Seven Home Improvements That Will Net You The Biggest Profits
Property expert reveals the changes that will to add the most resale value to your home, and help sell it faster in even the most competitive markets.
Smart home technology increase value by a staggering £40,040
You don’t need to be an expert and spend a fortune on cutting edge gear, and there are ways to automate without blowing your whole budget. A new report by the Department of Energy and Climate Change found that homes featuring smart technology could increase their value by up to 38% in some parts of the country, with a 14% increase on average. When looking to add in budget-friendly smart home features, it’s really about laying the foundations for future buyers. Knowing which smart home products operate without the need to connect to a hub is a better option for people with more modest budgets, whilst hubs offer advantages, they’re not always essential. The most important thing to prioritise is making sure you have a really good wireless router, and one that can reach all corners of your home.
When looking to appeal to tech-savvy buyers, one of the best ways to make a positive first impression is by introducing smart lighting. According to Pinterest, searches for 'warm apartment aesthetic' went up 10,000% this year, showing that lighting is front of mind, especially as we move into the winter months. Many smart lighting systems work perfectly well without being linked to a central hub, and are still capable of interacting with other smart home products such as Amazon Echo and Google Nest. Other than lighting, a lot of buyers are interested in smart thermostats to align with both cost and energy savings. If you have the remaining budget available, a Nest Thermostat is a great and affordable option. You can also look to incorporate home security technology such as Ring or multi-room audio systems.
Creating a home office nook can add £20,020
Buyers’ needs changed drastically during the COVID-19 pandemic, and this trend is something we’ve seen continue into 2023. On average adding a home office to your house can increase the sale on price of your house by 7%. Homeowners short on space for a full home office can instead create a clever nook will still increase the resale value by at least 2%. With increases in remote work, more buyers list having a home office, or an area out of the way where they can work in peace as an essential component of their housing search.
Crafting a home office nook on a budget calls for resourcefulness. Start by identifying a compact corner or under-utilised space that can be repurposed. Use existing furniture, such as a sturdy table or even a large shelf, as a makeshift desk. Opt for affordable organisational tools like wall-mounted shelves, pegboards, or storage bins to keep essentials within reach. By prioritising functionality, creativity, and repurposing, you can establish a functional and inspiring home office nook without straining your budget.
Energy efficiency updates increases value by £16,626
With utility bills at an all-time high, more buyers are increasingly prioritising energy efficiency in their home search and these updates can add around 5% to a home's value. The best and most cost-effective ways to attract those eco-friendly consumers is to look at where you can seal drafts. Use weather stripping, caulk, and foam sealants to seal gaps around windows, doors, and other openings to prevent drafts and heat loss. According to the Energy Saving Trust, Compact fluorescent lamps (CFLs) use around 70-80% less electricity than the equivalent traditional bulbs, as well as lasting almost ten times longer. Replace incandescent bulbs with energy-efficient LED lights that consume less energy and last longer, or consider switching to a smart lighting system.
Focus on high return rooms to increase value by £16,626
If your budget is limited, you should focus on sprucing up communal areas that offer the most return on investment. Typically, an updated bathroom can add up to 4-5% onto the value of your home, and there are easy and cheap ways you can make it look more presentable to buyers. Modern bathrooms can instantly make your home more attractive, but not every seller has the available cash to splurge on a full renovation. Making small tweaks could to the resale value of your property and help it sell faster. For example, a lick of blue paint can make it a more calming and inviting space.
Simply re-caulking the tub and sink can give your bathroom a totally new feel. Upgrade the taps and showerheads to a neutral chrome material. More recently, trends have led homeowners to install black faucets which are impractical and difficult to keep clean. Freshen up the bathroom with new towels and accessories to channel that ‘just moved in’ feel.
Curb appeal is real and increases value by £11,440
As one of the most overused terms in the property industry, and homeowners then often prioritising interior areas of their home, it’s little wonder why the term ‘curb appeal’ can turn off sellers. If you're selling your home, adding curb appeal can increase your home value by 4% according to Consumer Reports. First impressions really do count and even with the new market of tech-savvy buyers, this traditional methodology is likely to never change. Typically, buyers will drive past the property on an evening, and glance at the exterior before deciding to view. It’s important to think about how your property looks in the dark, and consider ways of highlighting unique features through lighting.
Buyers love quirky front doors and painted windows, you can easily update the colour of windows through a good exterior paint. In average sized homes you’re looking at an initial outlay of around £200 and the benefits it can have on helping your home sell faster can be outstanding. If you’re not looking to undertake lots of labor, another way to boost the attractiveness of outdoor spaces is to plant low-maintenance shrubs and flowers. Add potted plants, illuminate pathways with solar lights, and ensure the front yard is well-maintained to create a welcoming exterior.
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The small kitchen improvements that offer a return of £2,860
Often described as the heart of the home, the kitchen layout and aesthetic can really make or break the sale of a property. If you opt for a smaller kitchen upgrade, then your estimated ROI is 75% to 80%.
Focus on making updates to create an illusion of space and airiness, especially in homes with smaller kitchens. Begin by updating the kitchen's colour scheme with light and neutral tones. Next consider replacing outdated or bulky cabinets with open shelving or sleek, multi-functional storage solutions. Free up valuable counter space by maximising vertical space through pot racks or hanging storage. Install reflective surfaces, such as mirrored backsplashes or glossy countertops, to amplify the perception of greater interior space.
Adding faux architectural details can add £1,430
Enhance the value of your property by adding unique and historical-inspired features. It’s estimated that for every pound you spend adding these interior design features, you’ll see around a 50p return, and not only that, but it’s likely to sell your property faster. Character adds value and although it’s difficult to quantify, we see homes sell much faster if they’re sympathetic to the era the property was built in, or if historical features and details have been restored. There’s also a subsection of buyers who love the illusion of character, even in modern properties.
Use mouldings, trim, and wainscoting to add architectural interest to walls without the cost of major renovations. Start by selecting the architectural element you want to replicate, such as crown moulding, wainscoting, or decorative ceiling medallions. Lightweight materials like foam or MDF can mimic the texture and appearance of real wood or plaster, making them cost-effective alternatives. Employ paint techniques like faux woodgraining or marbleising to achieve the illusion of expensive materials. Incorporate peel-and-stick wallpapers that imitate brickwork, stone, or intricate tiles for a fraction of the cost. To achieve the look of built-in shelving, arrange standalone bookshelves and paint them to match the wall colour.
• This information was compiled by Eric Bramlett, property expert and owner of Bramlettresidential.com
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