If you’ve ever dreamt of making the most out of your property investment, you’re in good hands. Phil Spencer, a regular face on the UK’s favourite property shows like “Location, Location, Location” and “Love It or List It”, not to mention the author of three books and a property podcast and radio show host, shares his nuggets of wisdom in the Telegraph.
A Property Guru at Your Service
The housing market might be experiencing a dip, but for Phil Spencer, well-maintained properties can still retain their value, even in challenging conditions. If you’re thinking about selling, knowing what upgrades to make can drastically increase the value of your home. Remember, homes half-done don’t sell well, so your investment needs careful planning.
How to Improve Property Values
Painting your house can instantly freshen up the ambience, but there are no overnight miracles. The crucial question remains: how much are you willing to work with and how much time do you have at your disposal?
When you’ve decided on a budget, you can begin looking at ways to get value for every pound spent. If your plans are more long-term, focusing on family enjoyment is the key. However, if selling is on the horizon, consider what enhancements will appeal to prospective buyers.
Spending a Grand: The Real Difference £1,000 Can Make
Your garden is as much a part of your house as the interiors are. Recent behavioural changes due to lockdown have shifted homebuyer preferences towards properties with good outdoor space.
With a £1,000 budget, you can transform your garden with straightforward, cost-effective ways. These include sprucing up the outdoor area with new plants, repainting fences, or even adding mirrors to create an illusion of space.
A similarly diligent investment indoors could be repainting old cupboards, updating handles, or inserting new cushions or throws for an aesthetic upgrade. Remember, heart can sell a home. Your passion and love for your property will be palpable to viewers.
Inspiring Warmth: The Magic a Fireplace Creates
Fireplaces, though costlier than a grand, bring a sense of homeliness many buyers desire. While installing one might not give you profitable returns, it’s an absolute charm and a reference point for many buyers.
Investing £5,000: The Art of Interior Remodeling
With a slightly larger budget, you can consider repainting walls, changing carpets, transforming room interiors, and even changing cupboard doors. Choose colours strategically; neutral shades tend to appeal to a wider demographic than loud and eclectic ones.
An essential tip here is to ensure cohesion between your works and the overall look of the property. An expensive room renovation won’t pay its dividends if it feels out of place or incongruous with the rest of the home.
Consider investing in updating a bathroom. While kitchens and bathrooms do date quicker, they certainly command buyer attention.
Do you fancy a bit of restructuring? Knocking down non-load-bearing walls could cost you around £1,500, while strengthening the remaining walls may set you back an additional £1,000. This could absolutely transform your living experience, opening up your house and introducing more light and space.
£50,000 and the Potential of Loft Conversions
With a £50,000 budget, you could consider a loft conversion. With careful planning to ensure seamless integration with the overall house design, a loft conversion can make your home significantly more appealing to prospective buyers.
Alternatives include creating space by dropping the floor level or setting up a separate garden office pod to facilitate work-from-home arrangements.
If you plan to splurge on a new kitchen, be prepared that it might not drive up your property’s value as much as it cost you. Remember, your investment should benefit you, not just potential future owners.
The Impact of a £250,000 Budget
A more considerable investment opens up a range of possibilities like setting up entirely new living space options, be it an attached granny annexe or a standalone Airbnb rentable unit.
Bear in mind, though, that underground extension works like basements can turn out to be quite risky and may not always be profitable.
£1 Million – When the Sky is the Limit
Finally, when the budget hits the million-pound mark, you have the leverage to consider grand restorations and extensions such as a state-of-the-art orangery. In fact, you could contemplate building an entirely new house. But beware, building a house from scratch is not a to-do for the faint-hearted. It involves significant risk, time, and requires meticulous planning.