Despite the undeniable socio-economic impact of the coronavirus pandemic, the UK property market remains in a strong and robust position as 2020 draws to a close. During quarter four in particular, there has been a pronounced rise in both buying and selling, while the average property price in the UK increased by 4.7% in the year ending September 2020. With these points in mind, it may be time to make your move if you intend to sell your home in the near-term.
Here are some home improvements that can actively increase the value of your property.
The Biggest Return – Add a Conservatory
If you have some money to invest in your home remodelling and are in the market for a significant return, you should consider having a conservatory built. While this has an estimated cost of up to £5,300, it can deliver an average profit of £5,750, creating a total ROI of 108% overall. Additionally, a conservatory adds an extra room to your house, and while this may require you to sacrifice some garden space, it’s likely to appeal to buyers and can increase the value of your home tangibly. Unlike an extension, adding a conservatory doesn’t require planning permission, reducing the cost of the process and minimising the value of any short term loans that you may be considering.
The Best Budget Option – Fix the Roof
Let’s face facts; if a potential buyer thinks that they have to fix or replace the existing roof of a house, they’ll be inclined to factor this into their offer. In this respect, investing in a comprehensive roof repair makes perfect practical sense from the perspective of sellers, while this remains one of the most affordable home improvements (costing around £4,150 on average). By creating a secure, leak-free and insulated roof you can also bank an average profit of £2,600, creating a competitive ROI of 63% on a relatively minimal spend.
The Biggest Overall Impact – Enhance the Properties Exterior
Apparently, we only have around seven seconds to make a first impression on others, and this rule also applies to potential buyers when they arrive to view your home. In this respect, reinventing the exterior of your house can make a huge difference, as this is one of the first things that a buyer will see and will have a seminal impact on how they perceive the property (and its associated value proposition).
This may involve tasks such as cleaning windows and replacing broken roof tiles, while also adding colour in the form of plants or fresh paint. Regardless, it has an average cost of £6,000, but can deliver a deceptively high profit of £4,500. This translates into an ROI of 75%, while it also has a huge impact on your ability to sell a property quickly and profitably.