll be looking to maximise the value of your current property to boost appeal and add extra profit to your pocket, so that you can be one step closer to securing your ongoing purchase.
Before you even get to the point of putting your house on the market, it’s worth taking stock and making any alterations that might boost your chances of achieving the asking price. What’s more, consider speaking with a local estate agent about what kind of features make the biggest difference when selling in your area.
- Tackle structural issues
Being on top of structural issues – such as subsidence – will hugely impact the value of any house, so this is certainly something to prioritise ahead of dealing with cosmetic improvements or internal work – such as redecorating or installing a new kitchen.
In certain cases, structural issues may entail expensive underpinning costs, which would take up a chunk of your renovation budget. However, this work would be vital for adding value. Consult a surveyor, builder or structural engineer before tackling any structural issues – including defects such as sagging or leaky roofs, rotten joists, broken roof tiles or rising damp.
- Consider a loft conversion
A loft conversion is likely to be a savvy investment in terms of adding value – in fact, it typically costs around half that of an extension! Be sure that it adds more accommodation than it takes away, plus you’ll need to allow room for a full staircase, too.
Dormer windows or rooflights can introduce lots of natural light, but be sure to check with planners about the required consent – particularly if they’re going to be at the front of the property. Either way, adding an extra bedroom (and perhaps an en-suite bathroom!) to your home might really boost your budget ahead of your onward move.
- Add value with a garden office
The pandemic has seen a huge shift towards homeworking, meaning a feature such as a garden office could have a massive draw. This could work out particularly well if you don’t have the space to spare in your home, but wish to add a workable office area elsewhere.
Ensure you research the market carefully, and make it your homework to view buildings before committing, so you can figure out exactly what would both appeal and be within budget.
- Invest in solar panels
In today’s eco-conscious world, adding solar electricity panels is a great investment that has numerous benefits, including lower bills, a lower carbon footprint and, of course, added value to your home.
Given that the price of energy has recently rocketed, generating solar power and using it yourself gives a far bigger saving that it once did. And yes, even though we do get a lot of rain in the UK, panels nevertheless generate a notable amount of energy, even on a gloomy day.
- Improve the internal layout
Before contemplating any type of extension, maximise on the value of your property by working on the existing layout, to open up and create multifunctional living space. Fewer but larger rooms with clear lines of sight can make a house seem much larger than it actually is, and buyers are increasingly looking for a seamless flow between living areas.
Seek advice from a structural engineer or building surveyor before hatching any plans, as points such as loadbearing walls need to be considered, as well as adding acoustic insulation if adding in more inexpensive stud walls.
- Add bi-fold doors
Bi-fold doors undoubtedly give that instant wow factor and an increased sense of space, not to mention being a great way of introducing extra natural light and bringing the outdoors in. Unlike French and patio doors that have rigid widths, bi-fold doors can span several metres – creating a vast opening.
While making the upgrade will involve a reasonable investment in the short term, it’s widely agreed that the money will be recouped on the value of your home immediately after installation. Remember to factor in VAT, installation costs and potentially delivery costs, too.
- Consider a conservatory
On the topic of being closer to nature, it’s well known that adding a conservatory or garden room is a straightforward way of adding more space and making the link between the internal and external – especially if it’s fully glazed. When designed, built and integrated into the layout of the house in the right way, it usually adds far more value to the property than it costs.
Ordinarily, a conservatory doesn’t require planning permission – however, it will have to comply with building regulations. There are many options in terms of glazing and frames, with your chosen materials directly affecting the performance of your conservatory, so be sure to do your research and seek expert advice.
- Create a driveway
One clever way of adding significant value to your property is by creating one or two parking spaces in front of or alongside the house – even if that means sacrificing part of the garden. Many buyers will find a well-designed drive hugely appealing, and potentially better use of space than a front garden they might not use.
Make sure you check out all permissions in advance, such as with HM Land Registry and comply with the local authority highway regulations when it comes to changes like drop kerbs.
- Rewire and replumb
When considering ways of adding value to your home and giving future buyers peace of mind, rewiring and replumbing is certainly worth doing, especially if you own an older property.
Updating the electrics may well be a priority if your house hasn’t been rewired for some years – this can also be an opportunity to update lighting and add in extractor fans, for example. As for old pipework, it can get very furred up, leading to poor hot and cold flow and even potentially burst pipes! Consider all your options carefully and bear in mind that this is a major, disruptive project that would need to be completed ahead of making any cosmetic improvements.
- Adding new windows
Noisy roads can impact the value of a property, which is where double-glazing is essential. Not only that, but double-glazing will retain the heat – any home improvement that moves your Energy Performance Certificate (EPC) up a band could add a notable sum to the sale price!
Naturally, if you own a period property, be mindful of staying sensitive to the style of your home, and only replace windows that are beyond economic repair or where they might increase light.
At Wellesley, we’re proud to offer both personal financial advice and mortgage advice – and as such, we’re best placed to take care of your needs and those of your family. Our dedicated Mortgage team offer a tailored service and transparent approach to help you navigate all the available mortgage options that align with your finances. Click here for more information or to contact us today with your mortgage queries.