Although property prices here in the UK have trebled since the start of 2000, according to most sources the market is going to experience a decline in growth over the next few months. This is due to lots of factors including the cost of living crisis and the current government instability which is having a knock-on effect on the markets. Experts suggest that it will drop to 1% annual growth in 2023, down from 11% growth in March 2022.
Due to this anticipated decline, some would-be homebuyers may be waiting for house prices to fall before making a purchase but there is no actual guarantee that they will fall and some mortgages may start to increase as the cost of living crisis continues to bite and banks impose more rigorous borrowing restrictions.
Speaking to Property Wire about the trend, Managing Director at Stormclad, John Evans, said:
“With the uncertainty of the property market rife, first-time buyers may find themselves questioning whether now is a sensible time to climb onto the property ladder – and rightly so, there are lots of things to consider. When to enter the house market is one thing, but so is the decision whether to opt for a home that requires an investment in home improvements and some TLC, or one that ticks all the boxes straight away.
“Many first-time buyers, when on the hunt for their first home, typically desire something of a ‘dream’, but at a time when things are so uncertain and it’s becoming harder to part ways with our cash, it may be worth buyers saving some of their budget and considering a property which could be improved over time with small, or large, home improvements.
“That way, buyers can design their new home how they wish and in their own time and two, they could see themselves making more than what they initially paid for when they eventually come to sell and the market has improved.”
So, with this in mind, here’s our list of the 5 best investments for you to consider implementing if you’re buying a property to renovate in order to increase its value (and they won’t all break the bank):
1. Increase energy efficiency
Whilst this will help to reduce your bills and save the planet, you can also expect to get a much greater return on your investment too, by adding energy-saving features including solar panels, LED lightbulbs, more insulation, draft excluders, controlled ventilation and energy efficient heating or cooling systems such as air or ground source heating or a combi boiler.
According to Property Wire, over 73% of individuals have admitted that they worry about the energy performance of their current home and there has been a sharp increase recorded in those seeking a ‘green’ property with energy-saving features. Prospective buyers may also be attracted to an energy efficient property as it could provide protection against any further turbulence in the market. That said, as we increasingly hear reports of potential ‘blackouts’ this winter to save electricity, people may also be considering buying a home with an Aga, Rayburn, open fire or wood burner so that they can stay warm if the power goes off!
2. Fit new windows and doors
Double or triple glazed doors and windows will significantly increase the value of a property, not only due to their eco or energy saving abilities but also because they increase home security and soundproofing.
If your home is older or listed then secondary glazing is an ideal alternative to double glazing which allows you to retain period features whilst also saving energy and staying secure.
3. Update the conservatory
If the property has a conservatory that needs attention because it is leaking, damp or hard to regulate the temperature, by refurbishing it you could effectively be adding a cost effective extension to the property by upgrading what is already there or replacing it with something more energy efficient and attractive.
4. Refurbish the kitchen
A newly fitted kitchen can add up to 5% to the value of a home. However, it isn’t always necessary to rip the whole thing out and start over. Replace or paint the cupboards, change the handles, add smart features, mood lighting or underfloor heating to refresh the space without breaking the bank.
5. Spruce up the outside
We already mentioned replacing the doors and windows, but what else can you do to make your home look inviting from the outside and increase kerb appeal? Perhaps the front door just needs a lick of paint? The fence needs mending or the garden could do with a prune?
Add some tubs or baskets of flowers outside and anything else that might make it look more appealing to buyers. Try walking up to the house as a prospective buyer and pretend you are seeing it for the first time, what can you do to create a positive first impression that will set the tone for the rest of the viewing?
Has this article inspired you to buy that fixer-upper you’ve been thinking about and make your move? Get in touch with us today for a free, no-obligation quote. We have secure, stone-built storage facilities right here in the centre of Bridport and can help you to pack your things and put them straight into storage for you until you’re ready to deal with them, taking all the stress out of moving for you. Give us a call to find out more.