Home improvements to increase your home’s value, increase energy efficiency - and some to avoid
House prices are predicted to fall for the next 2 years. As a result of rising rates and the ongoing turmoil following the mini-budget of September, house buyer demand fell by 20% in October 2022.
First-time buyers are less likely to get one of the decreasingly available mortgage products and the sharp rise in mortgage rates has fuelled caution among buyers. But houses are still going on the market. There are those with mortgages that are expiring that are looking to sell, and possibly downsize, whilst some buyers and investors are capitalising on the market instability and lower prices.
Combined with the housing market downturn risk, we're currently in a cost of living crisis. For those still looking to put their property on the market, it's vital that any home refurbishment completed actually adds value to your home and acts as an investment, rather than an "improvement" that does nothing to your home value, or at worst actually decreases it. If you're unsure what your property is worth before you make any 'improvements', it's quick to check using one of several UK websites that offer free online property valuations.
The cost of living crisis and increasing energy bills has also made us all more aware of the energy our homes use, more specifically, how we can be more energy efficient. But which eco-home improvements improve energy efficiency and increase house value?
Whilst a housing market downturn is looking likely and house prices are predicted to fall in 2023 and 2024, and there is uncertainty surrounding forecasts, prices are predicted to then increase in 2025, 2026 and 2027. The right home improvement now can not only increase energy efficiency now but also help increase house value in the years to come.
Here's our guide to the home improvements that can increase your property value, which can make your property more energy efficient and which "improvements" to avoid.
References
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