11th October 2021
Make your property even more attractive despite slowing property prices.
With the end of the stamp duty tax holidays partly leaving the market, the breakthrough for real estate in England is slowing.
Royal Institution of Chartered Surveyors statistics say that the number of buyers’ requests now significantly exceeds the level it was before the pandemic. At the same time, a slowdown in house price growth at the end of 2021 and will result from the slowdown inactivity.
This is solvable for sellers: you can maximize the value of your home, despite a pause in the growth of housing prices.
There is a renovation that requires building permission, but it will take more than one month and more than one thousand pounds. Other improvements are as simple as replacing the door handle.
Repairing your front door is the cheapest way to add attractiveness to your home. Prices range from £5 to £35: stainless steel house number £5 to £25, brass letterbox £25, new doorknob £35. Adding a new layer of paint will cost up to £100 to completely update your front door.
Moreover, cleaning the exterior decor and painting the house itself can increase the price of a house by 10% — informs the insurance broker Towergate.
The biggest expense goes to painting the house. Its cost will include the size of the house, the condition of the paintwork and the number of initial corrections and repairs. Please have in mind that the count depends on the factors listed above.
Your place of residence in the country determines the hourly rates for tradesmen. According to Checkatrade, it is known that to hire a painter and decorator you will have to pay £20-25 an hour. Their services also include a daily rate, which can range from £180 to £200 per day. To sum up, a house painting can cost £425-1500.
Towergate says approximately £17,500 will return the owners a full conversion of the lofts, plus 15% on the price of the house, for a total it will be £31,096, and the homeowner will make a profit of around £13,500.
Nationwide reports that the adding of two loft rooms, such as a bedroom and a bathroom, will increase property values up to 21%, and if you are in London it will increase up to 24.5%.
Before starting work on a loft conversion, you should check out if you have planning permission to repair certain types of lofts. It is important to inform your home insurer of any changes because they will affect your premium.
An important reminder: when you reconstruct your loft, you will no longer have storage space.
Surprisingly, only a third of garage owners use their space to park their cars (according to a study by Admiral Loans).
Referring to Towergate, the most effective way to add value to a home is converting one garage into another room, but it will cost expensively.
Average renovation costs are estimated to be £15,450 when the average home value hits £41,462 and your profit will be £26,000.
To get the maximum benefit, you need to combine the new room and the main building and this can be done with a door.
Planning permission is unlikely to be useful if your garage is an integral part of the house and if you do not want to add external structure. There are exceptions: if your building is stated in the list, or you live in a conservation area.
An application for planning permission is required for the use changing in case of the garage is standing as a separate building.
Speaking about the rise in real estate prices, it is to be noted the energy protection of the house. According to Nationwide, energy-efficient properties that are rated A or B have a 1.7% markup over their most commonly are rated D properties.
Energy sustainability will help add £4,183 to the average home price of £235,000. Notably, there is little difference for C / E rated properties versus D.
According to the comparison site My Utility Genius, more than a third of the heat in an average semi-detached house gone through the walls.
The source Energy Saving Trust has analyzed that wall insulation within cavities will be up to £725 for a detached house and up to £475 for a semi-detached house.
Did you know that a quarter of the heat is lost through the house roof without insulation? According to My Builder, insulation installing in the loft ranges from £ 300-400, including material and labour costs.
It is assumed that not everyone can afford the construction of an extension, loft re-equipment, cellar or garage, even if this raises the cost of the area.
At the same time, having just planning permission will allow you to increase the price of real property.
Some factors affect an increased amount: the property location, the permission date and the expiration date, the amount of work covered by the permit.
Homeowners in prime London areas are doomed to a 10% increase in their home prices, while properties in other parts of the country will rise only up to £1,000, says architect Resi.
What are your best tips for increasing property value? Leave your thoughts in the comment section below.