The main function of our house of course is to be a home not an investment, but with one eye on making our homes as comfortable as possible, the other eye remains focussed on the fluctuating property market and how to get the best price when we eventually do decide to move.
Here we offer advice on the best areas to concentrate on if you want to add value to your home and attact buyers, then we also suggest a few ’embellishments’ which could put potential buyers off!
What adds value to your home
Investing in your home means it can become the most attractive in the road, it will get most attention from buyers when decide to move and will usually sell more quickly and for more money. Some improvement projects will offer a more clear-cut return than others, for example central heating almost always pays for itself and is nearly always guarantees to leave you with a profit when you sell. Here are a few more suggestions for good, sound investments in your property:
* Loft conversion – converting a loft to make an extra room is said to be the favourite project and can add a whopping 12.5 percent to your selling price.
* Extension – this is the second most popular project adding an extra 11 percent.
* A conservatory – adding one of these can add a clear six percent.
* New kitchen – a new, small and functional kitchen could cook up an extra 4.6 percent.
* Central heating – this could add a cosy 3.4 percent to your selling price
* New bathroom – this could flush out an extra 2.8 percent.
* Redecorating – get the paintbrushes out – this could get you an extra 2.6 percent.
* New driveway – slope off with an extra 2.2 percent.
* Decking or patio – relax with a cool 2 percent extra.
* Go green – although eco home improvements might not add a huge amount to the sale price of your home, we know they reduce your fuel bill and buyers like to see resource-saving devices.
Don’t go there!
Consider any high-cost, low-value renovation or addition carefully. By all means embellish you home with all the luxuries you can imagine to make it into the home of your dreams, but extravagance is not always good. We feel that this little lot may just make your potencial buyers think again.
* Gadgets and gimmicks – Is it a really good idea to splash out on a pricey cappuccino maker if the boiler doesn’t work?
* Designer fitting – Nice to have but not essential – look for copies at your local DIY store.
* Eccentric decor – This will do you no favour when you come to sell, and in any case it’s frequently hard to live with even if you are the one responsible for it.
* Swimming pools – A mammoth expense and a headache to maintain – especially if it’s outdoors.
* Knocking down walls to make bigger bedrooms – It’s not size that matters here, in the UK housing market, it is the number of bedrooms that really counts not the square footage.
* Home gyms – As most gym membership fees are paid religiously, enthusiasm for the actual work-out soon wanes. Likewise a home gym.