The majority of individuals see home ownership as an investment and like any investment, you’re likely to want to at least sustain its current value or increase (if possible). A property is no different in that respect. It’s an asset, an investment and obviously an abode – all rolled into one.
In this article we’re going to run through a handful of ways that you can add value to your existing property. I’ve made sure to only include ideas which will most definitely provide a return on investment as most of the below can be done relatively cheaply in comparison to the value they can bring when the time to sell comes or you simply want your house surveyed so you can remortgage. So let’s get started…
Fix Structural Problems
Obviously this has a lot of scope and depending on the condition of your property, undergoing vast structural repair work can become extremely costly indeed. But, on the flip side, there are steps you can take to address minor structural issues – enough to appease the surveyor and bump up the value of your property (or at least not make it lose value).
One thing I would mention however if undertaking anything structural. Make sure you have a proper home warranty insurance plan in place as in the event of something going wrong, you want to make sure that you’re covered.
Address Superficial Defects
They say painting your front door can increase the value of your home. This isn’t an urban myth, it’s a fact. Curb appeal can work wonders in both the valuation of your home and finding a potential buyer.
Most superficial defects can be addressed by you personally, you don’t need to be paying out thousands to companies to get the work done. Touching up paint, fixing broken window frames, dripping taps and loose tiles can all be mended to give value to your home.
Add / Convert Rooms
This might sound like a big job but adding an extra bedroom could literally be as simple as clearing out a cupboard or converting your loft/attic space is also a great way to add an extra room to your property.
Depending on funds, you could also consider adding an extension or conservatory as these are a sure fire way to add value to your existing property valuation. However, you need to make sure that the outlay provides a return on investment as lots of people making the mistake of spending big money on their dream addition only to find that it hasn’t increased the overall value that significantly.
A nice garden not only adds to the overall value of your property but also has masses of curb appeal. Nobody is going to want to buy a house with a messy, un-landscaped garden and given the price involved in doing so it makes it a no brainer.
You can also choose to develop your property to include off road parking which is a major selling point and value add addition to any property. The same goes for garden features and space utilisation.
If done right, the return on your investment will be significantly greater than your outlay. Unless you go completely overboard of course.
Whilst it’s true that most properties come with a full central heating system these days there are still properties out there which don’t. This severely lowers the value of the property and is immensely off putting to would be buyers. Particularly in the UK. Nobody wants to live in a cold house.
Installing a new central heating system will come at a cost but for the value it will add to your property overall it is definitely worth the investment.
Obviously this list could be added to significantly. Many opt to add conservatories, extensions or off road parking to bump up their home value. But that obviously comes at a price and is significantly more costly than adding a link of paint here and there. But I guess it depends how far you want to take it. Making more money is all well and good but you actually have to live in the property too – so killing two birds with one stone by improving the property for your own personal benefit as well as for financial reasons is probably a good place to start.