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New article from Zoopla lists the top 10 most cost effective ways to add value to a property.
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
"By investing in low cost, high return projects, not only will you make your home a more pleasant place to live, you’ll also be increasing its value significantly"
According to new research from the Federation of Master Builders and the HomeOwners Alliance, it is possible to add almost £50,000 to the value of your home in just seven days.
As independent estate agents, members of The Guild of Property Professionals also contributed insights into property values.
The key findings from this research into the projects which can add the most value to your home, in the shortest space of time and in particular parts of the country, include:
• Removing an internal wall to create an open plan kitchen and diner can add £48,417 in seven days to an averagely priced home in London; • Building a garden room or outside playroom for the kids can add £35,611 in 14 days to an averagely priced home in Surrey;• Investing in kitchen improvements such as new flooring, a new worktop and new cabinet doors can add £26,838 in eight days to an averagely priced home in Dorset;• Converting a cupboard under the stairs into a downstairs toilet can add £26,708 in seven days to an averagely priced home in Surrey;• Converting part of the master bedroom into an en suite bathroom can add £14,525 in 11 days to an averagely priced home in London;• Building a new driveway can add £13,354 in nine days to an averagely priced home in Surrey;• Installing decking and lighting in the back garden can add £8,946 in seven days to an averagely priced home in Dorset.Full/source article
Doing nothing and and adding flowery/ emotive language to your listing can add value in seven days. Spend one day doing and you can sit back the other 6 days.
Im not technically adding value The descriptive elements will help get viewers, put yourself in buyers mindset and perspective.
If you have done works amend your zoopla estimate to reflect the new value. I know it's not accurate but buyers don't know that.
Coming soon Investorsk8.com
Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs.
The top five home improvements that add the most value to a home, according to estate agents are:
1. Making the living space open plan (£46,503.94 average added value)2. Loft conversion (£24,254.56 average added value)3. Extension (£6,455.57 average added value)4. New kitchen (£3,508.92 average added value)5. Conservatory (£3,155.27 average added value)The top five home improvements that Brits think add the most value to a home are:
1. Extension (27%)2. New kitchen (25%)3. Loft conversion (15%)4. New windows (8%)5. New front door (7%)
Full/source article No mention of the value new or an ensuite bathroom adds and I would think an extension would add a lot more value than £6K. So I don't think the above list is very accurate!!A new front door won't necessarily add value imho, although it can improve the front aspect of the property, thereby creating a better first impression for prospective tenants or buyers.The local market and tenant demographic would also determine where most value can be added. That is why local knowledge is so important.