Adding value to a property refers to exploring home improvement options in order to boost the value of your property. This goes beyond simply making additions that enhance the property such as making a loft conversion, adding an extra room or redesigning the kitchen. It also includes fixing structural problems such that potential buyers get value for money.
A major motivation for making certain additions to a property is that it adds value by boosting price when it is time to resell. If you are interested in adding significant value to your property that you could cash in on, you should make upgrades and modifications that give good returns. In addition, a home that has been improved becomes more attractive and functional, which could mean that the need for a move might be reduced. It also makes your property more attractive to buyers when you decide to resell, which may mean that your property with the various improvements may be what a lot of buyers are looking to purchase.
There are a number of home improvement options that may be explored. From doing a loft conversion, adding an extra bathroom or bedroom to increasing the floor space, making modifications to the drive way, remodeling the kitchen or any other existing space, there are numerous possibilities. These add functionality to your property, therefore making it more valuable.
Beyond fixing superficial defects and carrying out work that will make your property appear better such as repainting, fixing damaged windows and loose tiles, you should also fix structural defects that can jeopardize the durability of your property. Cracks in walls, broken roof tiles, leaking roofs and so on need to be taken care of. In addition, updating major fittings in your property such as the heating system, installing modern electricity and plumbing units, rewiring where needed are ways of making your property more valuable.
Making modifications to your property means that you can add to its monetary value. As such, your property can fetch you some extra Pounds when it is time to resell. If you are able to work within budget and explore the top home improvement options that experts recommend and buyers look out for, there are returns to be made.
Converting your garage into an extra bedroom could add up to 20% to the value of a home that would cost about £220,000 on the average. A loft conversion could boost the price of your property by up to 15% and updating your kitchen could add 6% to the value of your home. Buyers often look out for a property with space that they find functional. Even basic makeover on your property such as changing worn out door handles and installing energy-efficient appliances can make a significant difference.
Apart from the financial benefit when it is time to sell the property, you can benefit from adding value to your property because improvements make the space more functional to you, which means that you can enjoy it better.
With the improvements that can increase the value of your home and boost the durability of your property, comes the cost to be incurred. You should, therefore, have a budget in mind, and ensure that you make adjustments that are functional. According to an estimate from the Office of National Statistics, in the UK, £30 billion a year is spent on home improvement. As such, it is essential to consider the following factors before embarking on a home improvement project:
Considering the financial expenses involved, it is safe to say that a home improvement project is an investment. When you decide to add value to your property, you should know what return you are likely to get, whether in terms of adding to the cost of the property when it is time to sell it or making it look presentable and attractive to buyers.
Cosmetic solutions are important as they add value and enhance the appearance of your property. However, it is important to prioritize structural problems that need to be fixed such as a leaking roof, cracked walls, and a collapsed floor or slab. This is because, while a potential buyer may be interested in the outward appearance of fancy additions made to your property, a valuer is likely to look out for structural defects.
All home improvement options give value to your property in one way or another. There are some, however, that top the list because they give the best returns in terms of financial benefits when it is time to sell the property. There are also some that buyers as well as valuers look out for, which have the potential of influencing their decision. For example, some may be looking for an open plan kitchen, while some may appreciate an extra bathroom. It is therefore important to check in with property valuers to make the right decision on the area of your property that you should be focusing on.
This applies especially when you are making structural changes and making enhancements that may require the breaking down of a wall for instance. You need to embark on your home improvement project with local building regulations in mind.