Buying a new home is probably the biggest investment you will ever make and although the idea for many first-time buyers is to find the perfect place to live; you must also see the investment potential of your recently new home; the chances are that you will move to a better and bigger place after a few years or when your family starts growing.
How to Increase Property Value
There are many ways in which you can increase the value of your home; however, you must learn the tricks of what will enhance the resale value and what will not; the golden rule is not to over-improve and over-spend; for example, adding an extra bedroom in the loft or attic (loft conversion); converting a garage into a room or extending into the garden will dramatically increase the value of your home and cover the original investment.
Ways to Increase Home Value
1. Research the area:
There are many websites that will give you the exact amount paid by similar houses in your area (in terms of size, bedrooms, bathrooms and exterior of the property). Analyze the trend for the last 2 years; compare against of what you have paid and add the difference. You shouldn’t go beyond your calculations unless you are adding an extra bedroom.
2. Do not over-spend:
There are home improvements that won’t increase the value of the house; the perfect example is replacing a window.
3. Extra room:
Creating an extra room is ‘almost’ a secure way to increase your property’s value: extending into the garden or a loft conversion is the way forward; however, complete step 1 before “research the area”; an extra room will be a better investment if you live in a fashionable and prosperous area; probably a family area with good schools; an area where people look for bigger properties for a growing family.
4. Redecorating or Upgrading your kitchen:
Impressions are very important and at the end of the day is the main factor for any prospect buyer to make the decision and place an offer. Having said that, the kitchen is the single most important area in the house, people tend to look at it in detail; you can save a lot of money by redecorating your old and tired kitchen (replace the kitchen doors and units, paint them, etc.); however, if they are ready to be replaced then you should do it; an upgrade is likely to pay for itself and increase your home value.
Similar advice should be given regarding your bathroom; the second most important area of the house; can you get away with replacing bathroom units? If not, upgrade it with a brand new bathroom; it is not expensive if you compare it with the future benefits.
It is simple, cheap and effective. Painting and decorating your home should be done if you decide to put your house in the market.
7. De-clutter and clean:
You must remember the rule: if you want to sale your home, them the first impression is important; the single reason why many people are put off when seeing a house is cluttering and dirt; this is a symbol of how you look after your home.
8. Period features:
The fireplace is one of those “period features” that people are passionate about; the second one is wooden floor; you have the choice to expose them or fitting them in order to make your home more appealing to buyers.