When it comes to adding value to your home, with the intention of selling it for the best profit or in the most efficient manner, there is a need to carry out research. You may think that making any form of improvement is of benefit but there is a lot to be said for reviewing the different types of improvement opportunity, how much it costs and what you expect to benefit in return.
If you are looking to make home improvements to offer greater utility to your family, you should focus on the needs of your family. However, when it comes to getting the best possible financial investment, you should be thinking about cost of investment and the increase in property value.
You need to find the right firm of professionals too
Not every firm provides the same standard of work when carrying out home improvements and it may be that the current condition of your home may impact on the overall value you can add. If your home is already spacious and filled with the latest gadgets and technology, it may not be possible to add as much value as you would.
For a quick guide, the following points will provide you with a pointer on what you should expect to spend and what sort of return you can hope to receive:
· A loft conversion can cost between £15,000 and £40,000 and can increase property value by 10%
· An extra bathroom can cost between £2,500 and £6,000 and can increase property value by 6%
· A new kitchen can cost around £8,000 and can increase property value by 5.80%
· Central heating can cost around £3,250 and can increase property value by 5.4%
· A conservatory can cost around £4,000 to £10,000 and can increase property value by 5%
Using information from various sources including NAEA, Movewithus and TradeAdvisor, you should be able to think about what is best for your needs. It is clear that a loft conversion is the most attractive option with respect to adding value but it is also the most expensive option. If your budget doesn’t extend to a good quality conversion, you need to weigh up whether your money is better spent on a lower quality loft conversion or a range of home improvements in other parts of your home. It may be that rather than spending £15,000 on a loft conversion, using this money to fund a new kitchen, an additional bathroom and improved central heating will provide you with a far greater return for your money.
You also need to think about the inconvenience at home while work is carried out. Many people are solely focused on the long term aim so short term inconvenience will not be an issue but if you have a young family or pets, you need to consider whether you can have a great deal of work being carried out at home. This information should provide the ideal starting point for deciding what improvements you should make at home but your own personal feelings and decisions will have a big say in the matter.