The value of your home is the amount a prospective purchaser is willing to spend buying it. The major question you should ask yourself is whether the added value of any home improvement should be for your enjoyment of your home or an increase in its monetary value.
If making a home improvement, it is still worth bearing in mind the impact it will have on a prospective sale. If you’re considering for example a conservatory ask the question: is my garden big enough to take a conservatory? Reducing the size of your garden if already small will mean that you will not add the value you’d hoped for but in fact may reduce it. The opportunity cost is then personal enjoyment over adding value.
There are still many improvements even in today’s slow market that may have the benefit of adding value to your home or that at least make your home more saleable.
Add Value with Home Improvements
- Double glazing is a worthwhile improvement because it not only reduces heating bills, but also makes your home more attractive on the outside and warmer and cosier on the inside. The same applies to a quality roof with loft insulation. Most perspective purchasers will expect this as a matter of course.When adding double glazing however it is worth considering the type of double glazing such as natural wood or PVC. Will PVC detract from the character of your home and therefore make it more difficult to sell?
- An extension will provide the extra space for you to enjoy as well as more square footage and you should normally expect to at least recoup the cost but always bear in mind any ceiling prices in your area.Ask yourself the question how much value will be added to your home versus the cost of moving home. If you love the area you live in and need extra space then adding an extension will normally be the obvious and cheapest choice. However, most areas do have a ceiling price and if you think you may move home in the near future bear the cost of these improvements in mind.
- Loft Conversions usually provide an extra bedroom with en suite bathroom or extra study space. They add further square footage to your home and are almost guaranteed to add value. Some estimates from building societies claim that a loft conversion can add up to 21% to the value of your home, however always bear in mind the ceiling price against the cost of the conversion.
- Interior Conversions – Knocking down a wall or remodeling the interior of your home to create extra living space is a good value solution. www.architect-yourhome.com provide services to suit all budgets.
- Kitchens and Bathrooms – Ensure that they look clean, tidy and welcoming. Design and tastes are subjective and fashions change on a regular basis. These areas of the home tend to be the first thing that buyers budget for and change to suit their own tastes so if you are thinking about changing your kitchen and bathroom this may make your property more saleable but you may not be able to recoup the full cost.
- Interior and décor – Inside, optimised interior décor goes a long way towards raising the value of your home and can be a cost effective option in making your home more saleable. If necessary, repaint with neutral, light colours for guaranteed buyer-appeal. Invest in luxury looking curtains that you can either take with you or charge for.Details such as expensive looking cupboard handles, bathroom taps and shower fittings, automatic garage doors or a patio all add a touch of quality that should increase the value of your home.
- Conservatories – It is said that these can add 5% to the value of your home but bear in mind the size of your garden and ceiling prices in your area.
