Now that we are out of the January slump and your bank balance is looking healthier you can start to make good on your New Year’s resolutions. For many, this means a new home and a change of scenery. But with house prices constantly on the rise, it’s not a decision to take lightly. Instead, have you thought about renovating your current home? Home renovations are a great way to add value to your current property while keeping an eye on the housing market. It may seem like a roundabout way of thinking but in the long run, it will leave you in a stronger position for when you are able to move. Here’s how.
If your property requires it, insulating your home on a budget is a great way to add value to your home, while making your home more energy efficient. It’s been stated that 59% of homes lose heat through their roof and walls meaning that you will be wasting money on your heating bills. Seems like an expensive undertaking but taking the time to get your property assessed and insulated will help you out in the long run by adding value to your home cutting your energy bills down.
A newly renovated kitchen is very desirable for prospective buyers and is an excellent way to add further value to your home – as well executed kitchen renovations will add a return of 6-10% on the sale price. A complete kitchen refurb will also allow you to follow big kitchen trends for 2019 (open shelving is key this year!) while making your home more desirable for when you do eventually put it on the market. If you are on a budget, you can always get some new work tops or apply a fresh lick of paint.
As with a new kitchen, updating your bathroom can add between 3-5% additional value to your home. A new bathroom suite can be expensive, but there are ways around this. To help keep costs down, keep your existing bathroom layout (saves times and money as you won’t need to refit your plumbing) and simply swap out and update your appliances.
The chances are, that if you have a loft, then it’s probably just being used a dumping ground for your unwanted clutter. But can turn this space into an additional bedroom, sitting area or an office. A typical loft conversion will cost you around £500-£600/m² which is considerably cheaper than a traditional extension. Another thing with loft conversions is that you usually don’t require planning permission, however if you are thinking about installing fancy dormer windows, then this may require planning permission.
So far, we’ve covered quite hefty projects for you to undertake, but simple things like painting the exterior of your property will make your home stand out from your neighbours. Replacing doors is another cost-effective way of adding value and making your place stand out to prospective buyers and will your home appear fresher and ‘newer’ in comparison to your neighbours.