A lot of homeowners overestimate their value, leaving them worried that they won’t be able to afford the house that they want next. If you’re in this situation, or simply want to get the best price you can when you sell, We Buy Any House have put together some helpful ideas to get your house value on the up!
How do I know how much my house is worth?
According to Rightmove, the average house price in Derbyshire is £231,571, up 6 per cent from last year. This is great news, but being an average doesn’t apply to every home, so for those in areas with lower prices, such as in Chesterfield where the average price sits at £195,768, making improvements to increase the value is at the forefront of a lot of homeowners’ minds.
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Should I increase my value before selling?
There are several benefits from increasing house value when you’re looking to sell, including:
Receiving better offers from buyers, being able to sell for a higher value than you would have done previously
Being more attractive for viewers, getting more people interested in your home and increasing the chances of selling faster
Selling for a higher price will mean you’ve got more flexibility when looking to buy elsewhere, and can be the difference between a house that you really like and one that you love for a higher asking price.
Along with these benefits, there are a few negatives that you should be aware of when considering increasing value, such as:
To see a significant increase in your property value, you will need to spend money to do it and if you haven’t got funding available to do this, you won’t see much of a boost
If you overestimate the increase in value that you’re expecting, it can be a disappointment when you come to sell and find out that the work you’ve done hasn’t had the effect that you expected.
How can I increase my house value?
For homeowners who are keen to increase their property value, some of the most popular and effective options are:
Creating a home office:
Throughout the last year, home working has become the norm for millions of people, which has meant that buyers are now looking for houses that can offer them space to work comfortably. From garden offices to a converted office space inside, there has been a 326 per cent increase in use of the search terms ‘workspace’, ‘working from home’, and ‘office’ on Rightmove – showing just how many people are keen to buy property that provides space to work. You could increase your value by as much as 10 per cent by adding this feature!
Develop garden space:
Throughout the lockdowns and the after-effects of the pandemic, outside space has become one of the most valuable aspects that a property can offer a buyer, so making the most of your outside space will increase your value and get you more interest than homes in your area that can’t provide the same. Whether you’ve got grassy space or a private courtyard, this can boost your house value by around 5 per cent.
Driveways have always been a great addition to homes, providing more secure parking and the guarantee of always having somewhere to park, especially in areas around Bakewell that has a lot of on-road parking. Having a driveway can increase your house value by 5-10 per cent depending on the size and the quality, and is one of the lower-cost improvements to make too!
A new bathroom:
Updating a bathroom, especially one that’s old-fashioned, is a really popular way to increase house value. Where possible, make the most of the space you’ve got as bigger bathrooms are more preferable, and you can look at the various trends for inspiration on what style and what features you want to put in. This can add around 5 per cent to your house value, and will be a huge plus for your viewers as it will mean they don’t need to update the bathroom for some time if it’s recently been done, making their life easier.
Increasing your property value before you sell will allow you to get the best possible price, which is something that all homeowners want when they look at moving. There are plenty of options of how you can make these improvements, and get your property looking its best to sell!