Building a swimming pool or installing solar panels or a borehole might increase the value of your home as much a fresh coat of paint, a pristine garden and additional floor space would. 

While house prices have increased marginally, but when adjusted for inflation, they are declining. Despite this, there are cost-effective ways for homeowners to add to the value of their property without having to dig deep into their pockets. 

Gavyn Letley from DirectAxis, a loan provider, said when seeking to add value to a residential property, homeowners should consider small, strategic upgrades that enhance the appeal of the house rather than costly renovations that may not pay off in the end.

“When it comes to adding value to your property, less is more. Have a plan, focus on upgrades rather than full overhauls, do it incrementally to spread the cost and prioritise the changes that will create the most appeal at the least cost.

Letley said it was important to set a budget first. If you have the skills, time and tools, the DIY route will save you labour costs. Once you know the costs, you can consider how best to finance the project, either from savings or a loan.