Want to work your way up the property ladder to your dream home? First, you need to know how to maximise the value of where you live now.
Whether you are planning on renovating to sell on or creating your forever home and have no plans to sell up, understanding ways in which you can add value to your home will help you establish which projects make viable economic sense.
Solving any structural problems:
Structural issues are likely to be amongst the most expensive work required. Examples of structural defects include; a leaking roof, rising damp, missing or broken roof tiles, rotten joists.
If you’re uncertain about structural defects and what needs done then consult a builder, surveyor or structural engineer.
Updating the central heating to add value:
A sure way to increase value is to update your central heating system. If the boiler is adequate and has sufficient capacity you could add new radiators, heated towel rails, or underfloor heating to the existing system.
Updating old electrics:
Electrical work is often very disruptive and should be carried out prior to any cosmetic work to the house. Updating services such as wiring and plumbing is a great way to add value to your home.
Updating the electrics may be essential if the house has not been rewired for some years. Additionally, adding extra sockets or USB charging points will also add value.
Using the opportunity to update lighting and add an extractor fan to bathrooms is also another way you can add value when rewiring.
Converting your loft to add value:
In terms of adding value, a loft conversion is likely to be a very good investment, not only does it add more accommodation but it’s less expensive than an extension so perhaps more cost effective for this wanting to add value but on a lesser budget.
A loft conversion does not normally require planning permission as it uses existing volume. However, creating dormer windows may need planning permission if they face a highway. (typically the front of the property) It’s always worth checking if you need planning permission.
Re-decorating your home:
Whilst things like peeling paint or squeaking doors won’t directly affect the value of the property they may put off potential buyers. Mouldy sealants in the kitchen or bathroom or cracks to plasterwork are easily resolved by any competent decorator and will make your home more aesthetically pleasing to any potential buyers.
Remodel existing spaces:
Prior to thinking about potentially extending your home, you should consider how you can improve the use of the existing space. Maximum value will be added by improving the main living spaces, such as the kitchen, dining and living area.
Having fewer but larger rooms will make a house seem larger, especially if the flooring and wall finishes continue throughout.
Updating your bathrooms:
Making sure that at least one bathroom has a shower is an essential for most buyers. Small things such as a heated towel rail, an extractor fan for ventilation, or even a mirror or two will increase value.