Property Renovations – What are the Options?
There are many ways in which a homeowner or landlord can renovate their property or group of properties to many ends. A common reason for improving a property is to increase its overall value. This may be prior to a future sale through which the seller wishes to acquire maximum yield or it may be to allow the property to increase its rental yield from tenants.
Whatever the reason for renovating, the options are endless, from quick and easy fixes that will improve the living space in the property to full and large-scale improvements and renovation works that alter and improve the structure, build and design of a part of or the entire property.
Before committing to any work or renovations is always important to assess a number of factors such as your budget and whether you will be able to afford the works you wish to pursue with or without a loan, what work you actually want done and if you can afford a project manager who will help guide you through the entire process and take the weight off your shoulders (source: Property Perfect Solutions).
It may be the case that you need to take out a specific property loan such as renovation finance to fund such a project (depending on its size and purpose), but the return on the investment may be well in excess of the investment.
Loft conversions are a sure-fire way improve the living space in your property, whilst certainly increasing the value of the property. Loft conversions can add potentially more than 20% to the value of your home. For example, if you have a property that is valued at £500,000, a loft extension could potentially increase its sell on value by £100,000 or more. With a loft conversion costing as little as £25,000 from many providers, the return on investment is hugely promising.
There are also various types of conversions and extensions to choose from. For example, if you have a detached property with enough roof space, you may qualify for a mansard conversion which restructures the entire roof and its shape, maximising the amount of space you gain from the works. The walls are built at a specific angle (7°) to ensure maximum space, with resistance to the elements, allowing water to drain off. Other popular loft conversion options include Victorian extensions for relevant properties and bungalow extensions.
Particularly in the UK, there are many times during the year where the central heating needs to be used for prolonged periods of time and this can occur anytime throughout the year in all seasons. Therefore, it is important to have a fully functioning and serviced central heating system. If you are selling your property, it is one of the first things a buyer will look at as it is likely to be well used.
According to This is Money, a new central heating system can add potentially more than 5% to a home’s value. In the case of the previous property valued at £500,000, this means that say the owner cannot afford a loft conversion, installing a new central heating system for around £3,000 could see as much as £25,000 added to the property’s value.
Add a Conservatory
Conservatory styles go in and out of fashion every year. However, one thing that stays constant is their ability to add a fair bit more living space to your property’s downstairs, whilst seeing as much as 5% added to the property’s value. Conservatories also allow a lot more light into the property in question which will make it much more appealing for buyers, particularly those with children who will be conscious of making sure their children receive their vitamin D fix.
The only downside of a conservatory is that you will need to be willing to give up a few metres of garden space to accommodate the new addition to your property. However, this is usually a secondary concern for many homeowners as the value added outweighs the negative feelings around giving up a bit more garden space.