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Home Improvements That Pay For Themselves - And Add Value To Your Property Too!
Most of us make home improvements for our own pleasure and enjoyment. But we'd like to think that they'll add as much value to our home as we spend on them. Hopefully, we might make a little extra on them as well! Here's what you need to know about home improvements...
A new kitchen, central heating and double glazing should recoup your investment according to Abbey National's in-house research. So too should a garage and any extension that adds a room or more to your property.
Turning a bedroom into a second bathroom, adding a swimming pool and landscaping the garden are far less likely to cover their costs, let alone add extra value.
When improving, think 'space' - this is what most people want from a home. For example, an extension that gives a whole extra room will be more popular than one that adds a little bit more space to the sides of two rooms.
Also, think 'conventionality' - generally, people like what might be called a logical home. So an extra room that comes off the lounge will be more popular than one that is accessed via the downstairs toilet or by going underneath the stairs!
Generally, the poorer the current condition of the property, the more you'll add in value over and above the cost of improvements. The better the condition, the less scope there is to add extra value.
To maximise added value, replace old with new. For example, replacing an old kitchen with a new one is a value-adder. Replacing a newish kitchen with a new but different one is less likely to add value.
Make improvements that match the property. If you've a £50,000 house, don't put a £20,000 kitchen in it. You won't recoup your money and add profits. Likewise, don't put a £2,500 kitchen in a £500,000 house!
When improving, be careful not to impose highly distinctive or unusual tastes on those improvements. They may not be to a would-be buyer's tastes! Where possible, it is better to be neutral so that an incoming buyer can amend these to their own tastes.
Be aware of prices of comparable properties nearby and the 'ceiling' for prices for these types of properties. If three-bed detacheds on your estate sell for between £100,000 and £110,000 then
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