Improving Your Property’s Value
There are a range of ways in which home and property owners can improve the value of a property, sometimes by more than 20%. It is important though that before undertaking any form of property improvement or renovation that the works and any subsequent costs have been accounted for. For example, there is little point in going about a loft conversion if your local Planning Authority has not granted permission as there will be penalties incurred.
Guarantor loans are one of a number of ways in which you can fund all nature of property improvements. In fact, when taking out a loan in order to improve a property’s overall value, it is an investment which can provide potentially huge return. For more expensive works like loft conversions, a borrower may use the loan to top up savings to make up the amount needed to undertake the work.
Not all property improvements and renovations cost as much as you may think. Although in some cases there is an initially large investment, for example if a property owner builds a loft or ground floor conversion with a view to letting it to tenants. In a case like this the property would need to undergo sound insulation testing as per Approved Document E of UK Building Regulations (source: RJ Acoustics).
Loft Conversions and Extensions
These are a tried and tested route to improving one’s property and its value. A loft conversion effectively adds another level to the property and therefore increased living space, more rooms for tenants or residents and increased living and floorspace. There are various types of loft conversion with some styles being specifically for particular types of buildings.
For example, mansard loft conversions can only be undertaken on detached houses that have sufficient roof space and planning permission. These conversions restructure the entire roof, with the walls sloping at a 7-degree angle for water drainage. Mansard conversions provide the greatest addition of space to properties, but can be quite expensive and can cost more than £50,000.
Other specific loft conversions include Victorian extensions and bungalow conversions, both of which are tailored to specific types of properties and take their challenges and restrictions into account.
Whichever type of loft conversion or extension is undertaken though, property owners could see more than 20% added to the overall resale value of their property, returning very positive return on investment. For example, say a property owner has a house that is eligible for a loft conversion and is currently worth £500,000. By investing £40,000 in a basic loft conversion, they could see £100,000 or potentially even more added to the value of the property, returning more than £60,000 on top of their initial investment.
Build a Conservatory
A conservatory is a great addition to any property. It adds increased floor space to the downstairs of the property and allows a great deal more light to stream in, making for a much more comfortable living environment. With a conservatory that fits the design of its attached property, the overall look of the property is greatly increased too.
Conservatories can add 5% – 10% to the property’s value. In the case therefore of the property worth £500,000, a conservatory costing around £3,000 could add more than £25,000 to the property. A major benefit of conservatories is that in comparison to extensions and conversions they are far cheaper, whilst still adding significant value to a property. A guarantor loan could be used to fund the entire conservatory, providing a large return on investment and an increase in the property’s value.
Cleaning Up and Decorating
When an estate agent is showing prospective buyers around a property, it is fundamental that the property itself looks presentable, clean and well-kept. This not only provides a much more favourable appearance but also encourages those viewing the property to stay looking around for longer; feeling comfortable and welcome.
Repainting and sprucing up the exterior of a property is a great way to greatly improve its appearance and update its look. Costing around £200-£1,000 to repaint an average sized semi-detached house could add potential thousands to the sale value of the property (Telegraph).
In addition to painting the exterior, cleaning up the front door is another inexpensive way to make the property moor attractive. Adding new handles, cleaning any glass and a new coat of paint can do wonders alongside a general spruce up of the property’s exterior.
Get some kerb appeal
This refers to making sure your property looks good from the kerb or curb. So anyone driving past, especially when it is going on sale, can see that it is an attractive looking property. This can be achieved by simple things such as:
- Adding lighting in the walk up to the house
- A nice looking door
- Flower beds by the front door and under the windows
- A neat front garden
- A nice house sign or number
- A smart looking gate to drive or walk through
Paving over your front garden
If you have a front garden that you don’t use that much and live in an area where parking is valuable (think rural areas), consider paving of your front garden. Not only is it less maintenance of looking after a small patch of grass, but the extra parking space can be worth £10,000 to the value of the home. There is also the option to rent your driveway out for £5 – £10 a day if you live near a stadium or place that has events, or even near a busy work area. Sure, there is a cost involved with paving it over, but the long-term investment can make it worthwhile.