Spending a fortune on large renovations and jobs to increase the value on your property can often give little profit, and may not be worth your time in the long-run. The popular dream is to buy a nice property, decorate, renovate and furnish it and sell it for a considerable profit, to buy a bigger, better home. When put into such words, it sounds all too easy, but making a profit on property can be tricky, especially for those who are new to the property ladder. There is a variety of large and small changes you can make to your home to increase the value of the property, so with this in mind let’s take a look at a few of them.
Adding an Extension
An efficient way that can add value and increase the likelihood of making a substantial profit on the resale of your property is to build an extension. Adding a home extension that adheres to the current style, layout and type of brickwork your house consists of is a great way to increase property value, as long as it doesn’t create a ‘top heavy’ home in some way (i.e. too many bedrooms and not enough living space). Careful calculation should be carried out beforehand, as it can be easy to nullify the profit by spending too much on the work itself. Adding an extension such as a conservatory should add roughly 5% to the overall value of your property (providing all work is carefully considered and executed professionally).
Refurbish Kitchen and Bathroom
Surveys would suggest that adding a new kitchen to your home will increase the overall value of the property by £5,000 and adding a new bathroom will increase it by £3,000. It should only cost around a third of each of these figures to have them professionally installed, so be sure to source a reasonably prices installation fee before striking any deals. Modernised kitchens and bathrooms have a huge effect on the overall likability of a property, and can give it that contemporary edge over other properties the viewers have seen.
Let in Some Light
Lighter homes certainly have a more inviting appearance, and can create an atmosphere that viewers would most likely feel comfortable in; this can ultimately increase the value of the property. As the entrance area of your home is the first place visitors would see, intrigue them with warm, welcoming colours to set the viewing off to a great start.
Add a Garage
Garages are hugely desirable, and can prove to be a real deal-breaker in the property market these days. This can be considerably costly to have built; often between £15,000 and £40,000; but the return on its construction can be more than worth your while. Parking may be expensive in your area, especially if you live near a city centre, and providing house hunters with a safe, spacious place to park their car overnight is a very desirable asset indeed.
So there we are some simple tips to help you add value to your property. Be sure to work out your budget and stick to it religiously before undertaking any of these jobs.
Daniel Travis – Brown writes regularly on the subject of home renovation and DIY for <a href=”http://www.bathshop321.com/”> Bathshop321</a>; for more great tips and advice, follow Dan on Twitter @DanTravisBrown