Think carefully about the types of renovation projects you do, before committing money to do them.
Of course, it goes without saying that if you had the unlimited means to make amendments to your home that would add value, then of course you would just do it. This isn’t the case for many homeowners and potential buyers of property within the UK. Some would argue that it would take at least a few years to build up a surplus of cash to enable you to make the necessary amendments to your home. Many first time buyer mortgages are higher than average interest rates, simply because there is greater risk to the lender from the outset. Most first time buyer mortgages, you need only put a nominal deposit down of 5%. So, to add value to the home and to add it quickly and effectively would be a real benefit to that first time buyer.
Industry professionals provided a real insight into property development.
We have compiled a list of 20 great ideas to help you increase the value of your home without spending a fortune. You May decide that a good way to fund these potential changes is via a home loan. You may wish to use a handy mortgage payment calculator to establish the amount you may wish to borrow. There are many other ways, but we feel that the 20 strong list of ideas, are probably going to create more value in your home without it costing a fortune. Whilst researching our list we spoke to many property professionals, including surveyors, valuers, conveyancers, and mortgage brokers. We also spoke to successful property developers who have performed many of the improvements within their own properties or developments. They all agreed that nothing is ever guaranteed when trying to maximise the value of your home, but the list we have compiled will go some way into achieving the goal of increasing the value of your home without spending a fortune.
Why it is important to increase the value of your home?
Consider the alternative? If you just leave your home as you bought it, you may get lucky and see an increase in value because the property and similar properties in your area may have naturally increased in value over a period of time. However, the simple rule of supply and demand plays the most significant role in increasing the value of the home. Most property values will rise when there are fewer homes for sale which in turn equates to strong buyer demand, as potential buyers will compete in bidding wars and attempt to secure a home from the limited supply. That said if your home stands out from the rest on the market, you will find that your home generates more interest and is able to command the higher price. This has a positive affect after the sale is completed and you have more money to invest in your new home should that be the reason for increasing the value of your home of course.
Is it an option to make the necessary amendments to your home yourself?
The answer in most cases would be yes. If you feel confident enough to complete the improvements to your home to a satisfactory completion then yes why not give it a try. There are many do it yourself guides, books, video and help out there, so why not give it a shot. The only caveat to this is if the task involves putting yourself or others in danger then seek out the relevant professional tradesperson to help you with it. For instance, if you’re not qualified to complete the work of an electrician, then get a qualified electrician in to do it for you. Know your limitations. It is a little bit like if you needed help from a mortgage broker because you have a bad credit score and you need a bad credit mortgage, seek out the help of a professional adviser to help you. One concern that many people have would be in regards to the quality of the work. You certainly wouldn’t be improving the value of the home should the work carried out, not to be to a good standard. Ensure when attempting to make any renovations to the home with the end goal of adding value that the work you’re doing and the materials you use are quality items and not cheap and nasty imitations or inferior products. Make sure you do plenty of research and source the materials and products from reliable and sustainable sources. We don’t want to be making improvements to the home at the cost of the community or environment. Ensure that when you make the renovations to the property you dispose of the waste in an ethical and environmentally friendly way. It is a fact that in recent times many renovations that are carried out by unscrupulous trades people may be guilty of fly tipping. This issue has a massive environmental impact on our community and the greater planet. Many householders may actually be duped into paying a contractor to dispose of the waste from a project in a safe and eco friendly way, but in fact this waste is dumped down the road causing a much bigger issue for us all. A duty of care certificate or waste transfer note is a legal document that businesses that produce waste are legally required to have. The document covers the business and the owner under the environmental protection act 1990. It serves as proof that the business or owner disposes of their waste legally and responsibly. The document is valid for a period of 1 year and must be retained by the owner or business for a period of 2 years after expiry.
Helping you make the right choices when it comes to improving the value of your home without spending a fortune.
We hope you find our guide helpful and informative. We compiled this list to give you an idea of the things that you could to increase the value of your home. We think a very important thing to understand is, if you look after your home and nurture the environment it will undoubtedly increase in value. Please take a look through the 20 best actions we have come up with to increase the value of your home without spending a fortune.
- Tidy or upgrade your garden space
- Replace or tidy your bathtub
- Creating an extra bedroom or office space within the home
- Build an extension
- Keep up with fashion and bathroom trends
- Maybe knock down a wall
- Fix small issues and leaks
- Create more natural light
- Install unique furniture
- Upgrade your basic furniture packages
- Upgrade your radiators
- Perform a loft conversion
- Replace tired flooring
- Build bespoke furniture
- Become more energy efficient
- Install window shutters
- Enhance period features
- Install a log burner
- Build a patio
- Build a garden home office