There are numerous perks of adding value to your property. If you are hoping to work your way up the property ladder, then it is worth considering what home improvements will need to be undertaken to ensure the best returns when it comes to selling up and relocating. If you are planning to reside in your property for the foreseeable future, then be sure to make improvements that not only aim to add value, but also those that make complete economic sense.
Cosmetic changes like performing a loft conversion or fitting a new kitchen can often look effective, but these are usually one of the most expensive ways of adding value to your property. Sometimes the most obvious rooms for renovation, like the kitchen, bathroom and bedrooms get priority, but in order to really boost your value with little initial expenditure, it is worth considering basic structural repairs as they can go a long way in terms of boosting your returns.
Performing works on your home in order to increase its value is beneficial for those wanting to make a profit on their home. However, avoid the temptation to spend more in the hope that you will recoup your money and make extra profit by the time you come to sell.
Have a look at the ceiling price on your road. All properties have a ceiling price and no matter what adaptation and renovation work you carry out; your property cannot command an asking price that is much higher than the other properties on the same street. To put this into perspective, potential buyers with a budget of £350,000 for example, are unlikely to live on a road whereby all other houses are only worth £180,000. If your home becomes too expensive in comparison to the other properties in your road, or even neighbourhood, you will lose interest and result in decreasing your asking price which runs the risk of minimising your potential profits, particularly if you have carried out an expensive schedule of works.
Make use of your garden
A beautiful garden is desired by most people searching for a new home; however, if you don’t have a spacious garden at the front or back of your house, it is important to make the most out of any space that you have. Transforming a small terrace or balcony is equally as effective. The addition of plants, flowers, tables and chairs make an outside space look appealing for those viewing the property. Although this may not directly add value, it is guaranteed to boost the appeal, which is sometimes equally as important. Renovations to your outside space will not take much time, effort or money, just a little revamp may be all it takes to help your purchase get over the line.
Keep things current
An old shabby property is enough to put anyone off, and considering how easy it is to give your property a little TLC, there really is no excuse. If your property looks past its best, then updating these features will go a long way. Replacing old carpets with modern flooring, ripping down old garish wallpaper to add a new feature wall or even sanding wooden floors to bring them back to life will help as those looking to rent or buy tend to look for well-kept homes requiring as little maintenance as possible. Ensuring your property is in a good sellable condition is a great way to add value. Keep your décor to a minimalist design so you can appeal to a wider range of tenants. Property investment companies like RW Invest often abide by this design rule and use minimalist modern décor in all of their properties to entice new investors and tenants who wish to inject their own personality once the property has been purchased.