Home Improvements and making money
Back in 2013 we undertook a huge home improvement project. We added an extra 2 metres onto the left hand side of our house. This meant we created a huge open plan kitchen, added a utility room and a downstairs shower room. Upstairs we added an extra bedroom and made our existing box bedroom into a normal sized room. I wrote a few posts about it back in 2013, excuse my writing..perhaps not as slick as it has got now! Here are a few of the posts
How much value did we create
We got carried away and spent too much on the house, at the same time as the extension we also replaced all windows, decorated entire house, recarpeted whole house, 2 new bathrooms, whole new kitchen so we ended up spending £70k and this was funded via an home improvement equity release loan and some inheritance. We had our house valued before the work and after and our house had increased in value by £110k, so 4 months of work and a fairly big investment gave us a £30 return. A nice return which we are really happy with.
If you are planning home improvements, weigh up the investment versus the return
Home improvements create a more appealing living environment and can add value to your house. If you have a list of home improvements to tackle, how do you decide where to start? It depends on the difference your chosen project will make to living conditions, but also the potential value you can add you your property. Any additional space will instantly boost the appeal of your home so cost the job up to ensure the value added justifies the cost of the work involved.
Think about the space you have, the space you wish to create and the work and costs involved. Side extensions don’t offer much additional floor space but they can make a big difference to how you use your space. It’s a cheaper option than adding a big rear extension if the extra space is sufficient. A conservatory is also a more affordable way to add an extra room whilst adding value.
Do you need planning permission?
When it comes to planning permission, look at what home improvements other properties on your street have had. This will give you an idea of what it is possible to get planning permission for. Be careful not to over-develop. Check local house prices to find out how much value an extra bedroom will add to your home and ensure your home improvements don’t exceed the value of properties in your area. Get the right balance – building an extension at the expense of your garden can actually prove detrimental in terms of value because decent outdoor space is a desirable feature for potential homeowners.
Perhaps some DIY is in order?
If your current budget won’t stretch to major renovations, remember that basic DIY and maintenance can also add value to your property. Don’t under-estimate the skill or time involved for each home improvement project. It pays to know your DIY limits and recognise when it’s time to call on the experts. Done properly, home improvements can add real value to your property but bad work can have a negative impact on the value of your home and could also incur significant costs to correct.
So before you embark on your home improvements, take this fun interactive DIY quiz to see which of your skills need brushing up.
This is a collaborative post