There are so many different areas of our property that we have to maintain in order to not only maintain value, but also increase the value of the property. There are some areas that we don’t even stop think that just spending X amount could increase the value of your property by 1% or 2%. Now if you own a £400,000 house or a £1 million commercial property that’s £4,000 or £10,000 respectively.
Those figures are an example of just a 1% increase in the value of your property. The more you spend, the higher the value of your property becomes when the estate agent or building surveyor comes to price the place up. Some people are extremely clued up about the fact that aspects such as the garden’s condition, having good fencing around the house, having a nice fire place, or adding an alarm system to the house will add value. However, it is surprising how often windows are overlooked.
Sometimes a lick of paint is not going to sway an appraiser into adding any value to your property at all. You may not even know what the appraiser is looking for. One thing is for certain, they are looking at the condition of the windows in the house.
Investing in maintenance, repairs, or even fresh installations of windows may seem quite expensive, but when you sit back and start to look at the numbers, you are making a wise decision in long run. This is whether you are thinking about selling your property, renting it, or even if you plan to continue living there until such time you may decide to move.
A Great Example of How Window Replacement Helped A Couple Profit £10,000
One property we know of just outside London in the country of Surrey. The place was valued at $322,000. The appraiser said the main problem was the windows were in bad condition. They were a lovely vintage looking wooden windows. Without a doubt they gave the house its cottage character.
That said, when taking a closer look, it became apparent that the window frames were not in good condition at all. The window glass has chips in them, there were some with slight cracks, and overall, they had been maintained to extent, but it was quite evident the windows were old, and any new owner would eventually have to replace them all.
The appraiser recommended the couple investigated looking into hiring a specialist replacement windows company. It turns out that for the best replacement windows London was the best place to find a professional company, which is a firm called W.M.S.
Now admittedly the assessment by W.M.S. meant the couple needed to fork out £10,000 because all the Windows needed to be replaced. Nevertheless, the appraiser also said this was around the price range they were looking at to replace the windows without spoiling the character of the cottage.
Sound expensive right? Well thanks to W.M.S. and the appraiser’s advice, the couple would get their investment back and more. Admittedly, there were one or two other jobs that needed to be done around the house such remove a dead tree, replace some guttering, and install a new boiler system. Overall, including the windows they spent $25,000 on upgrades and maintenance.
They agreed on a sale later after the appraiser came in and revalued the house at $374,000, the couple agreed to sell the house for $368,000. It just goes to show how some due diligence and investment can help people make more money from house or property sales.
It is worth mentioning that they needed to get a temporary bank loan to cover a large amount of the upgrades and maintenance costs, but it was worth it right?
The house sold for £46,000 more than the original assessment value. They spent £25,000 and paid the bank some interest for the temp loan, which was probably around £500. As a result, from a £25,500 investment, they made an extra £20,500 than they originally would have. At least 50% of this can be attributed to the new windows!