Most Profitable Ways To Improve Your Property
Whether you are considering selling or just wanting to improve your home whilst you are living there. If you want to increase your properties value as a long term investment then knowing what will be beneficial and what isn’t, will help you decide what projects you should take on and which ones to avoid.
There are some home improvement projects that will make your home more desirable and will add value but there are also other changes that you should stay clear of. In this article will we look at the dos and dont’s and the *estimated value that each home improvement project could add to your home.
*These figures are based on the average sized home in the Midlands and are only estimates. Depending on the quality of work and the individual property the value will vary.
Here are the Dos:
Do apply for planning permission even if you are not planning to extend, having the permission to do so will be an attractive addition to potential buyers if and when you come to sell. It may be just that extra attraction that makes your home more desirable than others on the market. The cost for this is around £300.
Do look at adding more living space with a room extension: adds £15,665 to the value of your home on average, depending on where you live this figure is either much higher or considerable lower.
Do look to see if a loft conversion is possible within your property: on average you can expect a £16,000 increase in the value of your home.
Do consider a conservatory if you can’t afford to build an extension: will add £10,000 on average to the overall value of your home.
Do replace tired old windows. New double glazed windows are a good addition as every home owner wants to live in an energy efficient home: on average they’ll increase the value of your home by £5,000.
Do redecorate. A new décor is a good way to freshen up your home and add value to it too, on average it adds: £3,000 to the value of your home.
Do replace old fashioned kitchens. If you can only afford to make a major improvement to one of the rooms in your home choose the kitchen, a new kitchen is always desirable to potential buyers. Depending on the quality of the kitchen will determine the return but as an average adds up to four per cent on the value of your house.
Do freshen up the bathroom again like the kitchen the bathroom is the next room potential buyers look at for quality and condition, can add 2.88 per cent onto the house value.
Do consider doing some outdoor work on your property. If parking and additional storage is lacking think about these 3 options. Single Garage Conversion cost: about £10,000. To calculate value added, multiply square footage gained by local price per square foot. New driveway.
And the dont’s;
Don’t forget your gardens front and back. Keep the gardens well-maintained and think twice before adding decking, paving and water features as they don’t increase the value of your home that greatly. Don’t extend into the back garden if there isn’t enough space, having outdoor space is a very strong selling point. If parking is an issue in your street and you don’t currently have off road parking then this would be a desirable feature. The cost would be around £10,000 and would require planning permission.
Don’t make inappropriate changes to your house. Common mistakes made include stripping the character features out of a property like original fireplaces, the original flooring and painting beams. When replacing windows it is always best to replace like for like for example update sash windows with new up to date versions.
Don’t add a basement conversion unlike a loft conversion it is very expensive and you will have to move out of your property whilst this work is carried out. The financial risks are very high expect to pay around £300 per square foot and little or no return on your investment. Adding additional living space is a good idea but not via a basement extension.
Don’t be tempted to add hot tubs and swimming pools they will not add value to your home. If anything they are of putting to potential buyers as they are expensive to maintain and will add additional costs to the homes energy and water bills. An outdoor pool could even de-value your home and you will not recoup your money. However properties at the top end of the market can benefit from these features.
Don’t add cheap low quality fittings buy the best you can afford. Fittings like taps, showers, kitchens, bathrooms, window & door furniture will help sell your home. Potential buyers will look for these improvements in fact they expect to find them gone are the days of doing a house up on a budget to make a quick buck.
Don’t leave components broken or unattended if in poor condition. Repairing components that don’t work is an important factor will have a negative effect on any prospective home buyer if left unattended. Modest investments that eliminate obvious problems can pay off big time when you’re trying to sell.