All change: the 3 new ways to add post pandemic property value
Tue 01 Jun 2021
Paul Bennett, Director
We may hear you groan ‘not another blog on how to add value to your property’ but 2021 is an excellent time to re-examine what facets and features can increase the value of a home you own.
The pandemic has drastically altered the priorities of many, with lifestyles re-evaluated and places of work called into question. The glut of previously published surveys that showed double glazing and gas central heating as adding the most value are now outdated.
For starters, almost every property in London is now complete with modern conveniences – those aspects that were once considered a luxury upgrade are almost as standard in the 21st century.
With the Behr & Butchoff team busier than ever showing people properties to buy and rent across the St. John’s Wood area, we are in tune with today’s moving wish list. It was, therefore, interesting to read the results of a new survey that set out to show what added the most value in today’s property climate.
The results of research by Shawbrook Bank revealed that creating an annex is now top of the revised home improvement list, adding an estimated £15,000 in value, or 5% of the average house price.
The second most valuable home improvement was converting loft space – a project that could add £13,000 in value, or 5% of the average house price. Creating a bigger kitchen took third spot, adding £11,500 or 4% of the average house price.
“Adding value in today’s market is all about the clever use of existing space or adding rooms,” says Behr & Butchoff’s Director, Paul Bennett. “It’s no surprise that spending more time within our own four walls, being separated from family and friends, and working from home has impacted our perception of the perfect property. Home movers are increasingly requesting dedicated studies, extra bedrooms, garden rooms and space to accommodate guests.”
“As a result, more intelligently laid out properties and those where extensions or conversions have been completed are much coveted. Therefore it’s only natural those home improvements that achieve such living styles will increase a property’s value.”
Deciding whether to carry out home improvements before you sell or let a property is a balancing act between investment, personal enjoyment, desirability and adding value. Behr & Butchoff would be delighted to help you make the most prudent choices, taking into account the set-up of your current property, the demand of your local buying market and your renovations budget. Please contact us for advice and support.