How to Add Value to Your Home - Our 5 Top Tips
Your home is more than likely your biggest asset and as such, it is important to maintain the property to ensure its inherent value. Although there are undeniable market forces that affect property prices, such as interest rates and general financial instability of which you as an individual can do little about, there are some things which you can do, to add value to your asset.
The age old adage of adding available footage still holds true but what can be done without breaking the bank?
1) Add a Loft Conversion
Perhaps an obvious one, but certainly this form of renovation has come into its own in recent years. It really is one of the simplest ways of adding space. Whether utilised as a bedroom, for relaxation, or as an additional bathroom, it makes sense. Key points to remember are that originally the loft area would probably not have been built to withstand regular use and therefore elements such as the floor joists may well require further strengthening. In addition, easy access to the loft space needs to be available so that it is used.
In terms of financial benefits, according to various surveys conducted by mortgage companies, a loft conversion can add up to £40,000 to the value of a property, obviously dependent upon where the property is located. Also remember it would be prudent to contact your mortgage provider, as it is form of structural change.
2) Add a conservatory
A conservatory, in many ways offers the same benefits as a loft conversion. Living space is added, and in the case of a conservatory, usually facing an outside area of the property, such as a garden. In terms of style, ensure that its in proportion with the rest of the property and also matches the style. In terms of costs, a typical conservatory can cost anywhere between £4,000 - £20,000. As far as a return in terms of additional value, analysis and surveys estimate that it will add up to 7% onto the value of the property.
3) Convert the garage
An area which is often under utilised. In fact, conservative figures state that up to 90% of garages are not used for storing cars. Often these viable area’s end up being used as storage. The simple answer in terms of adding value is to convert the garage into living space. This is one area where a sizeable amount of living space can be added for a relatively little outlay. Dependent upon the location of your garage, access can be arranged easily. If the garage is attached to the main property, then an additional doorway and entrance can be added to the property. Brickwork, matching the main property can be used to eradicate the garage door and a window can be added to provide additional light into the area.
4) Pave over the front garden, if parking is an issue
This point does depend on a variety of factors, for example, do you currently have off street or on street parking? Is the front garden large enough to accommodate a vehicle. However, if suitable, creating a parking area in the front garden, especially in areas where parking is at a premium, is an excellent way to increase the value of a property.
5) Make the space more open plan
Internally, many homeowners seem convinced that more rooms equals more value. In fact that is not the case. It is actually the amount of available living space that is of paramount importance. The trend at present is for open plan living, the appearance of space within a property. This is why many people are in fact knocking down internal non load bearing walls and creating larger rooms, rather than two or three smaller rooms. A large lounge diner / kitchen is the modern aspect that many people are looking for.
In summary, as outlined in the previous points and from numerous surveys, adding living space and organising living space into larger more communal areas is the most effective way of increasing your property value and its overall appeal.
Visit http://ballantynes.uk.com for further information on a range of properties within the Perth, Edinburgh and surrounding areas.
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