All homeowners want to preserve the value of their property but what about increasing it? Instead of relying on the market to drive up the value of your home, you can take action to ensure that the return on your investment increases over time.
If you want to maximise your asset and reap the rewards, take a look at these savvy ways to boost the value of your home now:
1. Convert your loft
If you have an attic that’s unused or only being used for storage, you’re missing out on the chance to add significant value to your home. The Federation of Builders estimates that converting your loft can increase the value of your property by around 15%, while a study by Nationwide concludes converting your attic into a bedroom and en-suite adds an average of 21% to the property’s value.
2. Add an extension
If you have the outdoor space to facilitate an extension, this is a sure-fire way to boost the value of your property. While a two-storey extension will inevitably increase property prices by more, even a one-storey extension can make a substantial difference to how much your home is worth.
Whether you opt for a rear or wraparound extension, the extra space you create will increase the square footage of your home. With the potential to create a kitchen-diner or add an extra bedroom, you’ll be surprised at how much impact an extension can have on property prices.
3. Apply for planning permission
If you’re thinking of selling your home and you don’t want to go to the trouble of having building work done, applying for planning permission can still help you to obtain a higher price for your property. When potential buyers know that they can extend the property, it naturally adds to the value.
You can even obtain professional assistance with your planning application for a relatively small cost. This increases the likelihood of your application being approved and minimises the work involved for you.
4. Repair underlying problems
Some household issues require urgent action, but others can be ignored for as long as possible. When it comes to the value of your property, however, any underlying issues will drive down its worth. Whether you need a new boiler or drain jetting, addressing these issues and making repairs will help to boost the value of your home. What’s more, upgrading essential features, such as your heating or plumbing system, could help you to secure a higher price if you ever decide to sell your property.
Remember – some insurance policies will be invalidated if you leave known repairs unresolved. Even if you don’t plan to sell your property in the near future, getting these issues fixed will give you peace of mind that your home is safe, functional and secure.
5. Turn your garage into living space
If you have a garage that you don’t use to park your vehicle, you could maximise its usefulness by turning it into living space. As well as boosting the value of your asset, you could even let the extra room and generate income from it as well.
Before a garage can be used as living space, it will need to be inspected to ensure it’s structurally sound. However, it’s relatively easy to convert an existing garage into an office, studio or playroom. With reputable builders, the process can typically be completed within a matter of days, depending on the final design and the amount of work required.
6. Replace your bathrooms
Perhaps unsurprisingly, the bathrooms in your home have a major impact on its value. When prospective buyers are viewing properties, it’s often kitchens and bathrooms that are a determining factor in whether or not they make an offer. By having your bathroom replaced or upgraded, you can increase the value of your property. What’s more, you’ll have the benefit of enjoying a brand-new bathroom for as long as you continue to reside in the property.
Make the Most of Your Home
Your home is your haven, so it’s important to make it as comfortable and welcoming as possible. While it makes sense to consider the value of your property before making any changes, it’s also important to create a home that reflects your taste, personality and style. By balancing these factors and maintaining your asset, you can protect your investment, add value to your property and enjoy living in a stunning home that’s filled with character.
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