The property market is a funny old beast, especially in and around Rugby. Two years ago, we were still seeing inflated house prices thanks to huge buyer demand post-covid and a limited supply of housing stock.
As we head towards the end of 2024, quite the opposite is true, with the number of homes being sold up almost a third compared to this time last year, and an increasing number of properties coming onto the market, especially in sought-after villages such as Dunchurch and Thurlaston. As a result, that traditional Autumn price jump hasn’t materialised, with buyers taking advantage of the highest number of properties coming to market in the last 10 years.
With this increase in buyer choice there has been a knock-on effect on property prices, with October seeing a modest 0.3% month on month increase in asking prices, down from the traditional 1.3% growth we would expect.
So, for anyone looking to sell their home right now, adding value to your property is particularly important, whether you’re looking for a quick turnaround on the sale or to get the best price possible, or a little of both (and aren’t we all, really!). Even if you’re not in the market to sell right now, adding value to your property is always going to be a good investment.
Whilst a new kitchen, bathroom or extension can add some serious value to your home (in the region of 5-20%) this also comes with a hefty price tag and a lot of disruption that isn’t usually worth it if you’ll be selling up and don’t get to enjoy the fruits of your labour.
With that in mind, here are our value-boosting tips that won’t cost the earth and can help your property stand out in the competitive UK housing market.
1. Declutter, deep clean, and repaint
Sometimes, the smallest improvements make a big difference in buyer perception. Decluttering, deep cleaning, and repainting the interior in neutral colours can boost your home’s appeal without a massive financial commitment. A fresh, clean look can make your property feel more spacious and ready to move into, which, according to estate agents, can add between 2% and 5% to your home’s market value. Buyers can visualise themselves living there without being distracted by personal items, worn-out décor of a lengthy to-do list.
2. Enhance kerb appeal
First impressions certainly count, and homes with strong kerb appeal also attract more interest from potential buyers. Simple exterior upgrades like a freshly painted front door, a clean driveway, or attractive landscaping can increase the value of your home by 5% to 10%, according to Zoopla.
Additionally, making sure the exterior is well-maintained-clean windows, clear pathways, and a well-kept lawn-can create a welcoming vibe before they even step inside.
3. Improve energy efficiency
Energy-efficient homes have become increasingly attractive to buyers in recent years thank to rising energy costs and a growing emphasis on sustainability. According to Greenmatch, improving your property’s EPC (Energy Performance Certificate) rating can increase its value by an impressive 20%. Popular energy efficient upgrades that buyers look for include the likes of double glazing, loft and cavity insulation and a new boiler.
If you are planning to move soon though, you are unlikely to recoup the upfront installation costs of more pricey options such as solar panels or heat pumps, even though they will bring down the cost of your own monthly utility bills. Check out the Energy Savings Trust website for suggestions to improve energy efficiency which won’t break the bank.
4. Modernise lighting and electrical fixtures
Modern lighting and electrical upgrades might not sound like a big deal, but these subtle improvements can make your home feel more contemporary. Buyers value energy-efficient and stylish lighting options and updating your home’s electrical system to include more sockets and USB outlets can be a worthwhile investment. These simple adjustments may add up to 3% in property value.
6. Repurposing existing space
This can be a very cost-effective way to add value to your home, maximising functionality and appeal without expanding the property’s footprint if an extension or loft conversion is off the cards.
Adding a downstairs toilet in place of an understairs cupboard can increase a property’s value by around 5%, especially in homes that previously had only one bathroom, and converting a garage into extra living space can increase property value by up to 10-15%, especially if you have additional offroad parking. Just make sure you have the right planning permission, if required, and adhere to building regulations before you break out that sledgehammer!
Valuing your home before you sell
Before you begin making upgrades, it’s essential to get a clear understanding of your property’s current value and potential. Start with an instant online valuation, which can provide a rough estimate based on location and size, although they may not fully capture specific attributes of your property.
Next, research properties which are currently for sale and have recently sold in the local area which are of a similar size and condition to your own so you can get an idea of the local market.
Once you have a ballpark figure in mind for your own property, invite two or three local estate agents for a professional, in-person valuation. This approach lets you benefit from their market knowledge and a figure somewhere inbetween these valuations is likely to be an accurate asking price. The agents will also be able to provide feedback on potential value-adding opportunities since they will know what local buyers are looking for.
By making well-informed, targeted upgrades and getting a thorough valuation, you’ll be well-prepared to increase your property’s appeal and value before putting it on the market.
