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These 4 big tax mistakes could be draining your finances – here’s how to avoid them

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Tax editorial McCarthy Holden

Knowing which tax pitfalls to avoid can be a big help when it comes to being smart with your money.

Here, Shona Lowe, a financial planning expert at abrdn, highlights the common mistakes people risk making when it comes to tax, and shares her top tips on how to avoid them:

Tax editorial McCarthy Holden
Shona Lowe

1. Not making the most of pension perks

“One way to potentially manage the amount of tax you pay on income is by saving some into your pension instead,” Lowe explains.

“This can reduce the amount you earn for income tax purposes and, on top of this, the Government will usually add money to what you save into your pension in the form of tax relief – effectively giving your retirement savings a boost.”

2. Leaving too much inheritance to the taxman

Giving gifts in your lifetime can help reduce the value of an estate and the potential inheritance tax bill.

But Lowe cautions: “One thing many people assume is that if they make a gift, that amount given away will always reduce the value of their estate straight away.

“Unfortunately, that’s not always the case, with some gifts taking seven years for the value to fully leave your estate for tax purposes. It all depends on the amount you gift, and who to. Because there are lots of different types of gifts, each coming with different rules, good record-keeping is really important.”

Lowe also suggests making sure you have an up-to-date will and power of attorney in place and that you tell your pension provider who you’d like any pension savings to pass to when you die.

3. Not managing capital gains tax

Capital gains tax (CGT) is charged when you sell, swap or give something away that has increased in value while you owned it. It can apply to investments.

Lowe says: “An option to help manage tax here is to hold your investments within a tax-efficient wrapper such as a stocks and shares ISA or pension so that the value can grow without attracting CGT. Or you might be able to spread your gain over a number of tax years. Specialist advice will often be vital here.”

4. Not making the most of your ISA allowance

Money saved into ISAs is ringfenced from the taxman and people can save up to £20,000 in ISA products in any tax year.

Lowe says: “Whether it be a cash ISA for an emergency fund, a stocks and shares ISA for longer-term goals or a Lifetime ISA which could help you save for your first home, there are various options to choose from.

“Also, if you want to save for your children or grandchildren, they get their own Junior ISA allowance of £9,000.”

Tax editorial McCarthy Holden

UK Drive: Porsche 718 Cayman GT4 RS

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Porche post from McCarthy Holden estate agents

By Jack Evans, PA Motoring Reporter.

Only Porsche’s most focused, performance-oriented models get the RS treatment. There’s been longstanding thought that the Cayman has been kept at such a level so as not to interfere with its 911 big-brother – but with the new 718 Cayman GT4 RS, the gloves are off.

This is a Cayman dialled right the way up. Acting as a flagship for the range, it gets the same engine as the larger 911 GT3 but in a more compact, lightweight body. And of course, as with any RS model, it’s got a host of aerodynamic touches that not only keep it as sticky in the bends as possible, but ensure nobody misses it. We’ve been behind the wheel…

Porche post from McCarthy Holden estate agents

WHAT’S NEW?

Every part of the regular Cayman GT4 has been tweaked, sharpened and – in most places – made lighter in its evolution to RS specification. It weighs in at 1,415kg with fuel, some 35kg less than the regular GT4. This has been achieved through the widespread use of carbon fibre reinforced plastic (CFRP) in areas such as the bonnet and wings, while even the carpets have been made thinner and lighter.

A new Weissach package – fitted to our test car – takes these measures even further and adds a titanium roll cage, titanium exhaust pipes and a number of panels that are given a carbon-weave finish for an even sportier look.

WHAT’S UNDER THE BONNET?

The GT4 RS makes use of the same 4.0-litre naturally aspirated flat-six engine that you’ll find in the larger 911 GT3. That means an extra 79bhp over the standard GT4, with total power coming in at 493bhp. Torque has been lifted too, rising from 430Nm to 450Nm. All cars get Porsche’s seven-speed dual-clutch PDK automatic gearbox – there’s no manual option here, unlike the GT4.

What that equates to in terms of performance is a 0-60mph time of 3.2 seconds while flat-out it’ll manage 195mph, edging the standard GT4’s top speed of 187mph. Though fuel economy isn’t, of course, the real goal for a car like this Porsche claims that the RS will still return up to 22.8mpg, though these figures have come through the older NEDC testing cycle.

Porche post from McCarthy Holden estate agents

WHAT’S IT LIKE TO DRIVE?

There’s no need to dance around it – the Cayman 718 GT4 RS drives like few other cars available today. This is a car that takes the performance and brawniness of the larger GT3 and throws it into an even sharper and more compact package. The steering is spot-on, while the gear shifts from the PDK gearbox fire into place with scarcely believable crispness.

Then there’s the noise of the thing. The GT4 RS features air intakes behind the driver and passenger windows, so when you’re accelerating hard you get this glorious blend of intake noise and outright savagery from the engine. The engine, since we’re here, feels even more capable within the Cayman package, while the ride – though firm – is remarkably pliant. We even spent one or two hours on the motorway and the Cayman managed it without a quibble.

HOW DOES IT LOOK?

Porsche’s RS models aren’t known for their shy and retiring looks, and the GT4 RS is no different. Our car’s Weissach package included a carbon-fibre weave bonnet and a huge rear wing, meaning everywhere it went, it attracted a crowd. But these types of cars aren’t designed to fly under the radar, so we can’t fault it for a bit of flamboyance.

The whole car is designed to go fast, after all, which is why it incorporates all manner of aerodynamic touches. The underneath of the car has been optimised to lower drag and it ties in with the rear diffuser, too. As a result of these changes – and others – the RS generates 25% more downforce than the regular GT4, in fact.

Porche post from McCarthy Holden estate agents

WHAT’S IT LIKE INSIDE?

The cabin is definitely stripped back, but it hasn’t been left devoid of creature comforts either. Our car came with air conditioning (something that is usually taken away from lightweight models), and this does help to make the RS more agreeable as an everyday road car. The bucket seats – which can be adjusted for height – are hugely supportive, while the general driving position is absolutely spot-on.

Plus, because it’s still a Cayman, the GT4 RS has a usable front boot section in the nose which has 125 litres, while a rear storage area adds an extra 136 litres, so there’s more than enough space for a few bags.

Porche post from McCarthy Holden estate agents

WHAT’S THE SPEC LIKE?

Prices for the Cayman GT4 RS start from £108,370 and though that represents a huge premium over the regular Cayman’s £47,700 starting price, it feels worth every single penny. Of course, the majority of that cost is going into mechanical upgrades, with all of Porsche’s motorsport learnings poured into this pint-sized performance car.

Features such as an adjustable chassis for race track use and ball-jointed suspension mountings – which help to give more direct handling – show that the upgrades to this car are all about making it go as quickly and drive as sharply as possible. You can – as with any Porsche – bump the price up considerably by going near to the options list, with our test car coming in at just over £133,000 after all of its extras had been applied.

VERDICT

The Porsche 718 Cayman GT4 RS is undeniably one of motoring’s all-time greats. This is a car to remind you just why driving is so special and, through its almost nerve-like link between driver and machine, ensures that each drive is just as memorable as the last.

Though it might be angled towards track use this is still a hugely competent road car and one that should be celebrated wholeheartedly. Its combination of pace and outright agility is nothing short of spectacular. It’s a sports car for the ages.

FACTS AT A GLANCE

Model: Porsche 718 Cayman GT4 RS

Price: £108,370

Model as tested: Cayman GT4 RS

Price as tested: £133,549

Engine: 4.0-litre naturally-aspirated flat-six

Power: 493bhp

Torque: 450Nm

0-60mph: 3.2 seconds

Top speed: 195mph

Economy: 22.8mpg

Emissions: 299g/km CO2

Footnote – If you are looking for the perfect property to go with this car, why not consider this fine home

3 Expert Tips to Help you Make the Most of your Pension

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New research suggests many of us now value our pensions more amid the coronavirus pandemic. Vicky Shaw finds out more.

The pandemic has made many of us value our pensions even more than usual – and this is particularly the case if you have a ‘gold-plated’ final salary pension – new research suggests.

Legal & General surveyed grandparents and parents across the UK to discover how the Covid-19 crisis had made them think differently about their personal finances.

A fifth (21%) of those with a defined benefit (DB) pension scheme say they value the security of their pension more due to the pandemic.

DB schemes promise savers a certain level of income in retirement, based on their salary, such as final salary pensions. They have become rarer, however, as they’re expensive to run. Many employers nowadays offer defined contribution (DC) pension schemes instead – where the retirement income you’ll get depends on factors such as how well investments perform.

The research found 15% of those with DC pensions now value their savings pots more.

Pension savers may gift more to loved ones

The findings also show that one in 10 (10%) with a DB pension say the security of their retirement income has made them more likely to gift or loan money to loved ones as part of their retirement plans. They’re twice as likely to do this as those with a DC pension, with just one in 20 (5%) saying this.

Laura Mason, chief executive officer, Legal & General Retirement Institutional (LGRI), which helps DB schemes to settle their pension obligations, says: “The events of this year have led to uncertainty for many and, understandably, more people are thinking about their pension income in retirement and how it will affect their loved ones.”

3 top tips for retirement savers

David Poulton, chief customer officer, LGRI, says: “It is worthwhile for those in, or approaching, retirement to consider these three tips to ensure they’re getting the most out of their DB pension scheme.”

Here’s what Legal & General suggests…

1. Check you’re aware of all of your pension schemes

Many people will have worked for several employers in their lifetime. Even if you only worked at a company for a few months, there’s a chance there was a pension. Schemes generally send annual updates in the post, but if you think you have ‘lost’ a pension, consider trying the Government’s Pension Tracing Service.

2. Find out if you still have money left

You may think that you’ve taken all of your money out – but you may not be receiving all of the benefits you’re entitled to – or you could still have money to draw down. Once you’ve tracked down all of your DB pension schemes, ensure you know what’s left in each and that you receive annual updates.

3. Beware of scams

Scammers will target pensions. This can happen over email, the phone, or through fraudulent websites. Be aware, be vigilant, and never be rushed into making a decision. For more guidance, go to the Action Fraud website (actionfraud.police.uk).

Want to Tap into the Staycation Market? 5 Ways to Boost your Holiday Let Investment

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Letting out a holiday home can be a great income source – but there are some key things to consider. By Vicky Shaw.

UK staycation holidays have been especially popular this year, with the pandemic making overseas travel so tricky.

This may have prompted those who already have a second home, or who are considering investing in one, to think about using them for holiday lets.

While the future impact of coronavirus on all businesses, including holiday rental properties, is uncertain, you may be considering investing in a holiday let as a long-term option right now, perhaps to supplement a retirement income in the years to come.

According to figures from Sykes Holiday Cottages (sykescottages.co.uk), owners earned £21,000 on average last year through their holiday lets.

But if you are thinking about a buy-to-let investment to tap into the staycation trend, there are certain things to consider before taking the plunge. Here, Bev Dumbleton, Sykes Holiday Cottages chief operating officer, shares five key tips…

1. Calculate your budget

First things first, take time to evaluate your finances to determine how much money you have to kick-start your investment in a holiday let. If you don’t already have a second home, you’ll have to weigh up the costs of buying one and paying the mortgage, while also factoring in budget for things like bills, maintenance and repairs.

To keep track of your budget for the project, look online for free templates and calculator tools or create your own document.

2. Location, location, location

Whether it’s the rugged moorland of the Peak District, seaside towns in South Wales, or stunning views in the Scottish Highlands, each region of the UK has its own unique character and something to offer holidaymakers.

According to Sykes’ data, the Peak District takes the top spot as the highest-earning region for holiday lettings in the UK, with a two-bed cottage generating £14,000 a year, on average, increasing to £27,000 for a four-bed.

Booking data also shows North Wales has been popular with holidaymakers this summer. The average income there is £12,000 for a two-bed and £22,000 for a four-bed. Elsewhere in the UK, investors can potentially expect to make on average £13,000 for a two-bed and £19,000 for a four-bed in the Highlands and islands of Scotland.

When choosing where to set up, also consider proximity to local amenities and the beach, as well as how parking is locally and whether a place has good transport links, as these will all affect revenue.

3. It’s in the detail

Furnishing your holiday let to a high standard will maximise the booking value and, therefore, potential earnings. As your property will be used by a lot of different guests, investing in good quality, durable furniture will also save you money in the long run. Be sure to choose your furnishings wisely – for example, leather sofas and hard floors may be far easier to keep clean than the fabric equivalents.

Remember that guests are looking for a ‘home away from home’ with added luxury, so you need to think carefully about who your target visitors are likely to be and kit your property out accordingly. For example, a two-person property in a rural location may be a base for a romantic couples’ break, so consider roll-top baths and hot tubs. A larger property on the Cornish coast is ideal for families, so invest in your outside space and a good selection of board games.

By making sure your guests have the best possible experience, you’ll also secure repeat customers, recommendations and five-star reviews, which all help to improve profitability.

4. Consider year-round appeal

This will ensure a steady flow of bookings. Properties with hot tubs, on average, earn more than 50% more than those that don’t. Other stand-out features, such as wood burning stoves and open fires, tend to be received very well by guests and encourage bookings all year round.

Making your holiday let pet-friendly will also help to drive bookings outside of the peak holiday season. Owners who accept short breaks in winter can also earn more, with people more likely to book long weekends away during this time.

5. Marketing is key

By contacting an agency as soon as you’re considering entering the market, you can get expert advice from the outset to avoid any potential pitfalls. Getting your pricing right is crucial, so research the competition and speak to experts to understand how to flex your pricing based on seasonal demand.

Photos are also key to showcasing your property and are incredibly important in driving bookings. Take photos year-round, if you’re planning to rent the property out throughout the year. Remember – the more images the better, but quality matters most. Also consider including images of local amenities to highlight what there is to do nearby.

7 Things you Need to Know When Considering a Loft Conversion

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Loft conversions can add more space and value but there's a lot to think about first. Sam Wylie-Harris seeks some expert advice.

It’s safe to say our homes have seen a lot of action over the past few months. So much so that some of us may be thinking about going up in the world – with a loft conversion, to create extra living space without having to move.

Savvy as it may sound, large construction jobs come at a price and there’s lots to consider. To help, we turned to trades site myjobquote.co.uk for insight into some of the key things to think about if you’re considering a loft conversion…

1. Hiring an architect

When planning a loft conversion, it’s best to hire an architect to design and draw up the plans. This means the loft conversion will certainly be safe, and there’s a clear plan for contractors to follow to save any confusion, time and money. Architect fees need to be considered and added to any budget for a loft conversion.

2. Planning permission and building regulations

Most loft conversions don’t need planning permission, however it’s always recommended you double-check. An architect or builder will have more of an idea whether you need to apply for planning permission, but it’s also good to research yourself. For a terraced house, you won’t need planning permission for adding 40m3 of space, and for semi-detached and detached houses, it’s 50m3 of space. You can find out more at the planning portal (planningportal.co.uk).

Even if your loft conversion doesn’t need planning permission, it will still need to adhere to building regulations and guidelines. Both contractors and architects should ensure all work being carried out follows building regulations. Not following regulations can lead to fines and even knocking down conversions that aren’t up to scratch.

3. Type of loft conversion

There are a number of different kinds of loft conversion, and it’s always good to have an idea of what type you can have in your property and what outcome you want. This will also give you an idea of what budget you’ll need too.

For example, if you’re looking for a cheaper loft conversion, a roof light loft conversion is the most affordable option, whereas a mansard loft conversion is the most expensive type. The type of loft conversion you have can also be dictated by what type and size of space you have available.

Roof light loft conversion: This is the most affordable option, as no construction is carried out on the roof, but windows are added to let in light. They don’t provide as much space as other conversions because the roof is left where it is, so if you want more space, other loft conversions may be ideal.

Dormer loft conversion: A dormer conversion increases the amount of head space in your loft, so you’ll have more space to play around with than a roof light conversion. Extra space is added by extending from the roof, and a dormer window is then added.

Hip-to-gable loft conversion: A hip-to-gable loft conversion changes the shape of a property’s roof entirely. This will give a lot of extra room to a home, but usually can only be built on semi-detached and detached houses as a sloping roof is changed to a vertical roof.

Mansard loft conversion: This type of loft conversion will give a property the most space, as the roof is completely altered (most of the time to become a flat roof) and new walls are added too.

4. Budget

Having a clear budget to stick to helps you decide what loft conversion you can afford, and what finishes and furnishing you can afford too. There are a lot of options out there to choose from, from door handles to windows, and having a budget can help you make decisions and ensure you’re not left out of pocket.

The size of your loft conversion can have a massive impact on your budget. Smaller loft conversions can cost around £15,000, whereas a larger loft conversion can cost up to £40,000 – so you definitely need to consider what size loft conversion you need and what you can afford.

5. Staircase

Think about where you can put a staircase and how much space is available for it. This is an important part of the build as you need the loft conversion to link with the rest of the house, so the property’s layout flows naturally and the conversion doesn’t create a disjointed space. There’s a range of staircases available, even for the smallest spaces, but having a plan is a must.

6. Head space needed

The space between the ceiling and floor in your loft will give you an idea on whether your loft can be converted comfortably. The minimum height for a loft conversion is about 2.2 metres, so if your loft is smaller than this, you may not be able to convert it, or you may need extra construction work to create enough head space.

7. Increased house value

Building a loft conversion could increase your home’s value by up to 22%, according to a survey conducted by Nationwide Building Society, so it’s often well worth the time, effort and money. It’s generally the best value-for-money option to add value to your home, rather than extensions and garage conversions. However, if your main aim is to increase your property’s value, make sure you do your research first on houses in your area, as there always a ceiling price on properties and you don’t want to overspend.

There are more advantages to building a loft conversion than disadvantages, as long as you do your research, keep within your budget and work with trusted contractors; there will be no unwanted surprises. It’s always recommended that you thoroughly research any significant decisions before beginning any building work.

Stamp Duty Changes To Boost House Market

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Prior to today’s announcement the market was doing rather well post lockdown, so the new stamp duty announcements will boost house sales further.

Nearly nine in 10 people getting on or moving up the property ladder where stamp duty applies will not need to pay the tax at all while a temporary holiday applies.

From July 15 until March 31 2021, buyers will pay no stamp duty on the first £500,000 of their purchase when they move home.

The measure, which temporarily increases the “nil rate” band of stamp duty from £125,000 to £500,000, will reduce the average stamp duty bill for a main home from £4,500 to zero. Buyers can potentially save up to £15,000.

Announcing the move, Chancellor Rishi Sunak said: “Nearly nine out of 10 people buying a main home this year will pay no stamp duty at all.”

Stamp duty applies in England and Northern Ireland and people usually pay the tax on homes priced above £125,000. Some stamp duty discounts were already in place for first-time buyers.

There are already signs that the stamp duty holiday is helping to reboot the property market.

In the first half hour after the announcement was made on Wednesday, traffic to property website Rightmove jumped by 22%.

See this range of recommended properties for purchasers looking up to around £500,000

Start your property search here.

stamp duty changes estate agents Hampshire

Renting your Home to Holidaymakers – Here’s what you Need to Know

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rent your holidayhome

Lots of people now rent out their own properties to make extra cash while they're away. Lisa Salmon finds out more

Many of us would love to make a bit of extra cash – but could you be sitting on an easy money-making opportunity right now? We’re talking about your own home.

Renting out your home, or just a room, can earn you anything from about £15 a night to more than £4,000 a month, depending on its size, location and facilities, and whether you’re just renting out a room or the whole property – and you don’t have to be a second-home-owner to do it. A number of people now rent out their homes while they’re away on holiday themselves, or rent out a room to travellers while they’re still there.

rent your holidayhome

Your home doesn’t need to be in a typical tourist destination to be worth renting either: holiday rental companies like HomeAway.co.uk and Airbnb.co.uk point out that people may need somewhere to stay because of a family event nearby for example, or if they have business in a particular area and don’t want/can’t find a room in a hotel.

“Owning a property, whether a secondary home or the home you live in, is an opportunity to tap into an additional income channel,” says Karen Mullins, HomeAway regional director UK & Ireland. “Property owners are in an ideal position to make financial gains through short-term rentals. If you ensure you’re compliant with local laws and regulations, it’s a great opportunity to earn additional income to assist in paying off the mortgage, making home improvements, funding the children’s education or even funding your own holidays.”

Here, Mullins and Jeroen Merchiers, Airbnb’s Europe, Middle East and Africa regional director, answer some of the questions homeowners may have about offering some or all of their property as a holiday rental…

rent your holidayhome

1. Does location matter – what if you don’t live in a tourist destination?

Mullins says: “If you’re the legal owner of the property, you’re able to rent it out to holidaymakers – even if it’s outside of popular tourist destinations. Holiday rentals provide holidaymakers with the opportunity to experience destinations and neighbourhoods they want to visit no matter what the occasion, for instance a family visit or a family event.

“If you’re near local amenities, either walking distance or a short drive, make it clear on your property page. Whether that’s local shops, restaurants, pubs or attractions, this will be very attractive to families who want to stay within the area. There are also families who are looking to escape the hustle and bustle of reality and enjoy the peace and quiet of a secluded area.”

Merchiers adds: “Guests booking on Airbnb are discovering more than the traditional tourist areas, thanks to locals opening up their homes and unique spaces, allowing people to travel in previously undiscovered areas.”

rent your holidayhome

2. What facilities do you need to offer?

Hosts should check everyday appliances in the property – like the fridge, oven, microwave and kettle – are in good working order, clean and ready for use. Ensure there’s hot and cold running water, and provide basics like tea, coffee, sugar and store cupboard supplies, advises Mullins. She also suggests hosts should also consider leaving washing-up liquid, dishwasher tablets and toilet roll.

It’s also worth providing a welcome pack, including information like where to find extra towels, bedding and kitchen utensils, etc. “A welcome pack gives your home a personal touch,” says Mullins.

Impress guests further by including home comforts like TV subscriptions, and it won’t hurt to offer little extras like toys for kids, treats for pets, or a welcome gift for grown-ups like a bottle of wine. “You’ll make your guests’ stay extra-special and inspire them to leave a positive review,” Mullins points out.

“And make sure you have Wi-Fi – children, teenagers and parents will want to know they’re connected. And for parents, that could mean total sanity, relaxation and peace.”

In addition, Merchiers suggests hosts provide safety essentials such as a fire extinguisher, smoke alarm, first aid kit and a carbon-monoxide detector, as well as fundamental amenities. “These are the items guests tell us they consider important for a comfortable and safe stay,” he says.

rent your holidayhome

3. How much money can you make?

Airbnb and HomeAway hosts set their own prices. Airbnb charge 3% commission, plus guests pay a service fee of up to 13% on top of their booking total. HomeAway charge 5% if hosts choose their pay-per-booking option, plus a 3% payment processing fee.

To help decide what price to set, hosts can search for comparable listings in their area, or use tools such as HomeAway’s online calculator (homeaway.co.uk/lyp), or Airbnb’s online calculator (airbnb.co.uk/host/homes) to help determine the going rate.

HomeAway data shows average nightly rates for full holiday home rental in the UK, for example, range from around £84-£500, and nightly rates for a private room rented through Airbnb range from around £15-£30.

rent your holidayhome

4. What time period can you rent a room/house out for?

“Hosts manage their own calendar so they can host at times convenient to them,” explains Merchiers. “Some hosts list their space when they go on holiday, some when their children fly the nest, some ahead of major events in their area, and some for a little extra income.”

rent your holidayhome

5. How do you protect valuable possessions in your home?

There are several options for how to store your valuables if you’re renting your home while you’re away, says Mullins, such as a lockable pantry, bedroom or cupboard.

“If you don’t want to do that, store them with family members close by or trustworthy neighbours,” she suggests. “Renting your house or flat while you’re away also helps to make the property less of a target for burglars, because your home isn’t empty for days or even weeks.”

6. What safeguards are there?

Before you rent your property to holidaymakers, make sure it’s not in breach of your lease or mortgage agreement. Airbnb and HomeAway provide hosts with up to $1 million USD (approx £768,000) of property damage protection and third party insurance to cover stays reserved through them.

7 Ways to Add Value to your Home

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add value to home

From ambitious building projects to timely tidying up, Luke Rix-Standing looks at how to boost the value of your property.

add value to home

Keen to add value to your home? Whether you’ve just moved into a decrepit bedsit, or have lived in a mansion for years of domestic bliss, there is still plenty of mileage to adding value to your property.

Doing so could help improve your own quality of life while you’re still in the property (if buyers find something appealing, odds are you might too), and keep you well placed on the property ladder, regardless of whether you’re currently looking to sell.

From five-year plans to on-the-day dust-ups, here’s seven ways to add value to your home…

add value to home

1. Loft conversion

Perhaps the gold standard of home improvements, loft conversions are not for the faint of heart, but can come with major domestic and financial rewards if done well. Adding square footage is a guaranteed value-boost, while the market fixation with number of bedrooms means that adding one can practically ensure a hefty payday when it comes to selling.

“The average loft conversion costs around £40,000,” says Chris Smith, regional director at estate agents Yopa, “but can increase your property value by an estimated 21%. They’re usually more of a long-term strategy, so you might not see all the money back if you sell immediately.”

Loft conversions are not cheap – and not suitable for every property of course – but they often perfectly prove that old adage, that you have to spend money to make money.

add value to home

2. Brush up on kerb appeal

First impressions matter, and putting your best foot forward is key to getting customers through the door. “We estimate that simply by improving your property’s ‘kerb appeal’, with a freshly painted exterior, clean windows, a tidy driveway and a new front door, can boost the value of a property by up to 10%,” says Smith. “The outside of your property is the first thing potential buyers will see, both when browsing online and in person at a viewing.”

On modern properties, buyers may probably expect double glazing – a savvy way to save on your energy bill in the meantime – along with up-to-date security and draught-proofing.

add value to home

3. Go for open-plan living

Open-plan living has been in vogue for some years now, and it’s clearly not going anywhere anytime soon. Most modern house-hunters are looking for spaces that are practical and adaptable, and it seems distinctly old-fashioned to cook your food in one room and then have to transport it to another to eat it.

Open-plan living spaces don’t have to be giant, or rectangular – you’re looking to create areas that are connected but distinct. Consider sliding doors or curtains that can pull back during the day, waist or shoulder-high partitions, or doorway-like arches that demarcate your space.

These are the golden rules of open-plan living: separation without isolation; continuity without uniformity.

add value to home

4. Refurbish the kitchen

A recent report by Norton Finance mapped out the most expensive home improvements performed by homeowners in their first year in a new property, and kitchen renovation ranked second only to furniture.

The centrepiece to so many homes, it’s no surprise that the kitchen commands so much attention both before and after a sale, and a well-designed room can easily pull in extra thousands.

“If your budget can only stretch to renovating one room, that room should be the kitchen,” says Smith. “You can cut costs by painting cupboard doors yourself and adding new, fashionable handles.”

add value to home

5. Add a conservatory

The stars have to align somewhat for conservatories to be sensible investments, but if the cap fits, they can enhance a property with ease. Aside from the necessary financial clout, homeowners will need to ensure proper planning permission, while those with smaller gardens might want to think twice before sacrificing valuable yard space.

Though often associated with summer, conservatories really earn their keep during the winter months, when they provide a portal to the outside world, free from the cold, damp and dark.

“The addition of a traditional British conservatory typically costs around £5,000,” says Smith, “and can increase the value of a property by around 10% when done well. To add real value, make sure your conservatory is fully glazed and blends in with the style of the rest of the property.”

add value to home

6. Redecorate

Consider any second-hand shop – regardless of what it sells – and consider the price difference between products marked ‘used’, and products marked ‘like new’. This one’s a no-brainer, and just a fresh lick of paint can make pokey rooms immediately more marketable.

Your house isn’t new – but it’s new to your potential buyers, and you’ll be doing your bank balance a favour if you can make it look that way from the moment they cross the threshold.

add value to home

7. Add an extra bathroom

As with bedrooms, the number of bathrooms appears like a ranking next to your property, and it’s a crucial integer in the valuation equation. Broom closet, pantry, cupboard under the stairs – a small downstairs loo doesn’t take much, and it can be a delightfully canny way to carve profit out of otherwise wasted space.

“You can add up to 5% value to your property by adding a second bathroom,” says Smith. “An average bathroom costs £4,500, and according to NAEA Propertymark, 70% of estate agents say an additional loo helps to sell a house.”

Virginia Water New Homes Sales Uptake

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VIRGINIA-WATER-FOR-SALE-PROPERTY-HANNOVER-header-image

Hannover House is an exclusive development of exquisite one and two bedroom apartments, in the heart of Virginia Water which is a most sought after area in Surrey.

Created by Sunningdale House Developments, this impressive development benefits from secure gated under-croft parking, lifts to each core and full height windows which maximise the light inside the luxurious apartments.

Hannover House is conveniently located a short walk away from Virginia Water train station providing quick and easy access into London.

Near TASIS and trains to Waterloo

Hannover House is conveniently located a short walk away from Virginia Water train station providing quick and easy access into London, and TASIS (The American International School in England) is nearby.

Show home now reserved

The show apartment has just been reserved, so if you want to see how you could furnish and add interior design flair to your chosen apartment, then view the show apartment in January 2020.

VIRGINIA-WATER-FOR-SALE-PROPERTY-HANNOVER 1

Selected apartments feature terraces or juliet balconies and each home has been designed with meticulous attention to detail.

The show apartment is featured in this brochure, and potential buyers are welcome to arrange a viewing with the selling agents. Floor plans and a guide to sizes of individual apartments are shown on pages 13 to 28 of the pdf brochure.

VIRGINIA-WATER-FOR-SALE-PROPERTY-HANNOVER-2

Virginia Water has excellent shops for day to day needs, restaurants and mainline railway station with a fast service of trains to Waterloo in approximately 43 minutes.

Neighbouring towns such as Ascot, Windsor Weybridge and Chobham are within easy reach , and central London is about 30 miles. Junction 13 of the M25 is just 3.5 miles away giving access to London, Heathrow and the motorway network.

Country clubs in the area include world-renowned Wentworth Club, Foxhills, Queenwood, Sunningdale and the Royal Berkshire. Walks can be enjoyed around Virginia Water Lake which leads up to the Polo fields at Smiths Lawn and is adjacent to Savill Gardens and Windsor Great Park beyond for riding.

The area is well catered for by a choice of private prep schools, as well as two international schools, ACS in Egham and TASIS in Thorpe which is less than 3 miles away. Heathrow Airport is about 13 miles.

7 Remaining For Sale - Arrange a Viewing

With the sale uptake in December 2019, we highly recommend early viewing in 2020, so please contact our Hartley Wintney branch or telephone 01252 842100 to arrange to view Hannover House. Next re-open days for McCarthy Holden after Christmas are Friday 27th and Saturday 28th (both 10-2) Apartment Three Details – Guide £400,000 Apartment Eight Details – Guide £425,000 Apartment Five Details – Guide £550,000 Apartment Seven Details – Guide £550,000 Apartment Four Details – Guide £575,000 Apartment Six Details – Guide £595,000 Apartment Ten Details – Guide £595,000 Apartment Fourteen Details – Guide £795,000
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