As we all try to recover from the recession, those who couldn’t afford to move are now thinking of how to make their homes more desirable to the buyer’s market while also making a hefty profit along the way. We all know that by spending just a little bit of money on our house, it can make a huge difference so can we expect the same if we were to spend just that extra bit more?
With home improvement, you can do little things which will make your house more attractive, look cleaner, neater and tidier. This will also increase your home’s resale value because the money that you spend on your house will bring you a profit afterwards. Here are a few thing which you can do to to add value to your home:
An extension – having an extension to a property cost an average of £19,922 but adds £25,590 to the value of a home meaning you stand to make a £5,668 profit just by having an extension.
Loft extension – where property prices are high, by having a loft extension you could make a £9,195 profit and in some cases you could make back the money from creating a loft extension with no loss
Kitchen – kitchens are a very important deciding factor when purchasing a house and most people with young families do not want the added expense and headache of having to do it themselves. The average price for a new kitchen is just over £6,000 and you add just over £7,000 by fitting a new kitchen. Just remember to have the kitchen in proportion to the value of the home or you could spend thousands unnecessarily.
Fuel and energy efficiency – the average cost for this is £1,722 but the return is far greater as you will be making a £2,605 profit. Insulate cavities, board up the loft and upgrade the central heating system to attract potential buyers.
Install security system – by adding a security system, you could add £3,091 on average. The cost of a security system is £1,200 and by installing it yourself you could save yourself some hard earned cash.
Refresh interior paint – by splashing a new coat of paint on the walls, you could revive the house at the cost of just £998. The added value of doing this is £2,231. Remember to choose natural tones and maybe even changing the colour theme to bring out features in the house such as fireplaces and bay windows.
Bathroom – if you can upgrade your bathroom with new fixtures and tiles, you wouldn’t actually make a profit but if the bathroom was in dire need of a makeover, then you could make a little profit if not a sale
Garden – by spending just £857 in improving the look of the garden, you could add as much as £1,399 to the value of your home
You do not need to make all the changes above to add value but if you have the money to make all the improvements, then you could make as much £70,000 profit when you come to sell. Remember that even by doing the cheapest home improvement thing possible, you will still add value to your home that will become profit when you come to sell.