Due to the current housing market, many homeowners are putting off selling their homes. If you are looking to move up the property ladder, but are unsure whether you will receive your home’s maximum value, it may be worth spending your money on a few improvements. By investing in the right projects you can satisfy your need to expand then make a profit on them when you sell your home on later. Here are a few changes you are likely to provide you with a significant return on investment.
If you have a growing family you will be looking for more space. Adding an extra bedroom will accommodate this and increase the value of your home significantly. The most cost effective way of doing this is by planning a loft conversion, many homes no longer need planning permission to do this but it is best to check. You will also need the opinion of a surveyor to see if it needs any additional support. The work will take up to 2 months and cost around £20,000, however, on an average priced home, it will easily add £20,000 to its value.
You may not spend too much time in the kitchen, however, when buying a new home, many people look here first. Whether you want to freshen it up in a way that appeals to everyone, or install a centrepiece that will wow potential buyers, it makes sense to upgrade your kitchen. If your kitchen is looking very untidy, a basic remodelling will be a very efficient way of adding value to your home. As you will be looking for a significant profit, take 10% of the value of your home and use this as your budget.
The bathroom is where many buyers can be turned off, so it pays to make sure it is up to scratch. Also, as your family grows, so does your need for a second bathroom. In larger houses, many buyers look for an en-suite master bedroom, this will cost up to £15,000 and will easily repay its cost. Alternatively, revitalising your existing bathroom can be done for less than £10,000 and will make your home much more easy to sell.
Energy Saving Windows
If you do not realistically see yourself moving for a few years then a new set of windows is a wise investment. If you only have single glazed windows, a new set of double glazing (or even triple glazing) will remove a sizable chunk from your energy bill. Buyers are also looking for energy efficient homes so a new set of windows will pay for themselves when you choose to sell.
If you do not want to shoulder the cost for the above projects, updating your plumbing is a relatively cheap project which will pay off in the long term. Many older houses are plagued with dodgy plumbing which restricts the planning of new bathrooms and kitchens. Many buyers will want to install their own kitchen and bathroom, so by getting your home ready for this you make it very attractive to them. This can be done for around £5000 and will add £10-15,000 onto your home’s asking price.
The best project to increase value will depend entirely on your home, every property has a ceiling price so check with an estate agent as to what the best cause of action is. By investing in the right areas of your home you can put off moving until the right time for you.
Author Bio: Joe is a blogger for Force8 doors and windows who writes about property, home improvement, interior design and green living.