Do you want to add some value you to your home? Of course, you do! The property that you own could also be your greatest investment, and there’s a simple rule to follow here. You just need to make sure that you aren’t taking your home for granted. It shouldn't just be a place where you live. You must aim to regularly improve it, and by doing this, you’ll boost the value. There are lots of changes here from aesthetic choices to ways that make the place more practical and comfortable. But before we get into some of the changes that you can make, we need to think about how to improve your home. What steps should you take, how much should you spend and what problems can you face with these plans?
The first thing to think about is the cost. There are plenty of home improvements that will cost a fortune but might still be worth doing. For instance, you might think about converting your attic into a new room in your home. Or, even a brand new floor. As you can imagine, that could add as much as twenty-five percent onto the value of your property. But it could also cost anywhere up to twenty thousand, depending on how much work is needed. The price could even be higher if your loft space is not already build to be accommodating. For instance, it might be necessary to raise the height of your home substantially. The main issue with a cost like this is that it can’t be approached gradually. Instead, you’ll need to pour the money in all at once. You can rely on a loan to make things easier. But you do have to be careful that you’re prepared for the pressure of paying that money back when you need to.
If you take out a loan to pay for a property improvement, do check the interest rates. Make sure it’s at a level that you can handle. Otherwise, it’s possible that improving your property drives you into unnecessary debt. You might want to consider opting for a portfolio loan for property improvements. This can be obtained when you have a specific spend in mind that could lead to future gains. However, to be granted access to a loan like this, you do need to make sure that your credit history is absolutely spotless.
Another expensive addition to your home might be solar panels. Solar panels have become popular lately on private properties because they provide fantastic energy savings. In the summer you might even find that you are paying nothing on your electric bill. Instead, you’re providing all the energy for yourself. Of course, this is another big cost that could be anything up to five grand. But in the long term, this will have two benefits. It will provide fantastic savings on energy bills and add a lot onto the value when it’s time to sell.
It is important that you work with a budget when planning for home improvements. Otherwise, you can end up with a cost that is too high. Setting a budget is a way of planning for unexpected expenses. As such, your budget should always be a little higher than what you hope to spend.
Planning Permission And Approval
Whenever you make changes to your home, you need to think about getting permission. This is almost always true for any big project such as an extension or renovation. It’s particularly crucial if the work you’re completing will change the exterior of the home. Depending on where you live, you might find some clauses built into the homeowner contract that affects the aesthetic of the property. You might have agreed not to make any changes that will make it look too different from the rest of the street. If there are changes like this in your plans, you will need planning approval. You can get this from your local council, and the whole process can take a few weeks to a few months. During this time, you should not proceed with any plans for the property. They may come back with amendments that you have to abide by.
While you don’t legally usually need to ask a neighbor's permission, you may want to anyway. A smart neighbor could cause trouble for you with the extension. Particularly, if work on the home could be considered a disturbance of the peace. It’s best to get them on your side and on board as early as possible. If they have any issues later on, you can then argue that you alerted them before you started work. This will weaken any complaint that they might have.
Pitfalls & Problems
When you’re completing work on the property, there are a few issues that you need to be prepared for. First, don’t even think about completing all the jobs DIY. While this may seem like an excellent way to save money, it could mean you don’t get a quality finish. That may not trouble you, but it will affect the opinion of a future buyer. Instead, get a skilled contractor on the job. Anyone you hire needs to be officially licensed. If they’re not this opens a whole brand new tin of worms. Again, there could be issues with quality, but that’s not your main concern. The main problem is that you could be held legally liable, even after you’ve sold. You might find that you move out of the house and you get a great price. A few months later there’s a fire, and the extension you built into your home didn’t hold as it should have done. An investigation finds that the build work was poor and if someone was injured, you'd have to pay up. It could even lead to criminal charges if you were aware the person completed the work wasn’t contracted. That’s why you do want to be careful about DIY work too. Unless a) you are licensed or b) you know exactly what you’re doing. There’s always option c) tell the buyer everything. But don’t be surprised if this causes them to lowball their offer.
Little Details Mean A Lot
All the issues we have talked about thus far are related to major home changes to improve value. Things like a bathroom renovation are always attractive options for home sellers. But what about the small things that don’t cost a lot and don’t create major issues. For instance, improving the curb appeal of your property makes it look more welcoming. As such, it boosts your chances of getting a great price even if it doesn’t impact the actual value. What kind of things boost curb appeal? It could be anything from adding flowers to the garden to a new front door. You might want to contact a landscaper for some help here. They can work through some of the options and choices available to you.
Inside the property, you should still be thinking about appearances. There are two aims we’d think about here. You want to make the property seem larger and feel welcoming. You can make your home look like it has a lot of space by painting the walls bright, light colors. Then, minimize the amount of furniture in each room so that it feels more open.
These are just a few of the possibilities that you can consider. But remember, it’s all about the final investment. When you’re completing these changes, it might seem like you’re not getting anywhere. It all comes down to that final sale. If the home sells at the right price, it will have all been worth it.