Investing in property doesn’t have to mean buying a house or apartment purely to sell or let. If you own your own home, you could invest your money in something that you will benefit from and will net you a profit when you come to sell. Whilst the thought of a project might seem daunting, it could be less work – and less money – than you might think. Using estimating software such as the Cordell Estimator will help you to ascertain whether you can afford to renovate.
Adding an extra room will always add value to your home and research has shown that loft conversions could add up to 20%. If your loft is spacious enough and has adequate ceiling height, it could be transformed into a further bedroom, an office, a snug, or a teenager’s chill-out room. There is much to consider – the pitch of the roof, the ceiling height, and the proportions – but a well-built loft conversion can be bright, airy, private and a terrific investment.
Increasing the size of your living space is a great way to add value to your home. Ensure that it doesn’t feel like an add-on by using the same flooring as the rest of the downstairs area, which will give a sense of flow. In built-up areas, conservatories can give a much-needed boost of light as well as a sense of space.
Convert the garage
Most people don’t use their garages to park their cars so, as long as you have alternative off-road parking, it makes sense to convert it into usable space. If it adjoins the house, it can be turned into additional living space, for example an extension to the kitchen to create a large, open-plan kitchen/diner, or a larger living room. If your garage is separate you could create a home office or, with the addition of an en suite, a teenager’s room.
The kitchen has become the heart of the home and buyers want kitchens that work hard. They need to be spaces in which not just to prepare, cook and eat food but to entertain, to work, for children to do their homework, to chat, and to relax. New kitchens won’t add a substantial amount of value to your home but they will make it easier to sell (which in turn can save you money). The most important thing to remember is not to spend a vast amount on a kitchen if the rest of the house doesn’t match the price bracket as you will definitely not see your money back.
Along with kitchens, bathrooms sell houses. The prospect of a bathroom which requires no work is heaven to most buyers but can be a simple job. Unless absolutely necessary, don’t move units around or the work involved in moving the plumbing could be astronomical. Sometimes all you need to do is install a smart new floor, add a lick of paint, and change features such as the taps, the shower head, or the towel rail. In larger properties, where extra bathrooms are highly desirable, adding an en suite to the master bedroom is a good way to add value.
This has been a guest post. I hope you enjoyed it!
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.