How to Improve the Value of Your Home
*This is a collaborative post
Selling your home can be a very stressful time. There are lots of legalities that you have to contend with, along with that you will have the logistical nightmare of having to pack all of your possessions. Then, if you are in a chain, there are a whole bunch of complications that can arise relating to the people who are either side of you. Sales could fall through, sending the whole process back to the start. But, sometimes you really need to move on and step up a rung on the property ladder.
But there are other problems that you may encounter on your way. If your home is in negative equity, this can really throw a massive spanner in the works.
Negative equity means that your home is worth less now than when you bought it. There are a few reasons that this could happen. Firstly, you may have bought the house during a period when house prices were much higher for various reasons. They may not be quite at the same level now, and you may have lost some value. Secondly, you may have bought your home and things may have happened in the area since. If a main road or airport has been built near it since you bought the property, there may be noise pollution issues attached and you will see a depreciation in value. There could be any number of developments in the local area that could have taken away the market appeal of your property in some respect.
Of course, the condition of the property is also a factor in its value. If you are considering selling up any time soon, it would be prudent to get a valuation made of the property. From this, you could start looking at ways that you can increase the value of your property through home improvements.
Even if you are not in a state of negative equity, adding value to your home means increasing your profits. Making some changes will ultimately improve the deposit that you can put down on your next home.
There are several ways that you can increase the value of your home. Cosmetic changes can be made to increase the appeal of the property, however, for this article, we will focus primarily on the ways to increase the size and function of your home so that it meets the needs of the modern housing market.
Modernizing Your Property
If you currently live in an older property that has not had any major work carried out to it within the last few years, then it may be helpful to see what you can do in terms of modernizing it before you sell it.
Kitchens And Bathrooms
Two of the rooms that get the most stick in any property are the kitchen and the bathroom. Both rooms get used several times a day. They are subjected to a lot of heat and moisture, and they have fixtures that are designed to last for years.
The problem with kitchen and bathroom fixtures is that they can start to look a bit dated after a while, and often before they have reached the end of their natural lives too.
If your kitchen is looking shabby or dated, consider looking at replacing it with a new set of units and worktop such as these at Granite Transformations. There will be plenty of life in a new kitchen unit and it will look modern and stylish and much more appealing to a potential buyer.
The other areas you should look at is improving your bathroom. People spend longer in their bathrooms these days and want bathroom fixtures with added value. By fitting bigger baths that work as a jacuzzi or large power showers, you’ll be creating a much more appealing prospect.
Heating And Wiring
If your home is older, you may have electrical and heating systems that are both quite dated. By bringing these up-to-date, you will be creating a more energy-efficient home that is more comfortable for anyone that lives in it.
If the wiring and sockets in your home are more than thirty years old, they may not live up to the demands that our modern ways of living put on them. Overloading your wiring and fuse box can make it quite unsafe. And if you don’t have enough sockets, this can be very inconvenient.
Installing new wiring throughout and modern sockets equipped with USB charging ports will make the home both practical and safe.
A new energy-efficient boiler and heating system will help to make your home much warmer throughout. Having fast-acting heating that really works well will be far more appealing than if you leave the old boiler in.
Make sure that you have loft insulation too. Keeping in the heat will not only make the home more comfortable, but it will also make the heating bills smaller.
Extensions And Increased Living Space
A common way for many people to improve the value of their property is to extend their home or to make better use of the space that they already have on offer.
Extensions And Conservatories
Building an extension onto your home is a great way of really increasing the size of your property. This will make your home far more appealing to buyers.
Having an extension built will mean that you can add multiple rooms to both floors of your house. The downsides to an extension are that you will need to reduce the size of your garden to accomplish this goal. You will also have to go through the complicated process of getting your extension approved by your local council. Planning permission can take time to obtain, and you will have had to invest some time and money into the initial planning stages before you could submit. Of course, applications can also get rejected.
Extensions are also very expensive. A cheaper alternative may be to get a conservatory. This offers the chance to create a nice space in your home that you could use as a second living room. Conservatories let in lots of light, making them quite a nice room to spend time in. The downsides are that it is not necessarily somewhere that is suitable for use all year round.
Making Use Of Existing Space
Your home may already have space that you can utilize to add value to your property. If you have a loft, basement, or an adjoining garage that you do not use, then these can be used as additional rooms in your property.
When you consider than an attic and basement are often the same sizes as the main body of your home, there is clearly quite a lot of space here that can be utilized in a very effective manner.
An attic makes a great large bedroom and in certain circumstances, you may even get an en suite bathroom in there too. You could also use the space as an office. Where you have a slanting roof, don’t miss out on turning the parts of the room that are inaccessible into storage areas. Fit a skylight and you might have some great views out.
Your basement could be used as a kitchen, dining room, games room, living room, or even a combination of different rooms. You may need to find a way of getting light into your basement, but you will have quite a large space that would add some real value to your home.
If you have a garage attached to the side of your home, you could turn this into an additional room. By blocking off the shutters and replacing it with a wall with windows, you could have a kitchen, dining room, living room, games room, or living room there. You could then re-purpose the other rooms in your home and give the whole place a drastic rethink.
To carry out any of these jobs, you would need to find the right trades person. It is always advisable that you talk to them to discuss what you are looking for and get some quotations before you decide who to go with.
For these types of conversion, you may not require planning permission, unless the building is being extended out, or a basement is being excavated further into your garden space. If in doubt, speak with the people that you hire to design the room or manage the project.
If you are looking to move on, or are now thinking about buying your forever home, you have to decide if an extension is worth the investment if you don’t plan on staying in it for long. However, when you extend a property, it may unveil a whole manner of possibilities. Extending a property is a major investment and requires planning permission, as well as a lot of patience, but it could be the best way to make the space exactly what you want.
Conclusion
There are many ways that you can add significant value to your home in order to either turn an increased profit or to reduce the risk of falling into negative equity. Whichever options you go for, you should always weigh up how much it will cost you to implement it and how much value it will actually add. If the return for your investment will not be significant enough, consider a less expensive route. Find the way that suits your property and offers you the best financial reward for the least effort and you will be able to take some of the stress out of buying your next home.
