Phil Spencer reveals the FREE change that could boost the value of your home by £5k

When it comes to prepping our homes for sale, it's all about trying to get the most bang for our buck. From decluttering key spaces to refreshing walls with a coat of paint, small changes can lead to big returns in terms of the final sale price we achieve on our properties.

Related: You could boost the value of your home by as much as £24,000 by doing THIS!

And now Location, Location, Location presenter and founding director of property advice website Move iQ Phil Spencer has added another simple home improvement suggestion into this mix, and it'll set you back £0.

As part of an expert tips series for the Daily Mail, Phil writes that changing the name of your home could take a matter of weeks, but add a whopping £5k to the value of your home.

Research revealed by the Post Office last year revealed more than 312,000 properties now have a name instead of a number, with some of the popular choices outlined below:

• Cottage (More than 16,000 properties)
• The Bungalow (6,401)
• Coach House (4,261)
• The Lodge (4,202)
• Orchard House (4,036)
• Woodlands, The Willows, The Granary, The Gables and The Barn (each used on more than 3,000 home names)

Speaking at the time Steve Rooney, head of Royal Mail’s address management unit, said: 'Naming one’s house not only looks stylish, but potentially adds value to properties too.

'So, it’s not surprising that house naming is something we’re noticing more of – it’s a great way to add your own personal stamp to your home.'

How to change a house name

The first step in changing your house name – if it has an allocated number – is to contact your local authority to notify them that you want to add a name to your property. If your home has an existing name you will need to request to change the name.

Only the owner of this home is able to make this request, and the following is a rough outline of what information will be need – though this may vary from local authority to local authority:

• your name
• the full postal address of your property
• the proposed new name
• a site plan showing the location of your property

The Royal Mail, local Parish and other relevant parties will then be consulted and a decision will be reached as to whether the name has been accepted. All statutory authorities will need to be informed of the name change, and the local authority can do this on your behalf for a charge of £40.

Related: 10 things you can do to guarantee a quick house sale – and beat a flagging property market!

Would you consider changing the name of your property?