December 17th 2024.
Are you thinking of selling your home during the holiday season? You might be surprised to learn that there's one particular feature that can greatly increase your chances of selling for a higher price. While it may be hard to look beyond the upcoming festivities, house hunters are already preparing to start their search for their dream home in the New Year. According to Rightmove, the buyers' market tends to pick up during this time, making it an ideal time to put your house on the market.
Recent research has shown that having an annexe, a smaller building either attached or located on the same property as the main house, can greatly increase the value of your home. On average, homes with an annexe can sell for £129,000 more than homes without this feature, which translates to a 20.7% increase in asking price. While an annexe may not be as simple as a fresh coat of paint or new light fixtures, it can provide extra space and even a sense of independence for a family member, such as a grandparent or adult child, who still lives at home.
Of course, constructing an annexe can come with a hefty price tag, with the average cost being around £90,000. However, this investment can still yield a significant return, especially in certain regions. For example, in Yorkshire, an annexe can increase the value of a home by £110,500, while in the West Midlands and North East, the increase can be even higher at 23.9% and 21.4%, respectively. In the South East, where the increase in value is the highest in terms of pounds and pence, at £167,500, the potential for a profitable return is even greater.
On the other hand, there are certain property features that can decrease the value of your home. An outdated kitchen, for example, can lower the value by 20-30%, while poor "kerb appeal" (the appearance of the property from the street) can decrease the value by 10-15%. Additionally, an old-fashioned bathroom can also turn buyers off and result in a 15-25% decrease in value. In order to increase the value of your home, it may be worth investing in updates such as modernizing the kitchen, improving curb appeal, and updating the bathroom.
As the holiday season approaches, many families will be spending more time together under one roof. This can lead to a desire for more space and independence, making an annexe a highly desirable feature for potential buyers. So if you're considering selling your home this Christmas, keep in mind that having an annexe can greatly increase its value and make it more appealing to buyers. However, it's important to also consider the impact that outdated features, such as a kitchen or bathroom, can have on the value of your home. By making strategic updates, you can potentially increase the value of your home and attract more interested buyers.
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