Home improvements will help you re-invigorate your home and it can increase its value in the long term. It can also give you a quick boost just before you sell to get you the best possible price for your home. So if you are building a conservatory, adding a loft conversion, adding improvements to save money on energy, or just sprucing the place up a little, this guide is written to help you through the process with information that is important in decision making and the vital things to consider.
Lets first look at the options available to you.
Making Large Scale Improvements
Are you thinking of adding an extension, loft conversion or changing your garden. Often the larger the improvement the larger the cost but also a larger expense is needed first. The old saying rings true here, you must speculate to accumulate. Adding an extension if you have spare land is a great idea. Most extensions are added to the rear of the house but it is important to remember your garden space too. Adding more square footage to your property will come at the expense losing it in your garden. There is a fine balance to be made here and the best advice is to look at your neighbors what have they done?
You could also convert your loft, this adds value to your house without risking damaging your property value by loosing garden space. However you will lose storage space as most people use their loft to dump the Christmas decorations in. If you do decide to convert your loft try and maintain as much storage space as possible. Use the lowest area’s to make cupboard space.
Making A Smaller Improvement
Never underestimate the value of a coat of paint. This adds value to your property because it gives a subliminal message to a prospective buyer that you are in full control of your property and you know exactly how to maintain it. Going green is a very nice buzz phrase to cash in on, you can change windows add insulation to your loft and walls fairly cheaply. The bonus for you here is that showing a prospective buyer that you think about the environment and at the same time you are reducing your monthly outgoings. It is important to remember that you will probably be selling to somebody who is either buying first time or to someone who is upgrading. Saving them money on monthly bills is going to be important to them.
How to Pay For These Improvements?
Savings of course are the best way to approach finding the finances for your project, however it is possible to borrow back the equity in your home against the improvements. You may have a mortgage that allows you to do this or you may have to re-mortgage. Important point to remember here are: It is always cheaper to use your own money, failing that a re-mortgage is probably your next best option, after that will come a second charge or secured loan and at the bottom end of “cost effectiveness scale” will be a personal loan. Try to weigh up your options against your expected return of investment.
Other points to note
Check with your local authority that you are allowed to make these improvements. Always seek professional advice for building construction or changing. Think about how long you have to finish the project and how much of your time you can add to the cause. Your time is the only commodity that is free! Using this as much as possible will save you money but will hamper progress.