5 Ways To Add Value To Your Home

As the British housing market continues to struggle through the aftermath of the recession, an increased number of homeowners are choosing to add value to their existing property instead of moving home. This way, homeowners can add value to their home and reap the financial benefits when the property market improves. Larger home improvements such as extensions and conversions, if completed correctly, can make your home a much more enjoyable and comfortable space.

If your intention is to make a few amendments to your home in order to make it easier to sell when the market does improve, and providing you have the capital to support it, renovations and extensions can add instant value. While improvements such as these should be treated as long term investments and do require a lot of time, money and effort, they can be hugely beneficial. Although you must be realistic in your expectations, for example if you do not have enough space for an extension, then don't attempt one! Similarly, if you life in a terraced house, huge renovations may not be feasible. For this reason, any changes you do make should be properly thought out. Here are a few pointers to get you going...

1 Add an extension to your home

The most common way of adding value to a property, they are very effective on detached homes, though that's not to say you'll be pouring money down the drain if you live in a terraced or semi-detached house. An extension must be designed in the same style as the rest of your house to gain the most in added value on your property, the only other alternative for it to add maximum value is if the extension adds a new major feature to a house, such as a focal point or room to the home. A little considered fact is the space the extension takes up, usually eating up garden space, so if your garden is left disproportionally small compared to the house, expect that to knock value off and make the house harder to sell.

Although in saying all that, don't just build an extension for the sake of building an extension. In order for it to add real value to your property it must either act as the main focal point of the home or as an additional, functional room to the property. So, for example, adding a fourth bedroom to a property that only has one bathroom wouldn't add to the value of the property at all. Be realistic in what a potential buyer would expect in addition to how it will contribute to a better liveable space for your family.

2 Loft Conversions

When someone suggests adding an extension onto your property, you rarely think of extending into your loft space, as a result loft conversions are completely underestimated. The loft space of a property can amount to a significant square footage and in return can be transformed into a comfortable bedroom for example. Also, they tend to be much cheaper to construct than the general extension, usually around £8k to £15k and, as the space is essentially already there, the disruption caused is extremely minimal. The only downside to this form of extension is that it can obviously only be done on certain homes, so you must research if your home could in fact benefit from this.

A further advantage of a loft conversion over the more generic extension is that they don't always require planning permission, which makes it a much quicker process than an extension. Most of all though is the potential value it can add to your property; as much as 20 per cent! And that's even sweeter considering it can be a relatively speedy process with minimal disruption. However, in order for a loft conversion to work successful, the roof has to exceed 2.4 metres in height, so houses with rather steep sided roofs are considered ideal.

3 Add an en suite to a bedroom

Properties with a master bedroom, or at least one bedroom significantly larger than the others should consider adding an en suite bathroom into the space. Using minimal space to begin with and making a bedroom much more desirable to prospective buyers. People can be amazed how little space is needed for an en suite; a little used walk in wardrobe can offer the perfect space for a discreet en suite. An en suite should be an addition and not a replacement for the main bathroom of the house, a house with 4 or more bedrooms and one bathroom can make demand and the morning queue's for the bathroom unbearable, having that sort of morning rush for a en suite would be hell on earth!

Basements tend to follow the same fate of loft/attic spaces; they attract clutter, dust and are greatly underused. Transforming your basement from a dark and gloomy storage room, to a warm and comfortable additional living space can add significant value to your property. Insulation is key here, as basements tend to be cold and damp. However, if conducted properly, a basement can become one of your favourite rooms, an isolated area where you can relax and unwind away from the hustle and bustle of everyday life.

Adding a basement to a home is also an option if the property has the space under the house available, this option is a major trend with the millionaires and billionaires of Chelsea and Kensington, adding everything from gyms to underground swimming pools. For the average house however, you can expect 12 weeks of work and major disruption to a house, more than an extension or a loft conversion would cause, temporarily moving out might have to be considered. Carving out a basement is the most expensive option on this list, because specialist machinery would be needed and moving and reinforcing a house's foundations, it would cost around £80,000 to create. So think very carefully if the price is worth the disruption and work it would create.

5 Knock down internal walls

This is perhaps one of the cheapest home improvements you could undertake and you'd be surprised just what a difference knocking a wall down can do for a living space. This is a particularly useful option for homes that are small in size. Adopting an open plan lounge and dining room for example, by knocking down the adjoining wall is a quick and easy way of extending your daily living space.

Knocking through and down a wall can add much more natural light to a property, meaning giving a house a lighter and fresher feeling and atmosphere to the house. Knocking walls down works most effectively when joining a dining room and kitchen, or a kitchen and utility room, with utility rooms being much more sought after and in vogue at the moment, creating a more open and accessible utility room can be a major plus point when selling a property. Well, that's all we have, so think about giving your house that facelift it deserves!

The Improvements we mentioned above can range from the relativity simple and to the more complex and expensive, house renovations are never going to cheap. It's all a matter of how much you are willing to spend and how much work you are willing to do, plan wisely and plan a lean and tight budget and you'll squeeze the most in added value possible.