Before you tackle aesthetic projects, it’s a good idea to check that everything is structurally sound, as issues like damp or roof problems can cause huge expense further down the line. Similarly, they can bring the value of your property down if they’re spotted in a survey, or by a potential buyer.
There are a few structural issues to consider in terms of adding value. The most common of these are a sagging or leaking roof, cracks in the walls or indications of subsidence, rising damp, rotten joists or timbers, insect infestation, unstable chimneys and collapsing floors.
Understanding the condition of your property before you begin making changes can help you budget your money more effectively, ensuring it’s spent in the right areas of your home in terms of priority.
Ensuring the foundations are secure before you start making big changes to the layout provides peace of mind that you’re not going to come up against unexpected and expensive issues. It’s a worthwhile investment to call in a structural surveyor to check the property thoroughly and provide you with details about any defects that could be bringing the value of your property down.
Budget plays a huge role in what you’re able to achieve when remodelling your home, so it should be one of the first steps you take in planning. You want to be sure that the money you’re spending will be returned through your final profit – there needs to be significant ROI in order for the renovations to be worthwhile.
Do your research into the prices for different remodelling projects, as they can vary considerably between providers. This not only enables you to figure out what you can afford to spend on, but also allows you to assess which project is going to be more advantageous from a time and value perspective as well.
For example, adding a skylight brings in plenty of natural light and can improve energy efficiency, and typically costs less than £1,000, while a loft conversion adds space and improves the layout but costs close to £20,000.
Once you’ve worked out what each of the renovations you want to make will cost, you can begin prioritising projects based on your individual requirements and the demands of the property. For example, if the kitchen is an area that needs to be remodelled, you may want to prioritise this as an area you’re going to use daily, compared to a lesser utilised spare room.
There may well be home projects you want to tackle for your own purposes, but if you’re renovating with the goal of making a profit, you need to consider what your future buyers may be searching for.
When you’re putting your money into a home renovation project, it’s worth paying close attention to the changes that are going to have the biggest impact. For example, something many buyers value is adding a downstairs bathroom or toilet, as it helps older buyers future-proof their home and is convenient for families.
Similarly, knocking down a wall to create an open-plan kitchen and living area is a relatively simple project that can add between £30,000 and £48,000 to the overall value of your property yet only takes a week to complete.
If you’re unsure where to begin, it can be helpful to get the expert advice of a professional. Invite a few estate agents to assess your property and ask them what they believe would help boost the value of the home. They have an in-depth understanding of the market and what buyers are looking for, so they’ll be the ideal people to inform your decisions when it comes to the value these projects will add.
Home renovations are a win-win, as you’ll have a property that’s more in line with your tastes and requirements while you’re living in it, plus you’ll be increasing the value of the property when you come to sell it. Whether you’re ready to sell now or you want to get ahead of the property market by making changes you know will provide a great return in profits, renovation projects are a great investment to make.
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