There are many situations in which you may decide that transferring equity in a property is the right choice for you and your loved ones. This could be for financial or personal reasons, but no matter why you have chosen to gift your property, there are some things you can do to increase its value.
When it comes to improving a property, there are a few reliable ways to boost the value, for example increasing space by adding a conservatory or converting a garage or loft into an extra room. These, along with completely renovating the kitchen and bathrooms, are proven to have a direct impact on the overall value of a property but can quickly become very expensive.
To add value to your home before you gift it to a loved one, try these 6 straightforward and inexpensive design and renovation ideas…
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1. Increasing the Amount of Storage
Many people overlook how desirable additional storage and shelves can be when increasing the value of their home. In every property there is always that unused corner, weirdly shaped nook, or blank space that seems out of place. In order to fully utilize every part of a property, turn these corners of unused space into additional cupboard space, shelves or even draws.
Not only will the space feel more productive, but you would be amazed how much values a few well places shelves or built-in cupboards can add to your home.
2. Adding a Parking Space
The average household has multiple vehicles and, in many places, especially within cities, people must rely on parking on the road. Because of this, finding a way to add a parking space to your property can massively increase its overall value.
If you have space for a car in front of your property, consider investing in dropping the curb and converting it into convenient parking. It can be fairly expensive with the average price of a curb drop in the UK ranging from £800 to £1200, however the addition of parking will add a further 10% of your property value back to your home.
Despite being one of the more expensive options on this list, the addition of a parking space has the potential to massively increase property value without requiring months of work and the potential for additional costs.
3. The Power of Decorating
One of the most basic ways to add value to your property is through decoration. The value of a property can easily drop if the last paint job looks shabby, the wallpaper is flaking, or the floor boards appear splintered.
As far as adding value goes, buying some good quality paint, sandpaper and a sturdy brush won’t cost you much but can make a big difference in the end. We recommend walking the line between making your property a blank canvas and making it feel like a home. For example, keep to neutral colors but don’t forget the value of an accent wall for making a property stand out.
If you have the funds in may also be worth replacing old and clearly worn carpets or wooden flooring, although simply deep cleaning and sanding can make a world of difference.
4. Deep Cleaning
In a similar vein, nothing will drop the value of a property like cobwebs, dust, and grim. If you have lived in your home for a while, you will probably find that those hard-to-reach spots may require a particularly vigorous clean if you want to add value before you gift the property to a loved one.
In particular, deep cleaning the bathroom and kitchen can have an amazing effect as two of the most desired rooms in a property. Get some bleach, white vinegar, and some polish to really target the grim and make your property feel brand new. In particular, removing any signs of mould, mildew and limescale can have a massive effect on the value of your home.
Many people overlook deep cleaning when hoping to add value to a property, but it can have a massive impact on value so it’s definitely worth spending the time and energy to ensure your home is spotless before gifting it.
5. Curb Appeal
First impressions are very important and one of the first thing anyone sees when visiting a property is the front door. Although buying a new door can be beneficial if it is particularly run down, most of the time a fresh coat of paint can be just as effective. This is an easy way to increase the look and overall value of a property before gifting it to a loved one.
Furthermore, it’s important to consider the curb appeal of your home. The addition of some well places flower baskets can really highlight the doors and windows to the property as well as adding a friendly pop of color that really make it stand out.
Consider updating the letter box and house number whilst ensuring that a front garden is weed free and looking smart. All of this can be an incredibly effective way to add value to a property.
6. Highlighting the Properties Period Features
If you are lucky enough to own a property that contains a few stunning period features, don’t pass up the opportunity to make the most of them. Many people make the mistake of removing period features in exchange for a more modern feel but keeping them will actually increase the value of a property.
There are many ways that you can lean into the existing features of a property in order to bring out its personality. When considering the period features in your property keep a lookout for things like:
- Wooden beams
- Staircases and banisters
- Antique ceramic tile
- Plaster moldings
- Wooden paneling
- Old doors
- Heritage windows
- Stone flooring
Adding Value of Your Home Before Gifting it to a Loved One
Increasing the value of a property doesn’t have to take all of your savings. If you have decided to gift your property to a loved one these 6 methods can help you to massively increase the value of the property. And this is without out requiring you to spend a lot of time and money, redesigning the kitchen, replacing the bathrooms or adding costly extensions.
Please be advised that this article is for general informational purposes only and should not be used as a substitute for advice from a legal professional. Be sure to consult a solicitor if you are thinking about gifting your home to a loved one. We are not liable for risks or issues associated with using or acting upon the information on this site.