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As the cost of living crisis intensifies for households across the country, the UK is forecast to be in recession for most of 2023 due to skyrocketing inflation and rising interest rates.
Despite the looming recession, reports suggest an unexpected surge in property demand in January, with home prices rising 0.9% compared to December 2022, when prices fell for a quarter consecutive month.
However, property experts Savills suggest that 2023 could be a rocky ride for the housing market, with predictions of a 10 per cent drop in home values across the country.
This is, of course, bad news for those thinking of selling their home, as even without the recession, most homes will need an update and general cleaning prior to sale.
Reports suggest an increase in demand for property, with house prices rising 0.9 percent. However, there are several cheap tricks you can adopt that will add value to your home (file photo)
Matthew Shaw, Sales Director for Ultra LED, explained: ‘Before you start thinking about listing your home for sale, it’s worth taking a look and making some alterations to give yourself a better chance of selling it at a great price.
These changes don’t have to be expensive either, but there are plenty that the sales expert says can make an amazing difference in your home’s value.
Here are seven simple but effective (and inexpensive) ways to increase the value of your home from Tom Cain, Ultra LED technical engineer:
RENEW
A lick of paint can be added at relatively little cost and is an easy way to increase the value of your home by 5-10% (stock image)
Adding a coat of paint can be done at relatively little cost and is an easy way to increase the value of your home by 5-10%.
Experts advise opting for neutral colors as they attract future buyers, who want to see the potential of a home, that is, a blank canvas.
It’s important to remember to cut out anything too personal, as this allows buyers to tailor the property to suit their individual needs.
Tom suggested considering ‘add some plants and revamp the sofa with some new cushions or throws’.
TURNING ON
Lighting is an often overlooked aspect of any space. You could even fit LED strip lights inside the cabinets to add an extra touch of luxury (stock image)
Lighting is an often overlooked aspect of any space, and when installed in the right way, it can really accent a room and can bring a living space to life, while also adding depth.
Tom suggested: ‘Add lamps to dark corners to create cozy corners and add bright lighting to show off your homes features.
“In terms of increasing interest in the property, it’s best to have viewings during the day, but if a potential buyer comes later, you’ll need to make sure all the light bulbs are working and your home looks good at night as well.” “. .
“You could even put LED strip lights inside the cabinets to add an extra touch of luxury.”
FIX YOUR GARDEN
A couple of cheap planters and a clear path, for example, can make the front of your house more attractive, helping with those all-important first impressions.
Having a front and back yard can be a great selling point, and while it’s important for buyers to use their imagination, it’s well worth spending some time fixing it up.
A couple of cheap planters and a clear path, for example, can make the front of your house more attractive, helping with those all-important first impressions.
Out back, a well-designed garden could add £11,741 to your home’s value, according to research by Rated People.
Tom said: ‘It should feel like an extension of the house rather than just a big piece of grass or concrete.
“It’s essential, and doesn’t cost much, to clean up any mess or trash, trim edging, mow the grass (if you have it), and cut down any overgrown trees or shrubs (especially if they block sunlight). ‘
FIX SURFACE DEFECTS
Common problems you can fix quickly to add value to your home’s cost include peeling paint, dirty walls and doors, especially around handles, door frames, and around light switches.
“While it may not stop a sale from going ahead, small flaws and issues can create the perception that a home is in poor care and could be a deal breaker if a buyer is looking at multiple properties, while larger issues like humidity can bring buyers together,’ said Tom.
Common problems you can fix quickly to add value to your home’s cost include peeling paint, dirty walls and doors, especially around handles, door frames and around light switches, leaky faucets, moldy caulk around windows or in the bathroom and broken floors.
These are all easy fixes and could add value to your home, as buyers would be tempted to negotiate a price reduction if they thought they would have to spend more money doing the home.
DECLUTER
Never underestimate the value of a good clean, as clutter and clutter can see bids on a house drop by an average of £9,290.
Never underestimate the value of a good clean, as clutter and clutter can see bids on a house drop by an average of £9,290.
Look around you and pay attention to high-traffic areas such as living rooms, kitchens, and bathrooms.
Make sure these rooms are clean, neat and free of any clutter or personal belongings. You don’t want anything sitting on kitchen countertops or in a bunch, as this can discourage buyers.
Tom said: ‘You also have to consider the layout and amount of furniture in each room. It’s amazing how this can affect the size and feel of a room.
“To add value, you want your home to look spacious and comfortable, because buyers want to imagine themselves living there.”
UPDATE THE KITCHEN
A new kitchen could add up to 10 per cent, or an average of £13,877, to the value of your home.
You don’t need a new kitchen to increase the value of your home, but a new kitchen could add up to 10 per cent, or an average of £13,877, to the value of your home.
However, if you’re on a tight budget, Tom advises replacing your cabinet door handles with more modern ones and giving your cabinet doors a fresh coat of paint.
He said: “Good lighting will also make a difference in this room, so try adding LED strip lights under the kitchen units to add a premium, modern look that prospective buyers may be looking for.”
TO CLEAN THE BATHROOM
Re-grouting and descaling can do wonders to make your bathroom look attractive to prospective buyers.
“Normally a new bathroom could add up to 5 per cent, or £11,906, to the value of your home,” Tom said.
But if you don’t have the budget, you don’t need to spend a fortune on a new suite, as all it takes is a deep cleaning and an update to make it attractive to buyers.
Grouting and removing all the lime can do wonders, as well as adding a touch of paint to the walls in a neutral tone.
He said: “Small changes like fresh fluffy towels, good lighting and nice smelling candles along with a plant can make a bathroom look and feel more luxurious without breaking the bank.”