Homeowners in today’s unsure property market, post the Brexit vote, are finding ways to improve the value of their property to take advantage of still historically high property prices in the UK however many families are finding it makes financial sense to stay put and improve, rather than move. Both situations are improved by effective home improvements that add value to both sellers or those who choose to make the most of their living conditions.
Before we move onto the 5 tips to make your home more enjoyable and increase it’s value, there are considerations to have in mind before beginning a home improvement project.
Beware the ceiling price
The ‘ceiling price’ of your home actually means the highest possible price you can get for your home. The ceiling price is mainly determined by the average house prices in your area, location, and of course -- your house and it features. Still, you have to be wise about investing in your house, because if you don’t you won’t always be able to get a good return on your investment. Depending on your home’s threshold, a real estate agent will be able to estimate how much you should spend on individual renovation projects to make it potentially profitable later on.
Funding the renovation
Since the interest rates on saving accounts are incredibly low, for those homeowners who do have some savings it is wiser to use that for home improvement. The reason is because the return on investment in adding value to your home will be bigger than what you would get from the interest rates on your saving account.
For those who need to take out a loan or remortgage their property, make sure you check first if you will be comfortable with the repayment.
Checklist to bear in mind:
• Renovating your home to add value to is a big undertaking. Expect the unexpected - there will always be certain setbacks you didn’t anticipate, which is why you should always have a contingency budget
• Get a quote from at least 3 quotes from different contractors and builders before making the final decision
• Define a timeframe you’re comfortable with, but be flexible
• Good communication is the key to make sure everything goes according to the plan
And so we now move onto our 5 areas of your home you should be focusing on in order to add optimal resale value:
1. Convert your garage into a living space
Garage conversion can add significant value to your property, not to mention the benefit of additional square footage. If you do it right, garage conversion alone can add as much as 10 - 20% to the entire value of your house, which is why it’s one of the best and popular ways to boost the resale price.
You can find more info here if you have a garage which you can convert into a new living space: Article.
2. Open-planned, opens doors
Another great value booster is creating open-concept areas in your home, especially if your house or apartment is divided into many small rooms instead of a few spacious ones - for a comparatively cheaper and more and effective than extensions. Today parents want to be able to see their children play while they’re in the kitchen cooking dinner, or simply host a party where guests won’t be crammed into one small space. Well-thought-out open-concept kitchens and living areas can increase the market value of your property and bring the family together in an age being defined by digital intrusions.
Here are some effective open planned examples in action.
3. Re-do the kitchen
Another key selling point that will attract potential buyers is a modern kitchen. We spend more time in the kitchen together with our family than any other room. With that in mind, you should consider investing into kitchen drawer fronts, fixtures, and countertops which can definitely influence the buying decision. Aside from that, new energy-saving appliances are also a welcome factor if your old ones are outdated.
There is huge room for maneuvering for kitchen improvements from luxurious to cheaper, yet still effective solutions. One modern example are kitchen splashbacks which protect surfaces and keep them clean. There are options for premium and custom made splashbacks to DIY splashbacks which a homeowner could install on their own: See CreoGlass as a company in London that covers both bases.
For ideas and inspiration and inspirations see our i-builds project section of our site.
4. Moving on up - convert the attic
Why not move up in the world? There is an often unexplored opportunity right above your head. Loft areas can be equally as comfortable as other floors in the house, especially as it is exposed to the greatest level of sunlight in the house. Aside from being a beautiful addition to your home, a loft extension can add up as much as 15% to the value of your home. But before you start doing anything by yourself, make sure you consult with the builders and architects if necessary.
For more info, click here to read about conversion planning explained.
5. Add a conservatory
Adding a conservatory is simple yet effective way of increasing your resale price because it can add far more value than it actually costs. Another good news is that a conservatory in most cases does not need to comply with building regulations. Still, the conservatory should match the style of the rest of your house otherwise it would look disproportionate and even uninviting.
You can find some ideas here for conservatories to add to your house.