News & Insights
Could small updates pay big dividends?
Whether or not you are planning to sell your home imminently, I would suggest that it pays to know how to add value to your property, keeping on top of what renovations will be financially beneficial.
This means that you can plan projects during a period of time, which will spread the cost. It also means having a better equipped or laid out house, should the need to move arise, or the areas you should concentrate on change as new trends emerge or adjustments to legislation take shape.
Therefore, it is advisable to keep an eye on what rules and regulations are in the pipeline and what the timescales are and what interior styles and fixtures and fittings are in vogue.
Not so long ago fitting an electric charging point – either outside or in the garage – would have been considered as being surplus to requirements when selling a house. However, people are becoming more aware of their carbon footprint and what effect their lifestyles have on the environment. In fact, in life generally there is a huge emphasis on saving the planet with a particular focus on cracking down on CO2 emissions.
With the government pressing ahead with plans to ban the sale of all non-electric cars from 2035 at the latest, a charging point could become a desirable asset on the list of a property’s particulars.
Another element that may be on a potential house buyer’s radar is how easy a home is to maintain. As a result, uPVC doors and windows may be on a house hunter’s wish list as they do not require the care that wood needs such as regular painting or staining. They also offer high levels of insulation, are more stable than wood, which can twist or warp, and often come with multi-locking points.
The running costs of a home are something that those purchasing a property will want to factor into the equation.
A big monthly household expenditure is the cost of heating and hot water, which is why is makes sense to have an efficient boiler installed.
Fitting individual thermostats on every radiator, so that the level of heating in each room can be controlled, also is well worth considering.
Tim Pennington, chartered surveyor, auctioneer and RICS registered valuer from Northallerton Estate Agency, said: “If you spend money on upgrading one room, it should either be the kitchen or the bathroom.
“It is said totally refitting a kitchen can add thousands to a house’s asking price. Equally, a dilapidated kitchen can wipe a considerable amount off what a house is worth.
“But if you cannot afford a brand new kitchen, there are more cost-effective ways you can refresh what already is there – such as replacing doors and handles or painting units.
“From a buyer’s point of view, the family bathroom is almost as important as the kitchen. Again, the financial implications have to be weighed up before deciding what level of upgrade should be undertaken.
“Re-grouting, eliminating all limescale and replacing fixtures and fittings, such taps, are good option as it is imperative that bathrooms look fresh and hygienic.”
“But if a bathroom is really shabby it may need more than a superficial cosmetic once over and a full overhaul, while costing more, may be the best financial option to make the most money out of selling your home.”
Please note: This article is intended as guidance only. No responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by Latimer Hinks. In addition, no responsibility for loss occasioned/costs arising as a result of any act/failure to act on the basis of this article can be accepted by the firm.
