There is more than one way to climb the property ladder. With any luck (and the help of a sizable loan), you’ll one day join the ranks of UK property owners. But what’s your next step, on the way up the ladder?
Each case is unique – financial decision-making is highly personal, based-upon your personal preferences and financial goals. Your age, earnings, and mobility also play a role, shaping your possibilities for property ownership. Your first property purchase may indeed be your dream house, providing a life-long home. But if you intend to move one day – whether sooner or later, it’s important to look at your house as an investment, as well as accommodation.
Maximising the Value of Your House
Maintaining your home and keeping up with repairs is essential for preserving its value, but you can also take proactive steps to maximise your property investment. Not every upgrade and improvement pays the same returns, so it makes sense to measure your spending, with ROI in mind. Minor surface updates and DIY projects can make a difference in your house price, but if you hope to attract top offers, you may need to invest more than just time and sweat.
The following value-added renovations not only add functionality and appeal whilst you live there, but the upgrades can also help you command interest from ready buyers, when it’s time to part with your house.
- Transform Your Cellar – Although converting your cellar may seem like an intimidating project, it is actually among the least complicated renovation projects to launch, because it is considered a “change of use” for planning purposes. The designation means you’re not required to seek planning permission for the project. However, if you’re planning structural changes, you can’t proceed until you’ve met with a planning officer. A well-executed conversion, keeping costs below expected sales yields, can add up to 30 per cent to the value of your home.
- Convert Your Single-Occupancy House into Two Flats – High-demand rental markets such as London provide opportunities for owners to split houses into flats. The practice presents two distinct benefits, generating rental income in the near term, whilst also adding to sales price potential for a future sale. Market research can help you determine whether or not there’s strong demand, as well as indicating the size requirements for a viable rental property.
- Complete a Loft Conversion – An architect or builder can easily determine what’s possible, given the floor plan and construction of your house. Loft conversions can add as much as 15 per cent to the value of a house, so the possibility is worth pursuing – particularly if your lifestyle would benefit from the added bedroom. Small, short-term loans are available online, assisting with quick cash for loft conversions and other renovation projects. The fast funding is enough to carry you until payday, keeping your house improvement projects on schedule.
- Put a New Face on the Bathroom – Moving soil pipes and sanitaryware is an expensive proposition, which may not generate adequate returns, in the form of a higher sale price. Maintaining the same floorplan keeps costs down; an affordable bathroom renovation is in reach, as long as you don’t change the position of pipes and fixtures. Selecting a framed shower enclosure can also result in savings. And if you’re weighing floor-standing sanitaryware versus wall-mounted models, expect to pay a premium for installing the latter, which typically require extra work to hang.
There’s no question renovations and updates add value to your house, but choosing the correct projects can help you maximise your investment. Converting your cellar into livable space, creating a loft bedroom, and updating your bathroom are only three of the manageable ways to add value to your house, leading up to a sale.