The beauty of home improvements is that they are relevant when property markets are rising and they are just as relevant when property markets are falling. The fact is that an array of simple home improvements can have a material impact upon the value of your property and, if you have money put aside, there are other large scale improvements which can make an even bigger difference. However, you need to be very careful with regards to home improvements because if done correctly they can enhance your property but if done incorrectly they can actually reduce the value of your home!
We will now take a look at some of the simpler and more popular home improvement projects which can have a material impact upon the value of your property.
In simple terms, done correctly and keeping with the latest fashions and trends, a loft conversion could add anything up to 12.5% to the value of your property. Turning your home from a two bedroom property into a three-bedroom property will bring about a whole array of different attractions and broaden the potential list of buyers. It is difficult to put a price on the cost of a loft conversion although anything upwards of £15,000 is probably a fair reflection.
While there is a need to maintain an affordable budget there is also a need to ensure that the conversion is finished to a high standard and fits in with the existing style and character of your property.
Building a conservatory
More and more homes in the UK, and indeed around the world, have a conservatory already attached to the main property. The ballpark figure for a potential improvement in the value of your property after adding a conservatory is around 7% although this will vary significantly depending upon the size of your property and the standard of the conservatory.
Quote from PropertyForum.com : “A rising demand for rental properties in the UK, especially in London, is likely to continue for some time with the main threat to the sector the rise of assisted mortgage schemes.”
You could have the best conservatory in the world but if it fails to blend in with the look and feel of the main property then it may well stand out which is not what you want. It could indeed have a material impact upon the value of your property leading to a possible loss when taking into account the cost of the conservatory project. A well blended, well finished and quality conservatory is often seen by many people as a welcome addition to the main property.
While there are 101 things you can do to improve the value of your property some of the simpler options include a repaint of your property, a new bathroom suite, new wallpaper and perhaps a tidy garden. The fact is that if somebody visits your property as a potential buyer you do not get a second chance to give a first impression. You can guarantee they will spot worn paintwork, chipped floorboards, untidy gardens and other simple yet highly visible elements of your property.
It is probably an idea to work upwards from the cheaper and easier home improvement projects such as repainting various rooms, tidying the garden and then potentially move on to the larger projects, assuming you have the finance in place, and they will be worthwhile. If you are unsure about any home improvements it is advisable to get in touch with your local estate agents to obtain some feedback on how the value of your property might be impacted.