Are you looking to sell your property? Do you want to know your property's potential value? Before jumping straight into listing your property, take a look at our blog which highlights what factors of a property could cause a potential increase in its value.
Convert Your Garage
Potential added value: 15%
If your property has a garage and it is in use, converting it into a living space may not have even crossed your mind. However, this could be something you want to consider.
There are multiple reasons you may use a garage such as housing a car, holding gym equipment, or extra storage. Yet converting your garage could provide you with an abundance of benefits. As well as having an extra living space, a garage conversion is known to increase your property’s value! A converted garage could be used for the likes of a study room/ office, children’s playroom, art studio, a room with a sofa bed for visitors, and more, meaning your new living space could serve a great purpose.
Potential added value: 13%
There is no doubt that a loft could provide a fantastic storage opportunity. However, turning a loft into an extra living space could add major value to your property.
A converted loft could be transformed into the likes of a bedroom or even a games room, plus who’s to say the conversion couldn’t still be used for storage. Now you may think it would be pointless to spend money on a loft conversion just to use it for storage or to an extra living space when you have all the space you need, right? Well, this may be something you want to consider, as it can add major value to your property (up to 13%).
Potential added value: 10%
Unlike the previous points, you can’t physically change this about your property, however, if you are looking to move homes this may be something for you to consider. You may be looking to move homes with the idea of moving again in the future, so the percentage of added value from this factor may help your decision in location.
If your property is close to a school, then this factor has a great chance of adding to the value. The majority of home buyers either have a family or are looking to start one, meaning homes close to schools are often coveted. It is known that parents in England are willing to pay more for a property that is close to school, for their children. Research shows that 20% of homebuyers were willing to pay 10% more for a home near a school.
Potential added value: 20%
Society is becoming more and more aware of the environment and how certain things we do can harm it, meaning there are a lot of people out there trying to do what is best for the environment.
Many buyers prioritise environmentally friendly properties (properties with energy efficiency with the likes of solar panels, upgraded insulin, replaced windows and replaced external doors). Solar panels are great and are certainly the future, yet before going ahead with the idea you need to think about where your property is situated and if solar panels are really going to benefit it.
Create a Home Office
Potential added value: 10%
Due to Covid19, more and more companies are working from home. The number of home-workers increased by 75% because of the pandemic. Despite us coming out of lockdown, many businesses have decided that working from home is their new way of working because of many different factors. The staff took a liking to it, it helps with some financial aspect, some work is more efficient this way, etc.
A home office could appeal to many property buyers. As previously mentioned there are more people working from home but that is not all an office is good for. Their children may be in school or university, meaning they need to study a lot and what better way to do this than having a designated quiet study area. After all, studying or working in the same area you tend to spend your spare time would get extremely repetitive.
An at-home office is a great way of increasing the value of your property and the best way to get a higher increase would be to build an extension or garden office. Adding an office to your property via a bedroom or spare room would also be good as you could give any potential buyers an idea of that area being an office space, however, having a designated area for an office that is ‘separate’ from everything else will allow it to feel more like work rather than home.
Renovate Or Update A Kitchen Or Bathroom
Potential added value: 20%
With bathrooms and kitchens being the most heavily used rooms in properties, they hold a lot of property value. Being used consistently, these rooms need to appeal to buyers and if they need renovating or updating, this may put any potential buyers off and actually help to make their decision of not going through with the sale.
Both heavily investing in a complete redesign and making minor changes to enhance the look of these rooms will help to increase your property’s value. The best way to get a higher increase would be to heavily invest in completely upgrading your kitchen and bathrooms. As this would be expensive, upgrading both rooms may not be realistic. You could then consider upgrading one of the rooms and making minor changes to the other, or even just making minor changes to both would be great for your property. Although this may not add as high of a value, it will certainly still add a good amount!
Horizon Sales and Lettings
Horizon Sales & Lettings is an Estate Agency specialising in Teesside and the surrounding area. We are local to the area and know our market extremely well! Here at Horizon, we have strong experience with buy to let properties: buying, selling and lettings management. A lot of our business is repeat business, meaning our previous clients are more than happy to use our services again.
If you are looking to sell your property, our friendly team here at Horizon would be more than happy to help. Check out our blog which highlights why you should list your property with a local estate agent here and contact us today!
Or, If you’re looking to get a quick valuation upon your Teesside property how about you use our handy tool here.