In 2020, the housing market underwent significant fluctuation and, at one point, the average UK house price was at its highest point of the decade. There are numerous factors that influenced this surge in value, notably national lockdown and the government’s stamp duty holiday. The former quickly prompted a change in demand as more homeowners sought property away from city centres, while the latter created an opportunity for both buyers and sellers to improve their finances by completing a sale before stamp duty tax was reinstated.
As we move into 2021, the housing market boom seems to be continuing and demand, at least for homes with gardens, remains strong. This continues to prompt many to seize the chance to sell their property before value potentially drops. And, to improve their profit, they’re looking to add as much value to their property as possible. Here’s how you can make that happen.
Convert Attics & Cellars
Increasing the square footage of your home is a way to also increase its potential value and, historically, one of the easiest ways to do this is by transforming your attic or cellar into an essential room. Their conversion is also seldom requires planning permission since it is classified as a ‘change of use’ renovation. Typically this would be to an extra bedroom, which allows larger families to consider the property or makes it more appealing to those who want to accommodate guests.
As a result of the lockdown, an increasing number of homeowners are now looking for extra rooms to enable their hobbies and interests instead of bedrooms. For example, as gyms remained closed during the summer period, fitness enthusiasts took to installing equipment in their home allowing them to continue their workout without requiring access to a gym. This trend extends beyond fitness and, as residual pandemic concerns loom, more potential buyers are looking for and valuing the extra space that will allow them to feel more comfortable.
Extensions and Cabins
Another way to add value through space within your property is to add an extension or an external building, such as a log cabin. Layout changes like these may require that you work within certain guidelines, so be sure to check with your local council to ensure that the work can be performed.
While these renovations tend to offer less space that attics and cellar conversions, they are nonetheless valuable, especially as a greater number of people begin working from home. This culture of remote working, which seems only to be becoming more commonplace as companies begin to realise its potential usefulness, requires more homeowners to have a dedicated office space. As such, extensions and garden cabins are being sought after as potential professional working spaces.
Gardens became, almost overnight, one of the most valuable assets to a home as a greater number of people desired an outdoor space to help them weather the summer lockdown. As a result, properties with gardens saw their value rise significantly.
However, if your home has a garden, this doesn’t automatically mean its value is assured. As with all home sales, it should be made as appealing as possible. So, when it comes to those last-minute renovations to maximise your home’s interest, be sure to consider the garden.