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Property News – Adding Value to Your Property

Research carried out earlier this year by the nationwide building society revealed that rising energy costs were a factor on house prices in Scotland. Homes in Scotland are worth 12% less if they do not have central heating installed. If your property does not have central heating installed then it is usually recommended that you have this installed as homebuyers in the current market are looking to get the most for their money. Adding an extra bedroom or bathroom to your property can also add value with the nationwide report suggesting that you can add 5% for an extra bathroom and 6% for an extra bedroom. Fionnuala Earley, Nationwide’s Group Economist commented on the report, “Rather than just waiting for the general rise in prices, there are a number of ways to add value to property. Nationwide research shows that an extra bedroom can add 6% to the price of a property and an extra bathroom more than 5%. Building a loft extension to combine the two rather than moving, could make a family �24,000 better off after taking moving costs into account. But location is still the most important factor. A house in the best neighbourhood can command a price more than a third higher than a similar house in an ‘average� area.� The report also outlines some of the other factors that add value to your property including a Clean Street at 3%, parking at 7%, additional floor space at 12%, Loft conversion at 21% and a nice council at 3%. Although you cant control how nice your local council is and how tidy your street is but making sure your property is better placed than another property for sale in the area is something you can. Other factors which can effect the value of your property include decoration and cleanliness. You must make sure your property is shown in its best light. Quite often a freshen up of your property such as a lick of paint can add instant value to your property. New carpets are always worth considering too if the existing ones are tired. Most importantly your property must be clean and tidy and clutter free. If you are thinking about selling your property you should take these points into account, and come talk to Fastest House Buyer


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