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How to Increase the Value of Your Home

by:Heng Xing     2020-04-06
House prices have fallen a lot over recent years and it can be a concern to many people, especially for those who are now in negative equity, whose properties are now worth less than they still owe for them on their mortgages. You can consider enhancing your home in various ways to increase the value of it. Major renovations can easily increase the value of your house by an amount greater than you have spent on it, so it can be a good investment. If you can do some of the work yourself then you can save even more money. Labour is expensive and some of the work, especially the finishing touches such as tiling and decorating can easily be done yourself. Do look into it carefully. If you need the extra space or features anyway, then that's great, but if you're simply doing this to try and maximise the value of your home then do your research thoroughly and make sure you budget well. Sometimes it can be impossible to account for several factors until you get part way through a job, so having a contingency buffer of money is vital. Having to give up on a major job when it is half finished will make your house fall in value not rise! Larger jobs will add most value. A loft conversion or extension with a large bedroom and an en suite bathroom could increase the value of your home by up to 25%. An extra bedroom can add 12%, and an extra bathroom around 5%. A rough estimate for building an extension is around A�1000 per square meter. If you're looking to sell your home soon, then smaller DIY jobs within the home can also add value. A new bathroom suite and some new bathroom wall tiles can increase the value of your home by more than you spend on the fittings if you're clever and get good deals. Making the house more luxurious can be done on a budget if you shop around. Look online for offers and get inspiration from websites and magazines. Making a house look deluxe isn't all about spending a fortune. Marble effect porcelain floor tiles in a bathroom for example will look expensive but won't cost a lot. A clean coat of paint throughout the house will do wonders for the overall feel of the property and doesn't need to cost much at all. All these smaller measures are well worth doing if you're looking to sell soon, but not if you're planning to stay put for a few years. Your fabulous new bathroom might well look and old tired by the time you come to sell and so won't have any effect on the sale price or on the attraction of your property to potential buyers. Do it for your own benefit and enjoyment by all means, but don't count on it adding to the value of your property in the future.
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