Your home is your sanctuary, so it’s only natural you would want to make it as pleasing on the eye as possible. So it’s hardly surprising that we, as a nation, spent £7.8bn on home improvements last year. But how can you make sure that your DIY efforts will increase the value of your home and not just create more work for the next buyers? Here are some pointers on how to decorate wisely.
To maintain the market value of your home, owners should spend around 1% of the property’s value on improvements annually. An out of date home could be worth significantly less than you think when you come to sell.
So, for the average homeowner, the amount they should spend on DIY is around £2,250 a year. But with purse strings up and down the country being tightened, you should spend this money wisely, so consider the following.
You should never underestimate the transformational powers of a lick of paint. Pound for pound it is the most cost effective way of increasing you home’s value. A fresh coat can make a room look like new, but go for neutral colours as they are more appealing and give the impression of greater space.
Unless you have a keen eye for interiors and a penchant for the shabby chic style, you should play it safe and try to match your furniture, carpets and curtains in each room where you can. This will help create a cohesive theme throughout the house and help attract potential buyers, as they will feel like the home is complete and like there is less work to do before moving in.
The kitchen is the hub of the home and probably the most valuable room per square foot, so keeping it up to date is integral to maintaining your home’s value. Cabinets, countertops and fittings are all expensive to replace but there is value in doing so, as good quality fittings gives the room a high end feel.
If your bathroom is more than 10 years old, then it is in need of an upgrade. Opt for good quality fixtures and fittings, as these will give a high end feel to the room. And don’t scrimp on the flooring, as cheap vinyl can undermine any significant sum you’ve spent on the rest of the room.
Remember, although it may only seem cosmetic, redecoration is about perception. Does it feel spacious? Can I imagine myself living here? Will it require much work? These are all questions buyers will be asking themselves, so spending wisely on redecoration will allay any doubts in the mind of the buyers and help your home maintain its market value.
This information was provided to you by Allianz Your Cover (www.yourcoverinsurance.co.uk).