If you are looking to sell, there are a number of ways to add value to your Bristol home. Of course, this means investing in improvements but the objective is to make that money back. There are some modifications that you can make on a lower budget which won’t so much add value but will certainly give your house more appeal to potential buyers. Then there are those additions that will add value. Knowing what is going to add the most value to your Bristol home is key.
In 2020, the average price of a house in Bristol was £347,161. The most sold properties were terraced with an average price of £325,922. Prices in Bristol have risen over the last year, being 10% higher than in 2019.
Adding / Refurbishing Rooms and the Various Benefits
The most effective way of raising your house price is by getting extensions or transforming once useless spaces into a whole new room. Even something as simple as refurbishing an old closet can add slight value.
Bathroom
There are a few places that you could install a new bathroom, the most useful being to add one downstairs. If you currently have a large cupboard under the stairs that you use for shoes or coats then worth considering turning this into a cloakroom/WC.
The return on investment for adding an extra bathroom really does make it a worthwhile investment of both time and money. There are significant returns to be made.
Adding a Conservatory
One of the more popular forms of extension for houses, many buyers will see huge value in a conservatory that benefits from the sun. With more of the population working from home, that extra space is top of many people’s lists. There are a few options that you can consider which will incur costs in the following price range:
The cost of adding a conservatory varies. Spending the highest price will not always garner you the highest value increase so it’s worth doing your research and getting a few quotes. After the work is done, and you have your new conservatory, make sure to decorate it. Get a sofa, a coffee table, and a few plants. You’ll have yourself an appealing conservatory that will easily raise the value of your home.
Additional Bedroom
Adding an extra bedroom is an attractive feature to many buyers. Whether it’s so that they have an extra guest room, a potential room for a growing family or somewhere that they can use as a small office, the more bedrooms the better. Converting the loft into a bedroom is one way to add value to your Bristol home. Another option is to include an en suite which will further increase the value.
If you want to add an en suite you should expect to spend between £3,000 to £10,000. Sticking to a lower budget will leave some money for the furnishings. A coat of paint, a nice double or single bed depending on the room size. You could also get a carpet and some drawers. Keep it minimalistic, but don’t leave it empty.
Refurbishing your Kitchen
The kitchen is one of the more important considerations for buyers, especially families. If they don’t like what is there, they will look at changing it. You should fix the handles on the cupboards and replace the doors. You could also redecorate, install some new lights and add some plants/utensils. It’s a lot easier and cheaper than investing a whole new kitchen and if the buyer doesn’t like that kitchen you might have wasted your time and money.
If you are going to invest in a new kitchen, set a budget before you start looking. It’s advisable to spend no more than 5-6% of the value of the house as this is the kind of value that it is likely to add. Also consider the type of property. Installing a new kitchen that costs £30,000 in a semi-detached house is a poor investment. If the average property in Bristol costs £347,000, look to spend no more than £15-£18k to include built-in appliances, lighting, plumbing etc.
Using Clean Energy
Clean energy is to many people who are keen to do their bit for the environment. Installing solar panels on your roof is one idea. It will cost you around £6,000 for the 4kW solar panel system but the buyer will reap the benefits in reduced energy bills.
A further step you could take would be to install an electric vehicle charger in your garage or driveway. More and more people are driving electrically powered vehicles and as they change their cars, they are switching to electric.
Fix Structural Problems to Add Value to Your Bristol Home
Buyers aren’t looking for houses that they’ll need to spend months and months fixing. So make sure to fix as many of these issues as possible yourself. Cosmetic improvements won’t mean anything if your house isn’t structurally sound. Below are the big issues to fix before putting your house on the market. You should get in a builder for the bigger structural issues.
If you aren’t sure as to the extent of these issues, it is a good idea to have a structural survey done before you put the house on the market.
Small Changes with a Big Difference:
You don’t need to refurbish a room or have an extension built to add value to your house. Even the smallest of changes can add value to your Bristol home or at least make the property more attractive to potential buyers.
Decorating your Home
This is a fairly obvious change. Most people will change a few things as it’s something you just need to do especially for older houses. Paint your walls and consider new carpets and lights. Try to keep your style consistent between rooms. Buyers will love a blank canvas that they can put their own stamp on. Not everyone will agree with your tastes.
While redecorating you could get little issues fixed. It won’t add a massive value, but it will make your house attractive to potential buyers.
De-clutter
Another big deterrent for potential buyers is clutter. If a home looks cluttered, it looks like there isn’t enough space. Clever storage solutions will make your home more minimal, creating the feel of more space. Make use of all of the hidden storage spaces – under the bed, the top of cupboards, under the sofa etc. Being clever with storage can make your property more appealing even if it doesn’t add value to your Bristol home.
Conclusion
Some projects will require more time and investment than others. If you are serious about selling your property and want the edge over other properties on the market, we recommend that you do what you need to get the best price and increase the value of your Bristol home.
Consider time factors as well. It can take weeks or even months to add an extension, complete a conservatory or finish a new kitchen. If you are looking for a quick sale, you may not get the maximum price for your home.
It may be that you need to achieve the best price in order to secure your next purchase. If you would like financial advice and to discuss your requirements, we are independent financial advisors that can work with you to help you make that next move. Call us today on 01934 756717.