As the cost of living rises for households across the country, the UK is predicted to be in recession for most of 2023 due to rising inflation and rising interest rates.
Despite this looming recession, reports suggest a surprise surge in property demand in January, with house prices rising 0.9 percent compared to December, when prices fell for a fourth straight month.
However, real estate experts Savills suggest that 2023 could be a rough ride for the real estate market, with predictions of house prices falling by 10 percent across the country.
Of course, this is bad news for those considering selling their home, because even without the recession, most homes will need some general refresh and cleaning before selling.
Reports suggest an increase in demand for real estate, with home prices rising 0.9 percent. However, there are several budget-friendly tricks you can adopt that will add value to your home (stock photo)
Matthew Shaw, head of sales at Ultra LEDs, explained: ‘Before you think about putting your house up for sale, it’s worth taking a look around and making some adjustments to increase your chances of selling for a good price.’
These changes don’t have to be expensive, but there are plenty that the sales expert says can make a surprising difference to your home’s value.
Here are seven simple yet effective (and cheap) ways to increase the value of your home from Tom Cain, technical engineer at Ultra LEDs:
REDECORATE
Applying a lick of paint can be done at a relatively low cost and is an easy way to increase the value of your home by 5 to 10 percent (stock image)
Applying a lick of paint can be relatively inexpensive and is an easy way to increase the value of your home by 5 to 10 percent.
The experts advise choosing neutral colors because they appeal to future buyers who want to see the potential of a home, in other words a blank canvas.
It is important to remember to remove anything too personal as this allows the buyers to tailor the property to their own individual needs.
Tom suggested that we consider “adding some plants and sprucing up the couch with new cushions or throws.”
RELIEF
Lighting is an often overlooked aspect of any space. You can even put LED strip lights in cabinets to add an extra touch of luxury (stock image)
Lighting is an often overlooked aspect of any space and when installed properly it can really accentuate a room and bring a living space to life while also adding depth.
Tom suggested, ‘Add lights to dark corners to create cozy nooks and add bright lighting to showcase your home’s features.
‘Due to the increasing interest in the property, it’s better for viewings to take place during the day, but if a potential buyer arrives later, you’ll want to make sure all the lights are working and your house looks good at night too.
“You could even put LED strips in cabinets to add an extra touch of luxury.”
RENEW YOUR GARDEN
For example, a few cheap flower pots and a clear path can make the front of your house more attractive, helping with those important first impressions
Having a front and back yard can be a huge selling point, and while it’s important for buyers to use their imagination, it’s worth spending some time redecorating them.
For example, a few inexpensive flower pots and a clear path can make the front of your house more attractive, helping with those all-important first impressions.
At the back, a well-designed garden can add £11,741 to the value of your home, according to research from Rated People.
Tom said, “It should feel like an extension of the house rather than just a big patch of grass or concrete.
“It’s essential, and it doesn’t cost much at all, to clean up any clutter or waste, trim edges, mow the lawn (if you have it) and prune overgrown trees or shrubs (especially if they block sunlight ). ‘
REPAIR SURFACE DEFECTS
Common problems that you can fix quickly to add value to the cost of your home include peeling paint, dirty walls and doors, especially around handles, door frames, and around light switches
While it may not hold back a sale, minor flaws and issues can make a home look poorly maintained and be a deciding factor if a buyer is looking at multiple properties, while larger issues such as moisture can put buyers off. all gone together,’ said Tom.
Common problems that you can fix quickly to add value to the cost of your home include peeling paint, dirty walls and doors, especially around handles, door frames and around light switches, dripping taps, moldy sealant around windows or in the bathroom and broken floors.
These are all easy solutions and can 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 on the home.
TIDY
Never underestimate the value of a good clear out as clutter and clutter can actually reduce offers on a home by an average of £9,290
Never underestimate the value of a good clear out, as clutter and clutter can drop offers on a home by an average of £9,290.
Take a look around and pay attention to high-traffic areas such as living rooms, kitchens and bathrooms.
Make sure these rooms are clean and tidy and free of clutter or personal belongings. You don’t want anything on kitchen surfaces or piled up, as this can put buyers off.
Tom said, “You also need to consider the layout and amount of furniture in each room. It’s surprising 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 see themselves living there.”
UPDATING THE KITCHEN
A brand new kitchen can add up to 10 percent, or an average of £13,877, to the value of your home
You don’t need a brand new kitchen to increase the value of your home, but it can add up to 10 percent, or an average of £13,877, to the value of your home.
However, if you have a small budget, Tom recommends replacing cupboard door handles with more modern ones and giving the cupboard doors themselves a lick of paint.
He said, “Good lighting will make a difference in this room too, so try adding LED strip lighting under kitchen cabinets to add a premium and modern look that potential buyers are looking for.”
CLEAN THE BATHROOM
Re-grouting and removing all limescale can work wonders in making your bathroom attractive to potential buyers
“Usually a brand new bathroom can add up to 5 per cent, or £11,906, to the value of your home,” said Tom.
But if you don’t have the budget, you don’t need to spend a fortune on a new suite, as a thorough cleaning and refresh is all it takes to make it attractive to buyers.
Regrouting and removing all limescale can work wonders, as can adding a touch of paint to the walls in a neutral shade.
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.”
