We all know space is vital in your home. This is true if you plan on living in your home for many years, or if you plan on selling your home. It is important to declutter your property, but you should also ensure you are making the most use of the space you have at home. If you have wasted space at home, you have an opportunity to add value and increase attention in your property.
A study undertaken by Talk Talk highlighted the amount of wasted space in British homes. The survey spoke to more than 2,000 property owners. Findings from the survey suggest 15% of the typical home is completely unused, which amounts to £34,000 of your average home. If you had any other asset worth more than £30,000; you wouldn’t dream of not utilising it fully, so you shouldn’t do it with your home.
The survey suggests the most commonly unused areas include:
- Spare Room
- Garden shed
All these areas can add value to a property. Sometimes all you need is a bit of clever thinking or innovation to transform these areas. Thankfully, you don’t need to spend a lot of money to improve these areas, allowing you to see a tangible return on your investment, which is something all homeowners should look to achieve.
Think about buyer needs
If you are looking to sell your home, it is advisable to think about what the buyer would want from the home. While you cannot go wrong in converting unused space into a bedroom or bathroom, it is helpful to tailor the look or style of the room. If you plan on selling to families, would an area aimed at children be of greater interest to the most likely buyer? If young professionals are more likely to be interested in your property, would a home gym or office space appeal to them more than a general-purpose room?
Therefore, if you plan on selling your home, and you want to maximise the benefit of any home improvements, it is best to speak with a professional about your local area. When you make changes tailored to the market, and to the people who are most likely to benefit from a new-look or theme, you will generate greater interest in the property.
Get the best return for your time and money
A loft conversion can add up as much as 20% to the value of your home, while also increasing interest in the property. If you currently use the loft area as a storage space, or you don’t use it at all, it makes sense to make changes that offer something new and of value to prospective buyers.
A simpler addition to your home which can make a space more useful is to ensure it has strong Wi-Fi connectivity. The survey found many rooms or spaces went unused because there was no reliable internet connection. It is easy to see why a loft space may not have a reliable internet connection, so improve this, and you’ll find there is greater demand in the room!
If you need guidance on how to improve your home or reach local buyers, contact Williams of Petersfield and we’ll be happy to help.