What Adds Value to Your House?
Adding value to a house is essential for the property developers and investors that use our website. Ultimately they are using bridging finance in London and across the UK in order to purchase a property, renovate it or add value to it so that it can be sold for a higher price for profit or rented out to tenants to generate income.
Our guide below explains some of the best ways to add value to a house or block of flats, whether it is a new build or existing property.
Fix structural problems first
There is little point in having an elaborate renovation plan to maximise the value of your home if you haven’t fixed any major structural problems that exist. Unfortunately, you may find that these types of repairs will tend to be the most expensive that you will encounter in a renovation project, but they are essential. If you don’t sort these beforehand it is likely to put off potential buyers, with any cosmetic improvements becoming completely futile. Things that you should definitely consider fixing include:
- Rising damp
- Unstable chimney stack
- Rotten joists
- Structural cracks
- Any collapsed floors
- Broken roof tiles
Split a house into flats
Did you know that you could add at least 30% to the value of your house by converting the house into flats? This could be particularly lucrative in big cities with high levels of demand, such as London and Bristol. By splitting the house into flats, you can maximise on rental income, and also make the option of renting the property out easier.
Nevertheless, it is important that you verify the demand for flats in the area where you are considering converting the house. There is not much point in splitting the house if flats in the neighbourhood aren’t a particularly popular option.
Convert your garage
A very good way of maximising the value of your home involves converting an existing garage into a living area. Many of us these days end up using garages to dump old items rather than for their intended purpose. In fact, a report by RAC revealed that nearly half of garages in the UK (that is nearly five million) aren’t being used to park their cars, but rather filled with household items!
If this sounds like you but you are considering selling your home, consider that you could add up to 15% on the existing value through garage conversion. In many cases, converting garages can be easier than with other types of spaces as they can be classed as permitted development, therefore meaning you will not need planning permission. However, don’t take this as a given. Check with your local planning authority first so you don’t encounter nasty surprises at a later date – which could end up actually reducing the value of your home.
Whilst the garage may not need planning permission, it will be subject to building regulations, which it is vital that you abide too. You can use the local council’s building control service who can help make sure that you are complying.
Loft conversion for a new bedroom
Like garage conversions, a loft conversion made into another bedroom could add 15% to the value of your property. This could be even more if you build an ensuite bathroom with it too. Whilst most lofts can be converted, you should check with a builder or architect beforehand to make sure that it is definitely the case with your home. Once this has been confirmed, you should also:
- Familiarise yourself with the different types of conversion that are available to choose from. For example, Mansard conversions more often than not, require planning permission and so you would need to contact your local authority before building. However, it is important to note most loft conversions are considered like garages as permitted developments.
- Roof light conversions tend to be the most cost-effective type of loft conversion. Why? because they tend to require the least structural work, with only one or both slopes of a roof needing to be replaced.
Adding a conservatory
On average, adding a conservatory to your property can add an extra 10% to your home’s value. Provided you meet general limits and conditions, most of the time conservatories are considered permitted development. This means a conservatory can be built fairly inexpensively and means that you can end up adding far more value to your property than the costs incurred to build it.
However, it is important that you fully consider the design and layout of your house when planning to build a conservatory. Not all conservatories will add value. If it is poorly conceived it could actually end up devaluing your home.
Add more storage space
It will come as not much of a surprise that storage tends to be a real selling point when it comes to buying a home. How many times have you been put off a place because it seems too small, and you just know you won’t be able to fit all your items into it? With that in mind, when selling a property, one of the best things that you can do is make use of the spare space in your home. Consider space for shelves and cupboards in areas such as
- Space above sinks
- Understairs space
- Dead space on either side of chimney breasts
- Space in the attic or cellar
- Unused wall space
Create off-street parking
When the cost of parking can be so expensive, it is no wonder that having off street parking can really increase the overall value of your home. Especially in urban areas, where street parking can be difficult to come by. For example, creating one or two parking space alongside a property or in front of it can really increase the property value. In fact, off street parking is so popular with buyers that experts recommend even sacrificing a front garden in order to accommodate one.