Buying a house is a momentous occasion. Not only is it one of the most expensive things you’ll ever buy, but your house also represents a substantial commitment that is sure to present challenges. You should expect occasional bouts of unplanned spending – it comes with ownership. But you can keep repair and maintenance costs low by passing over houses with major defects. A thorough pre-sale inspection of each property will help you steer clear of problems and guide you to a house worthy of your investment.
Once you’ve settled on a home and closed the sale, it’s up to you to make the most of your property. Updates and improvements are great ways to add value to your house and increase its appeal on the resale market. Each house calls for its own set of renovations, so the scope of home improvement projects varies. Here are some things to think about as you compare houses and plan renovations.
Account for Outdated Features
Only the most recently built houses are equipped with state of the art features. Others homes reflect their age in various ways, which can become expensive for home owners facing costly updates. Before buying a house, it’s important to account for some of the potential expenses you may encounter. Plumbing, foundations, heating and cooling, and other major systems are among the most costly fixes, so pay attention to these features as you and your hired inspector evaluate homes.
As long as you know what’s in store, buying an old house can be a rewarding experience. You’ll be able to customise it as you conduct improvements, so you can put your personal design stamp on each update. But you’ll pay a price for the upgrades. If the maths make sense and you’re patient, consider investing in a house needing improvements, otherwise buy a property that has already undergone the necessary renovations.
Make Investments Count
Completing home improvements leads to two distinct benefits. For starters, you’ll enjoy the enhanced functionality and comfort resulting from the upgrades. And well-executed home improvements can also add a substantial amount of value to your house.
Some upgrades are known to provide a high rate of return on investment. Bathroom and kitchen investments, for example, are commonly recovered in the form of higher sales prices when houses change hands. Some projects that are sure to add value to your home include:
Added bathroom – If you live in an old house, you may not have adequate bathroom space. Modern lifestyles call for at least two bathrooms in newly constructed homes. Adding a second bathroom to your outdated house is a good way to accommodate your growing family and attract buyers when it’s time to sell the property. A master bath off the main bedroom reflects modern trends, but you have to work with what you have, in terms of placement and size. If you can’t manage a full-size bathroom, a shower room or half-bath may be your best approach.
Floorplan extension – Extending your home’s floorplan can get expensive, but under some circumstances, an extension is still a good investment. As you would with any home renovation, consult with multiple contractors for pricing and possibilities. And if you need money to fund the project, compare loans from several different finance companies, including payday promotions and other flexible financing for individuals. Before making financing commitments, however, seek planning permission from local officials, who must approve the planned changes to your house before work begins.
Attic bedroom – Converting your attic or loft space into an additional bedroom not only creates more usable space for your family, but it also readies your home for a sellers’ market. In fact, it is thought turning wasted space into a bedroom adds at least 10 per cent to the resale value of a house. You may pay higher council tax after the upgrade, but it’s a worthwhile tradeoff for the convenience and marketability of an extra bedroom.
Your house is a substantial investment that can provide ample financial returns. For the best results, take care to evaluate properties and settle on a well-constructed house. Once you’re a home owner with a personal financial plan to guide you, consider completing updates and renovations that offer the best return on investment. You’ll enjoy the upgrades as long as you live there and the improvements will attract buyers when you’re ready to move on.