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Whether you are new to the property market or are settled in your beautiful home, there is always that niggling thing in the back of your mind of how you potentially add value to it if you were to sell. Unless you are in your forever home, most people will be looking to make money on their investment, whether this is a short-term solution or something for long-term family goals. For small additions, you can perhaps add some initial value, but if you’re looking to make a substantial impact on the sale price, renovating is likely to be the way forward.
Of
course, with renovation work comes initial investment and costs so considering
the amount you spend compared to the value you can add will weigh up whether it
is the right option for you. There is also the issue of building control and regulations in the property
location and checking the legal aspects of structural change and renovation that
will need to be carried out before you
start work. This, in turn, can also add
time and money to your project, which needs to be
factored in the cost.
Financing
your project is also something that has to be
considered, as there are several options including sourcing finance from
lenders such as Bonsai Finance or perhaps using the
equity in your home already to undertake the work. Whatever you choose this finance cost will also have to be considered
alongside the overall costs to get the true value of your investment.
To consider whether it is a worthwhile investment, a few questions need to
be answered before you start planning
your big change. These big decisions can
offer value but how much can depend on how you change the property. Check out
some of the best ways to add decent value
to your home to make the renovations worthwhile.
Adding an extension
This is one of the most popular renovation projects for homeowners
as they see it as a surefire to add value due to the increase in space inside
the property. Although this is mostly the case, there are several factors to
consider to make it a worthwhile option. Speaking to a property expert before
deciding on a large project such as this
will help you understand whether this type of extension will fit in with what
people want to buy in the area. There could be
elements such as the renovation eats into the garden space which makes your
external areas look smaller, or perhaps extension ideas won’t be large enough
to add a fully functioning space for your interiors, which will actually hinder
the property rather than increase its value.
Building
permission is also another significant factor for this type of renovation as
you won’t just be able to start a project without getting everything signed off
beforehand. This can eat into your
budget, and if there are modifications to be made on original designs, you may
have to reapply or wait for a decision before starting. However, this type of
renovation is one of the best options for making more money on your property,
and strategically extending areas such as the back of your home for added
kitchen or living space is ideal for families looking to enjoy a more spacious
and inviting family home.
Property presentation
Most
people get a feel for a property from the moment they arrive at the curbside so
if your home doesn’t present the wow factor then it is less likely to attract
the type of buyers willing to pay the asking price. Improving the appearance
might not seem like a difficult task, but if you have lots of little things
that need completing, then this can start to mount up. By investing in these
areas, you can add some value (although it might not be a substantial amount)
to your property. Alongside adding value, it will also make your house more
appealing to potential buyers, which will help sell faster, and closer to the
asking price.
Check
out some of the top areas to address to boost its appeal:
- Windows can make or break the outside appearance of your home so it might be time to upgrade them to add a little more value.
- If the roof is in need of some TLC, fix it to ensure there are no apparent signs of damage.
- For properties that have garden frontage, ensuring this area is tidy and well presented can help to draw people in.
Kitchens and bathrooms
These
are often two rooms that can sell a property so ensuring they are looking
clean, fresh and attractive will help to improve the selling power of your
home. The beauty of renovating these spaces is that you don’t have to spend a
fortune to make some decent money back, but designing a multifunctional space
in the kitchen is a must to ensure it presents the perfect room for the hub of
the house. When redesigning kitchens and bathroom, you should
consider everything by replacing from the ground up, so flooring, cupboards,
appliances and wall décor all have to be changed.
Both areas also need to be practical as they will be in use all the time, so
thinking about the layout and how it can work in the space you have will ensure
it suits all users from adults to kids. The finishing touches can also make all
the difference in these rooms too, so door handles, lighting fixtures, and even
light switches can help to boost the aesthetics of these essential rooms.
There are several things you can do to help improve the look
and value of your home, and these are just some of the best examples to get you
started. Whatever your budget, adding some value,
however small, is achievable, but it can also assist in beautifying your home
to attract potential buyers when you come to sell. By considering your options
and making the best choice for the space,
you will reap the rewards in the long term.