We came across an interesting article this week, that claims that most common DIY tasks in the home DO NOT add value to your property. Worryingly, the main projects that we would anticipate adding a certain amount to the value – single room extension, new kitchen and new bathroom – came in at either a financial loss or just about breaking even. From this research by GoCompare, it would appear that you are more likely to make your money back and some profit on simpler tasks such as a garden makeover. See the full article here.
So that set us thinking…. What exactly can you do to try and improve the value of your property? We’ve done some research and here’s what we have come up with.
- It would appear that adding extra space to your property CAN add value, but naturally you have to effectively budget before you start the project. Know the value that your extension / alteration will add before you commence, and then you have the figure in mind that you need to keep under. On average, a new conservatory will add £9,500, a loft conversion will add around £16,000 and a single room extension will add in the region of £15,500. If you set your budget to a maximum of 2/3 of that amount, then you will be making a profit via the value added.
- First impressions count, so ensuring that your front garden, drive and the exterior of your property as a whole are in tip top condition can add as much as 5% to the value of your property (or, in realistic terms, if you neglect these areas you will in fact wipe 5% OFF the value of your property).
- Although not necessarily a key DIY task unless you are selling right now, one point to consider prior to organising any viewings is ensuring that the interior of your property is freshly painted in a neutral shade. Freshly painted walls and woodwork creates a great first impression, and by removing your own personality (no funky colours and dramatic shades) you allow the potential buyers to envisage the property with their own personality stamped on it. Keeping the paintwork fresh can improve the property value by around £3000.
- The interior will be the main focus of any potential buyers scrutiny, so there will be a high number of reasonably small DIY tasks that can instantly freshen the property and if not gain value then at least ensure that you achieve the maximum sales price possible. Jobs such as replacing any dirty grouting, mouldy bath sealant, damaged skirting etc.
- Finally, perhaps not a DIY job, but certainly one that across the board seems to be promoted as a value adder, heating! A good central heating system and a new boiler are always likely to produce a return on your investment in terms of adding value.
Should any of your DIY projects require timber, fencing, decking or sleepers then Forestrall Timber & Fencing are here to help. We also supply a range of other DIY materials and accessories. Download our full price list here. Email on email@example.com or call on 01474 444150.
You can read more from us in our timber blog here.