If you were thinking of moving house recently but then changed your mind, rest assured that you weren’t alone! The property market downturn is making a lot of people think twice about selling. Moving house can be stressful and expensive. So, rather than spending money on moving, you could instead add value to your home by making a few improvements. If you come to sell later on, you’ll have maximised your current home’s potential and will get the best value for it.
There are many things you can do to increase the value of your home. The first is to add space by building an extension. This will cost money to do, but you’ll gain extra room and see a return on your investment when you come to sell. Before starting, check with your local authority’s Planning Department to see if you need planning permission. You’ll need an architect, so use specialist websites to find one in your area. Then find a good builder – if you don’t have a recommendation from a friend look at the Federation of Master Builders to find a reputable one. When it comes to money, about £10,000 will get you a basic extension, and it’s a good idea to know the threshold of value for properties in your area so that you have a realistic expectation of what an extension might add to your home.
If you don’t have room to add an extension, there are other ways to get extra space. Loft conversions are a great way of gaining an extra bathroom or bedroom. As with other extensions, you will have to check whether you need planning permission, and you must adhere to building regulations. You must also check that you have no less than 2.3 metres of head room over at least half of the room. Loft conversions can be the cheapest way to gain extra space in a house, costing £95 per square foot compared to £150 – 200 per square foot for add-on extensions.
No loft space? Move downwards – basement conversions can be a really good option. However they can be more complicated and expensive – around £300 per square foot to dig out and fit. It’s a specialised job, so you must get the right team of contractors in place.
If you don’t have any extra space to add an extension or do a conversion, you might consider changing the layout of your home to create an open-plan living space, which will add modern appeal for buyers. But before you go knocking down any walls, first check who your buyers might be – if they’re not likely to have modern tastes, this might be a waste of time! If you’re thinking of doing up your kitchen, don’t spend a fortune on expensive fittings – it might put off potential buyers unless it’s exactly suited to their tastes. But if you play it safe, a sparkling new kitchen can be a real selling point for a home.
All in all, whatever you decide to improve in your home, the upside is that not only do you get to enjoy a re-invigorated living space, and you’re bound to recoup your investment when you come to sell later on.
For further information, see our ‘How To Guide’
