Date Published 09 February 2018
With a nationwide shortage of family homes coming on to the market, many families are staying put and addressing their need for extra living space by renovating, extending or making other home improvements. Many of these alterations will add value to the property and help boost a homes' selling power in the future, however not all will.
There's less chance of adding value or recouping your costs if, for example, you opt to add a £25,000 kitchen to a semi that's valued at
It's worth remembering that all homes have a ceiling price that's based on factors like location and access to local schools and amenities, so it's vital to make sure you don't end up losing money by doing renovations that don't alter the value of your home, although they may still be worthwhile if they make your home a more comfortable place to live.
Going up or extending? A loft extension is a popular way to add space. Research by a major insurer shows that building a loft extension could add around 15% to your homes value, and converting a single garage into a room could add as much as 20%. A conservatory provides valuable extra living space, but restricts the size of the garden. Unlike an extension, it doesn't require planning permission as long as it
doesn't cover more than half the area of the land occupied by the original house (your local council planning department can advise). Having one could add around 7% in value.
Simple sprucing up techniques like replacing light fittings, updating bathroom taps, painting the exterior and tidying the garden can all add to a property's appeal, and make it more saleable when
the time comes.
Essentially Mortgages - Article (Instrinsic)
