According to recent figures, Manchester’s property prices are rising faster than the national average. The study, conducted by commercial real estate company Cushman & Wakefield, found property prices in the city rose by 34% between July 2014 and July 2017; by comparison, the rest of the country’s properties averaged a 30% rise. Manchester’s “vibrant and varied” workforce and its high number of FTSE 100-listed companies were cited as major drivers for the city’s growth. The report expects Manchester to continue to outperform the national average for the next decade, suggesting that the city’s good fortunes are no fad.
With a new-found interest in Manchester properties, it would be wise to take advantage of this by adding extra value to your own property. If you end up selling your home within the next ten years, you could be in for a windfall. In order to increase its value, you should think about making improvements that ensure your property is more attractive to prospective purchasers. Read on to find out what changes you should make to capitalise on Manchester’s property boom.
Buy a new front door
Kerb appeal is one of the most important aspects when it comes to adding value to your property, and can add a staggering £55,000 to its valuation according to research by Dulux Weathershield. One of the most important aspects of kerb appeal is your property’s front door, so if yours is showing its age, consider a replacement. An old, drab door could contribute to creating an unattractive exterior. This will create a negative first impression, something that is hard to shake, and which may put prospective buyers off your house. Conversely, a stylish front door will be attractive to anyone viewing your home, and set the scene as they come onto your property.
You have a number of options when it comes to buying a new front door. Firstly, you will need to choose what type of material you would like your door you would like your door to be made of, with the four most popular being fiberglass, steel, vinyl and wood. You can then add various decorative elements like grilles and hinge straps that can all contribute towards creating real kerb appeal.
When buying a new door you should also invest in a robust door lock, as this will help to keep your property secure and increase its value. Security experts Banham stress that the best types of door lock are those which comply with the BS3621 standard. As these are approved by the industry-recognised British Standards group, they will be more secure than other types of lock. Not only this, but BS3621 locks are insurance-approved which means they can homeowners money on their insurance premiums. Some insurers will discount up to 5% on houses that have this type of lock. Being able to inform prospective buyers of their potential savings will make your property far more attractive to them.
Make your home energy-efficient
Another way you can add value to your property is to improve its energy efficiency. For example, one third of UK buyers would be willing to pay more for a property with a solar panel if it would lower their electricity bills, according to a recent study.
A similar alteration that will also add value to your property is loft insulation. Without proper insulation, you could be losing up to 50% of your heating. Whilst having loft insulation won’t form part of an estate agent’s description of your home, it could improve its energy performance and reduce energy bills. Research by Which? found that loft insulation can reduce energy bills by up to £225 a year, something that will again be enticing to prospective buyers. You may also want to have external wall insulation added, upgrade your boiler, and buy energy efficient lighting and windows, amongst other measures.
All these alterations will raise your property’s EPC (Energy Performance Certificate) grade, something that again is likely to increase your property’s value. 36% of UK adults said they would be willing to spend up to £15,000 more on a property that had a high EPC rating (between A to C), according to research by LightBulbs Direct.
For inspiration, look towards Europe’s first ever ‘Passive House Plus’ home — a house with such effective insulation that it doesn’t even need radiators to keep warm — that was recently built in Chorlton. Annual bills for the building are projected to be astoundingly low at around £100. Whilst you won’t be able to make savings quite this large with a conventional property, this does again show how making a property more energy efficient can increase its value.
Paint and decorate
Painting and decorating your home is one of the simplest ways to add value to your property. Last year, Towergate Insurance published a useful calculator that shows how much value home improvements can add to your property. According to the calculator, painting and decorating can increase your home’s value by 5%.
When painting, make sure you choose colours that are suited to different rooms and complement surrounding decorations. For decorating, there are so many ways you can enhance your home. You can buy new fixtures for your rooms, purchase new furniture, add greenery, make rooms brighter, and much more. With a generally minimal outlay to do so, painting and decorating is definitely something you should consider for your own property.
Follow the tips above to increase the value of your home and capitalise on Manchester’s booming property scene.