To ask for your advice re adding value to a renovated house?

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I’m looking to buy a house (first-time buyer) and would be interested to find out your tips on how I can find a property that I like that will hold its value/increase in value for when I come to sell it one day. I am hoping to live in the house I buy for a good few years at least (I’m not looking to sell it quickly after I buy or anything).

I’ve found a house I’m keen on - a fairly spacious 3-bed terraced house with a garden. It’s in a quiet street and very close to transport links e.g. trains and buses. The house has also been renovated recently. I’ve already been for a viewing and will be doing a second viewing soon.

The only potential downside to this house, in terms of adding value, is that it’s a mid-terrace house that has already been extended upwards and outwards, so I wouldn’t be able to extend it further.

Do you have any tips on anything I could do to the house - or similar houses in this situation - to add value or help hold its value please? Thanks very much.

In addition to the general - number of bedrooms etc, people pay for kitchens, bathrooms, parking, kerb appeal.

Can any of these be improved?

Also take a very close look at the renovations. Get an electrician to do a survey. Check windows and insulation.

But if it's already all done, you just get to enjoy it while you live in it 😊

Thanks so much, Meadowfinch! When it comes to selling the house, do you think it’s likely to be a problem that the house is mid-terrace and can’t be extended any further?

You don't necessarily need to do anything for the house to hold its value. I think that the biggest factor is going to be getting the location right.

Lots of people buy a house without any intention of building an extension.

The one you are looking at has been extended already, so why would it need extending again?

Well to hold value you just need to look after it and keep on top of any maintenance jobs eg exterior paint, loose roof tiles etc.

But if newly renovated and already extended it’s likely to be at the top end of value for the area. In fact, my tip would be do not invest any more in the house as it’s probably already at its ceiling for the street.

Maybe update the garden if it’s a bit uninspiring, but that would be more for personal preference and not likely to add much unless it’s currently a mess.

That’s no reason not to buy it though. Why are you so keen to do work?

We often also go into the loft space - with the wfh trend this may add value ? Have they gone into that ?

When it comes to selling, I guess it would be more desirable for buyers if it had further potential to extend.

Thanks Getoverits - yep previous owners have built a loft extension.

If you want to add value, maybe look at property that hasn’t been renovated recently

Really helpful, thanks Heather. It’s not that I’m keen to do work - in fact, it’s completely the opposite. I’d like to buy a place that needs minimum work or renovation. I’m just thinking about a future scenario where I’ve bought the house and am looking to sell it one day and would like to make sure it’s held its value or - ideally - gone up in value.

Thanks. My preference is to buy somewhere that doesn’t need renovation work if possible.

What about buyers who are looking to downsize?

I’d focus more on buying a house that you want to live with in than one that is potentially going to be a money maker.

Both my children have done really well buying property in a decent area, good room sizes, quiet roads near Station, that have been a bit scruffy decorative wise.

But renovations are now shockingly expensive, OP! And likely to stay high because of supply chain and labour problems kicking in since Brexit started to be felt. You would need to factor in getting renovation costs back.

A house needing little work may increase less at first glance but more after you add in reno costs. There aren’t all that many true bargains of dilapidated houses available any more, at least not in good locations. If this is s good neighbourhood I would go for it.

Such a good point, thanks so much Magpie. I think that’s so important to remember. I think I’ve got really caught up in the worry of buying somewhere and then selling it for less than I bought it for or making the wrong choice when buying a house.

I think I’m feeling stressed about it because a house is the most expensive purchase I’ll ever make and I want to make sure I’ve made the right choice.

Most of the factors that cause a house to go up in value are to do with location (eg a school getting an outstanding, a high street getting nicer shops/cafes, new transport links) or wider economic factors, and those are outside your control. Unless the area goes dramatically downhill the house is unlikely to lose value relative to others in the area if you look after it.

Try not to get too caught up in all the home renovation shows, they are for people at a different stage in life.

Our first place sold for a ridiculous price. Second place didn't make anything but held its value. We only renovated the second one. The first was in a desirable location by the time we sold.