How to best increase the value of your home?
It’s the perennial question – what steps can you take to increase the value of your home on the property market?
Much of a property’s re-sale value will depend on what’s happening in the local Portsmouth market as a whole.
Our May 2018 Residential Bulletin factsheet shows that average sales values have risen by 30.7 per cent over the past decade.
However, there are certain steps you can take to push up the final price when you come to place a property on the market.
These include creating an extra bedroom – perhaps with a loft conversion or in an office. This can offer among the best returns although initial costs may be not inconsiderable. As a rule, the ratio between size and price is fairly linear – so expanding your home by 10 per cent in size could add an extra £21,000 to its value in Portsmouth.
If such an investment is not possible, then a simpler step is to improve your property’s kerb appeal. This can be one of the most important ways to add value to a home and make it stand out in viewings. Sometimes a little investment could go a long way – from hiring a painter or tradesman to tidy up out the exterior or buying some colourful plants for the front garden or yard.
Weighing up the potential cost of any home improvements is essential because it has to be a profitable exercise to add value to final sale price of your property – and be what buyers are looking for.
Also, in our May 2018 Residential Bulletin, new data shows that most buyers in Portsmouth are ‘young and single’. The next largest group of buyers are those with a young family, followed closely by retired people, mature families, mid-stage families and, finally, empty nesters. Where do you fit in?
Other interesting figures show that the sales split between houses and flat has been largely consistent in the Portsmouth area over the past few years.
In 2017, just over 40 per cent of properties sold were flats – just slightly below the percentages for 2016, 2015 and 2014.
The percentage for flats sold has dipped under the 40 per cent mark just once in the past decade – in 2013.
Of course, much depends on the nature of the area and how densely populated it is with urban districts more packed with flats while rural, semi-rural and suburban areas tend to have more housing stock. Wider economic conditions also play a part as well as Government regulation of the property market.
Locally, the picture of occupancy ratings makes interesting reading too. The Office for National Statistics has a formula which gives the occupancy rating of each home. It shows whether a property has the ‘right’ number of rooms given the number of people living there.
For the Portsmouth area, homes with two or more extra rooms than are needed sit at the top of the table. They are followed by one extra room, no extra rooms, one too few rooms, and two too few rooms.
This may be surprising given that many people – especially young families – always need more space but it may be due to older property owners with families who have left home or houses with larger numbers of rooms for the people living there.
Please don’t hesitate to get in touch with our expert team or pop into our office to have a chat with us about any of these insights or to discuss your property needs. We’re always happy to help!