Home improvements can add substantial value to your home. According to Barclays an average of £14,000 return on investment can be made by building a 30 square metre extension in the UK. If you were to do this in London, this would be a staggering average return investment of £156,000.
Working on the inside of your home can increase the appeal to potential buyers whilst also making it a better space to live in if you aren’t considering moving. A good place to start may be to upgrade your bathroom or kitchen. It is possible to do this in small steps, for example, you could change the taps, add in a heated towel rail or update the appliances. Buyers are likely to pay more for a property that is complete with a modern kitchen and bathroom, as it saves them the expense and hassle of upgrading the home themselves.
Another way you could improve your home is by creating extra space. This has the potential to increase the value of your home and is a great way to create more room for a growing family without the stress and cost of moving. A great option is to extend out by building a decent sized room that fits the style of the current house. Another option to consider is extending up by converting the loft in to an extra bedroom. You could even update the layout of your home by moving walls, for example, making your kitchen and living area open plan to give the property a modern appeal.
As we all know first impressions are extremely important, so improving the outside of your home could be a major selling point. Research by Barclays shows that a well looked after garden is one of the most desirable outdoor features. Small investments such as decking or outdoor lighting will also increase the appeal of your garden.
If you have a garage and don’t use it to park your car in, you could enhance your home by converting it in to an extra living space. Great options to consider are a games room, a children’s play room, an office or even a gym.
Remember if you are planning a conversion or extension it is important to consult with your home insurer and to explore if you will need to attain planning permission.
I can’t afford to make any home improvements, what are my options?
There may be the option for you to remortgage in order to borrow money for home improvements. You will probably be required to outline why you are applying for the additional funds when applying for a further advance. It is also easy to slowly make small changes at a low cost, such as painting rooms, to considerably increase the value of your home over time.
What can you do now you’ve made your home improvements?
Selling your newly improved home may be an attractive option if the value has increased significantly, allowing you to move to a bigger house or a better area. If you have made major home improvements, it is likely that the value of your home will have increased. This means it is a great time to remortgage to get a better mortgage deal that could reduce your monthly mortgage payments.