Property

Adding value to your property? Make sure you choose the right project

  • 21 Apr 2021

The housing market has been abuzz with activity in the last year. With much of the country and economy turbulent at best and challenged at worst, the property market has become an area uniquely stimulated by the government. We’re now seeing the results of that bear fruit, with extended stamp duty holidays leading to many interested buyers.

As property owners, now has never been a better time to consider how you might add value to your building or home. With so much time available to families and adults in the UK due to social isolation requirements and an increased tendency to work from home, the potential remains for a modest home-improvement project that can improve your quality of life and add tangible value for a future sale or step up the ladder.

This article explores popular and value-adding projects you might consider – and how you might pay for one for your own property. 

Don’t believe the hype

Before listing investments that add value, it is important to start with a real caveat that many property owners fall foul of. And that’s overinvesting in the wrong areas. Despite the stimulation of the housing and property market, demand doesn’t mean throwing money into the pit that is your property is a great idea, whatever you decide to improve.

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It’s important to make the right decisions on where that money goes. For instance, installing new doors, such as a bi-fold design, can provide a significant profit when compared against the typical costs of parts and labour to have the work done. By comparison, a full loft conversion may add value to your house but is typically twice as costly as that added value in the UK market – approximately £10,000 value gained for £20,000 in work, on average.

Kerb appeal of your property

Many of the ways you can add value to your property and encourage its sale related to simple ‘kerb appeal’. This is the positive impression your property gives when first viewed from the outside. 

Projects that revolve around kerb appeal, such as garden work, window replacement and façade restoration, tend to be cheaper to perform. And while these might not explicitly add to the estimated value of a property, they can be tremendously important in elevating first impressions for prospective buyers and renters. 

 

So, instead of considering a significant project that will require planning approval from your Local Authority, consider instead whether your properties are in a state where kerb appeal improvements could realistically improve their desirability for purchase or renting. 

Financing work

Property and home improvement are popular for a reason. Done right, it can add real value and improve the living quality of the present users. Everyday Loans provides loans for such reasons regularly, offering an example of a modern lender that gives enough flexibility to its applicants to make a loan feasible and practical. 

A benefit of unsecured loans is flexibility. Applicants can request exactly as much as they require and negotiate repayment rates that suit them best. Simple landscaping to boost that first impression? A modest amount might be all you need. Considering a more significant piece of work, such as the replacement of windows to improve energy-saving? A higher amount could just as easily be requested.

With many adults holding onto savings to weather the current storm of uncertainty, additional financing options help to round out the toolkit where future planning is concerned. When requested responsibility, extra capital can help a property owner to elevate their offering to a higher value or a better degree of desirability in their respective market.

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