When it comes to property, there are a number of factors that can influence its value. Newer homes are typically evaluated at a higher value due to their newer plumbing, electrical, roof, and appliances. A kitchen or bathroom remodel can offer a return of 100 percent or more on your investment, depending on the finishes chosen and the amount of improvement they offer. The name of the road on which the property is located can also increase its value by 73 percent.
Properties located in 'Warrens' are at the top of the list, while “streets”, “courts” and “terraces” are the lowest. Roads related to “King” and “Prince” are worth more than those with “Queen” or “Princess”. Trees around your home can add up to 15 percent value to homes and wisteria grown on the property can add up to five percent. Blue plaques can give your property a three to five percent increase in value.
The highest energy efficiency category could add an additional 14 percent to your home value. Living near a Michelin-star restaurant can cause property prices to rise 50 percent higher than the regional average, while living near Carluccio's Italian restaurant could add 18 percent to the value of your property. Prospective buyers are more interested in a property with faster broadband, and waterfront properties with the right to cast a fishing line into the water can see their price soar between 10 and 15 percent. Areas such as Wimbledon, Twickenham, Wembley, Ascot, Sandown Park and Stratford can perform up to 10 percent better than neighboring districts due to their renowned stadiums and racetracks nearby.
Japanese knotweed has wiped nearly £20 billion from UK house prices, reducing house prices by 10 percent if present. The number 13 is also avoided by house hunters, with homeowners trying to sell a property with the number 13 often forced to accept offers significantly lower than usual - 4.1 percent less on average. Bad history in the past such as bewitches, murder, and divorce can also discourage people from buying property. Living close to McDonald's or Primark can reduce 24 percent and 23 percent of your property value respectively.
Wind farms reduce local property prices by 13 percent if you're within 1.2 miles, and by three percent if you're within 2.5 miles. Power lines or mobile phone towers visible from a property can also discourage prospective buyers, as well as flooding which can cost up to around £20,000 (and add hundreds to insurance). Finally, houses that are dirty, cluttered, or smell bad can quickly discourage any potential buyer. When it comes to increasing your property's value, there are a few things you can do. Repainting any room with a “strange” color scheme is a good place to start - this will help make your home more attractive to potential buyers.
If you need to borrow a small amount of cash for your home improvement plans, you may be able to skip the loan and opt for a 0% APR credit card instead - many cards don't have interest payments on balances for up to 18 months.