Buying a house is the biggest long-term decision you’re going to make – except for maybe your marriage or football team. And while you can’t prepare for your partner’s sudden desire to take up Zumba or your team’s 10-year run of relegation battles, you can take steps to future-proof your home – from choosing the right location to staying safe as new home technologies arrive.
When choosing where to live, the best advice is the simplest. If you find somewhere you like the look of – and that’s in your price range – there are a few obvious questions to ask yourself. Are your family and friends nearby? How close is the pub? What are the local shops and restaurants like? Can you park easily? And, perhaps most importantly, is it convenient for work?
But there are also some lifestyle questions to consider.
Location, location, location
Having a family may seem years off – but if it’s a possibility, is there space for new arrivals? Is the local school any good – and, if so, is your home in its catchment area?
Even if you have no plans to hear the patter of tiny feet, a good school will add long-term value to your property – houses in the catchment area of state schools rated “outstanding” by Ofsted command an average premium of £50,000, according to a recent survey from Housesimple.com. In certain areas – including Brighton, Cornwall and Norfolk – this can reach £100,000, while in London you can add a cool £200,000.
At the risk of sounding like a boring dinner party guest, the school’s catchment will be on its website, but this can change from year to year, so it’s always worth phoning to see how far away the farthest child in last year’s intake lived. Sites and apps like Zoopla and Rightmove have features to help you work out your chances of a coveted place.
Of course, while everything may look or feel great now, areas can go down as well as up. Make sure you visit Barclays Local Insights for interesting – and sometimes surprising – facts, figures and insights about your local community. Also, sites like CheckMyStreet and Findahood have local stats on crime rates, transport links and even broadband speeds.
Always check with the council for new developments and planned new transport links - proximity to public transport links can have a substantial impact on property value. This is especially true in London; in Islington, for example, properties within 500 metres of a tube station command an estimated premium of between 10% and 15%.
Home improvements
If you’re hoping to add a loft or basement or extend at the back, check if there are any local restrictions. Last year, the National Association of Estate Agents (NAEA) asked its members to list the top value adding home improvements. Around 50% said an extra bedroom – followed by an upgraded kitchen, extra bathroom and conservatory.
A loft conversion is the most cost-effective way to gain extra living space and should be straightforward for homes if they’re built before 1975. Converting an attic costs from around £20,000 – although a double bedroom and en-suite bathroom is closer to £35-45,000.
It’s a job that takes from six to 12 weeks and could add an estimated 21% to the value of your home. For an extension, expect to pay upwards of £20,000, which should add roughly 11% to the price of your property – around £33,000 for the average UK home. But don’t get caught out – it’s important to contact your insurer before the builders start to ensure you remain covered throughout the works, and then update your cover post-works so you don’t end up underinsured.
Check everything to see where energy-efficient improvements might be made, from boilers to toilets, roof and windows. When you’re selling, you have to show your Energy Performance Certificate – so feel free to haggle on the price of a house with a poor energy rating.
Check and/or change the following – does the loft have at least 270mm of insulation? Is there double-glazing? Does the boiler need updating (by law, new boilers must be condensing boilers, which recover heat from the flue and save up to £240 a year in heating bills)?
Not only will these improvements bring down the cost of running your home – research from the Department of Energy and Climate Change shows energy saving improvements can increase property values by 14% on average – and up to 38% in some parts of the country. According to UK housebuilder Redrow 82% of homebuyers would pay a premium for a sustainable property.
Home technology
Then there’s future-proofing in the technology/smart home sense. There’s been a ton of excited predictions about the internet of things – with your central heating talking to your fridge and kettles you can control via wifi. Smart thermostats, for instance, can save 12-15% on energy costs.
Barclays Mortgages 2017 Smart Homes Survey found that while just over one in 10 of UK homeowners currently use smart home technology in their home, prospective homowners are more keen. Almost half (48%) of renters who plan to buy in the next five years would be interested in installing solar panels and fibre-optic broadband in their home, while 35% would be interested in installing a smart security system.
However, according to the survey, most buyers aren’t that keen on a smart fridge or oven. The same goes for a smart doorbell (allowing you to see and speak with visitors on your mobile). Whatever you buy, remember to update your contents insurance.
In most cases, green tech – like installing solar panels – counts as permitted development (though there are limits and conditions, so it’s still worth checking). According to the Barclays survey, almost half of renters who plan to buy in the next five years hanker after solar panels – compared to just 30% of the population who are currently interested in installing them. Rarely have price-proofing and future-proofing worked so closely together.
“Our previous 2015 Smart Homes Survey stated that, on average, UK homeowners who would spend more would be willing to pay an extra £3,310 for a new home that comes fully equipped with the latest technology, such as smart heating systems and appliances,” says Craig Calder, director of Barclays Mortgages. “Some are willing to spend more than £10,000 extra to own a property that is ahead of the curve.”
So, thinking about you can improve your new home may leave you with a big profit when you sell it. On the other hand, you might like your improvements so much, you find you never want to sell it.
Whichever way you choose to future-proof your home, click here to see how Barclays can ensure you’re always covered
