The UK property market is constantly evolving, and today’s buyers are more demanding than ever. However, there are certain features that give any property a broader appeal and a better chance to sell.
They also make a difference when it’s time to get a valuation on your property.
So, what are the 5 key features that could mark your property apart?
1. Off-Street Parking
Off-street parking is the first thing buyers and renters look for. According to one recent study, a driveway adds 10% to a property’s value in London, or £52,995.
Marshall’s estate agent found 24% of buyers consider off-street parking to be the most important feature when buying a new home.
If you have the space but not the parking, installing a driveway can cost as little as £2000- £4000. Research suggests that this could add £15,000- £20,000 to the price of your home.
It will also sell faster, according to Quick Move Now, which found that homes with off-street parking in major cities sell in 25 days on average, compared to 50 days without it.
2. Energy Efficiency
The demand for energy-efficient homes is a relatively modern phenomenon, but with the government’s recent introduction of the Future Homes Standard, spiralling power costs, and increased environmental awareness, energy efficiency is now an absolute must-have feature when you’re selling your home.
The good news is that there are clear and cheap modifications that will boost your EPC rating, and increase its price and appeal to buyers.
Increasing the EPC rating from an F to a C can add 15% to the price of your home, according to Rightmove, which will add £55,000 to the average UK house. Mortgage provider Santander UK recently revealed that houses with a C or above EPC rating sell three months faster than houses with a D rating or less.
Loft insulation provides the best ROI and can cost as little as 300 to boost your EPC rating up to two bands. Cavity wall insulation, a condensing boiler, pipe insulation, a smart thermostat, energy-efficient appliances, and LED lighting are all low-cost mods that could make a big difference.
3. Proximity to transport links and amenities
It’s the old location, location, location script, and it’s a cliche for a reason. You can change almost anything in your house, but you can’t move it.
Properties located within 500 metres of a railway or underground station in London can command a 9.7% price premium, according to Nationwide. Houses in Manchester within 500 metres of a tram stop sell for 4.6% more and some houses in Scotland within half a mile of a train station sold for 28% more.
Houses near high-performing schools can also fetch a 20% price premium, while the distance to local shops and leisure facilities also matters.
4. Open Plan Living
Open-plan living has become the standard, creating brighter and more inviting spaces with a natural glow. They also offer versatility when it comes to entertaining and working from home and fit the modern design ethos far better than segmented and rigid spaces.
A well-executed open plan living space can be worth money, too, with a combined kitchen, dining and living area adding up to 20% to the price of your home.
5. Modern Kitchens and Bathrooms
This is a contentious one. For years, conventional wisdom held that the simplest way to add value to your home was to fit a new bathroom and kitchen.
With the increased costs of installing high-end kitchens there’s no guarantee of a substantial return on your investment. You can easily lose money by fitting a new kitchen just for a sale.
If your kitchen and bathroom are tired and dated, it can hit the value and appeal to buyers. So consider a minor kitchen renovation, with new cupboard doors and appliances proving just as effective as a complete renovation when it comes to the added value and buyer appeal.