If you are thinking of doing some work on your property with the aim of increasing its value before selling, some new research may give you food for thought.
A lot of people think a nice new kitchen or bathroom will increase the asking price of a property, but the figures show that they often don’t result in a profit.
According to the research by buying agent Henry Pyror and GoCompare home insurance, the average cost of a new kitchen is £7,000 and yet only adds about half of that amount to the value of a property.
More effective ways of increasing the value of a property are what you might call the more unglamorous projects.
Energy improvements, such as a new boiler or central heating system, can increase the price of a property by close to 4%, the equivalent to just over £9,000.
The average cost of a new boiler cost is around £2,000, providing the householder with a net profit of close to £7,000.
Other improvements can be more subtle. A fresh coat of paint may add little to the value of a property, for instance, but making your home look as welcoming as possible can undoubtedly encourage prospective buyers through the door.
For more advice about buying and selling property in Telford give us a call on 01952 292 300.