Whether your house is on sale and you’re trying to get the most for it or you’re simply trying to add value to your investment, there are many things you can do. The one mistake many people make is not doing the proper research when looking at renovation ideas. They might make changes because they have heard that it may increase the value of a property, not understanding the details. Not doing the right renovations or not doing them the right way could set you back and could actually make your house less valuable as a result. Here are four home additions that can add value to your home.
When thinking of value-adding additions, few people think of a fireplace. The reality is that a fireplace, especially one that complements the style of your home, could both make it more attractive and increase its value. One agent stated that a £3,000 fireplace could add as much as £10,000 to the property.
It’s very important that you choose the right fireplace type and style, however. If you have a period home, then places like stonewoods.co.uk have tons of reproduction fireplaces you can choose from. Note that gas and wood fireplaces are usually favoured by homebuyers, but electric could do the trick when used stylishly.
A lot of people will advise that you renovate your bathroom if you want to add value to your home, but you could also decide to add a bathroom. Most homeowners will appreciate having an additional bathroom, but nothing guarantees that they will like your style choices if you renovate a bathroom.
The difference in cost could be minimal depending on where you intend to place the bathroom, its size, and what kind of fixtures you want to be installed. If you’re looking for space, you could build one under a staircase if there’s room.
Room additions are usually a big winner with buyers, but they can be costly. However, if you have an empty garage, you could convert it and instantly increase both the liveable space and the value of the property. It’s estimated that a garage conversion could add as much as 20% to your home’s value.
Energy Efficient Improvements
If you want to attract smart buyers and boost your property’s value at the same time, make your house as energy-efficient as possible. Most buyers will love the idea of being able to reduce their energy costs and more than ever are environmentally conscious these days. Changes could be as simple as insulating the house better or getting double-glazed windows.
It has been shown that making energy-efficient improvements could boost your home’s value by 14% and up to 34% in certain parts of the country.
You have to be careful not to go overboard, however, since you may not be able to recuperate costs upon sale on larger projects. But you will be able to recover the costs if you live in the house for a long period and reap the benefits from energy savings.
All of these renovations could help instantly increase the value of your property. It could also greatly accelerate the sale and the number of offers you get. If you need cash upfront for this upgrade, contact Loan Mart to see if they can help.