10 August 2020
5 Ways to Improve the Value of Your Home During the ‘Mini Boom’
Since Chancellor Rishi Sunak announced that the Stamp Duty holiday would come into play at the start of July 2020, the housing market has seen a ‘mini boom’ in sales throughout July and house prices have peaked. Halifax released figures on 7th August 2020, highlighting that the “Mini-boom drives house prices up in July to 1.6% higher than in June, on a monthly basis” and “House prices in July were 3.8% higher than in the same month a year earlier”.
Now is as good a time as any to add value to your property in order to go into the market with a high asking price. However, there’s a fine line between which developments will add value, and which ones will throw a spanner in the works.
- Home office space
It comes as no surprise that a designated home office space is now a must-have for many homebuyers, alongside private parking and a garden.
If you have an unused spare bedroom or don’t make the most of your garage, a simple shuffle around and furnishing will transform the efficiency of your home, as well as the value. Firstly, you could paint a feature wall to generate drive, blue helps to focus whilst green is easier on the eyes, making it ideal for those working long hours. Next, you’ll want to select pieces personal to you that push productivity, such as your favourite motivational quotes and storage that is easily accessible. Lastly, splash out on quality office furniture and set up in the most effective positions e.g. place your desk underneath the window to receive a healthy amount of natural light and good ventilation without any screen glare.
However, if you’re not fortunate to have extra space currently, you may be looking at a pricey extension or conversion to add a home office to your property. Nonetheless, it’s a worthy expense, making working from home life easier for yourself and creating a desirable feature when selling your house.
2. Tended to garden
Whether the buyer has green fingers or not, a messy and overgrown garden is often a deterrent due to the level of work it requires. A well-looked after garden is even more appealing as a result of recent circumstances.
Although we, along with the majority, are hoping the last few months don’t repeat themselves, it’s definitely playing on most people’s minds to buy a home with a private outdoor space – in particular for those who have been living in a property without a garden.
Therefore, we recommend that you care for and maintain your garden, attracting home buyers who aren’t looking to restore the garden or who view it as a blank canvas awaiting their personal touch.
You could take it one step further and section off your garden, a popular trend currently:
- Source the area of your garden that is sunny for the majority of the day or that receives the last of the sun in the evening, set up a patio or decking section that can be used for BBQ’s or a hot tub.
- Build raised beds in your garden to plant fruit and vegetables for home grown produce.
- Lay pebbles and add a water feature with seating for a calming area in your garden.
3. Refurbish key rooms
When looking to refurbish your new home, normally the biggest and priciest developments are involved in the bathroom and kitchen. However, a sure way to increase the price of your house is to refurbish the bathroom and kitchen so the new homeowners don’t have to.
It’s worth bearing in mind that although newly refurbished, if you’ve chosen a bold wall colour and multi-coloured tiles, this won’t sell easily as it’s not to everyone’s taste. Should you choose to refurbish your bathroom or kitchen, you’re best to opt for neutral colours, white goods, bathroom furniture and decor.
4. Open plan living and dining space
Even before the strict regulations on how to host guests inside your house during these times, most people set their heart on an open plan living and dining room. For that reason, if your house isn’t already open plan, the two rooms are normally located next door to each other at least. Making the development that much easier.
If this is the case for you, take the risk and open up your living space, you’ll find it pays in dividends.
5. Change the locks
For increased security, most new homeowners make the decision to change their locks when first moving in. An appealing selling point would be the offer to book the locks to be changed in the time period between you having moved out and them moving in, all of which can be covered in the house price.
When deciding on which developments are worth your time and money, the expression “read the room” and “know your audience” has never been more relevant. With home interior and exterior trends continuously changing and requirements evolving depending on the current circumstances, it’s good to know what is considered a must-have in order to add value to your home, be inundated with offers and sell your house quickly.
If you’ve decided that changing your locks is a development you can offer to the new homeowners, contact our trusted and reliable locksmiths based in Norfolk and North Suffolk on 01603 409181.