Many of us fail to think about the value of our homes until it’s too late. We live happily, making changes we want, focusing on the aesthetic of our home, without giving its value much thought. Why should we, if we don’t intend to leave? Well, you never know. It’s always a good idea to add value to your home. Firstly, because you never know what the future may bring.
You may one day find yourself in the position of needing to sell, only to find that changes that you have made have decreased your home’s value and that it’s too late to do anything about It. Secondly, even if you never have to sell, your home is an asset. It’s worth, is your worth. If you ever need to apply for a loan or remortgage, its value will be taken into account. Also, if nothing else, you’ll at least know that you have something worthwhile to leave for your children in the future. A legacy to pass on to the future generations of your family. To use as they wish.
So, whatever your reason for wanting to add value, it’s a good idea that can never hurt. Thinking long-term, it could even be a good idea to take out a debt consolidation loan to free up some cash to allow you to make improvements. As the added value to your home will more than cover your loan. But, what should you do? It can be hard to know whether the changes you’d like to make will add or decrease the value, as we all place value on different areas of the home. But, as a starting point, these are a few changes worth considering.
Add a Bedroom
A four-bedroom home can be worth much more than a three bedroom. Even if that three bedroom has a large closet or second bathroom or the fourth bedroom is tiny. Just remember, to count as a bedroom you must be able to fit in a bed and must be at least seventy square feet.
There are many places you can add a room. Convert an attic or basement, add a bedroom to an unused area. Convert your downstairs bathroom or even your garage; most people don’t keep cars in them anyway. Sometimes it’s less about adding a room, and more about repurposing a room. Think about what holds more value. A house listing might say “four bedrooms”, it will never say “three bedrooms and a small dining room.”
Security is vital to prospective buyers, so it’s a great way to add value. An excellent way to add an extra layer of security, as well as more space and to give your curb appeal a boost is adding a porch. You should also make sure your home is alarmed and has secure doors and windows.
No one wants to live in a cold house. So, whether you want to add value or not, it’s a good idea to add insulation, which can also save you money on your utility bills. If you do ever decide to sell, insulation is one of the first things prospective buyers will ask about. The first thing to think about is loft insulation. Up to 25% of your home’s heat is lost through the roof, so getting it insulated can make the world of difference to the comfort of your home. Next, look at cavity wall insulation before addressing smaller details such as window and door seals, and insulating your pipes to protect them from winter freezing.
Look at the Frontage
When it comes to our homes, first impressions matter. When we visit someone’s home for the first time, whether to consider buying it or as a guest, it’s front garden, front door and the front of the house itself make this all-important first impression. You’ve formed an opinion before you ever walk through the door.
Even if you add a porch, there is still more that can be done. Consider paving the front garden and adding a driveway. Off-street parking is highly desirable. It could even reduce your car insurance costs. This also keeps the garden well presented, while being easy to clean and maintain. Then, make sure your front door is secure and clean, with a visible number or house name. Finally, clean the front of your house up. Have the windows and gutters cleaned, then either paint the front if it needs it or hire a jet washer to give it a deep clean.
Focus on the Kitchen
For many people, the kitchen is the heart of the home. It’s where they spend time together cooking, eating and chatting. It’s one of the most used rooms in the house. So, it needs to be clean, tidy and practical.
If you do ever move, chances are you’ll take most of the appliances with you. So, don’t worry about these, get what you want. Focus instead on permanent fixtures and fittings. A large sink is handy and a kitchen with a large seating area, even if it’s just a long bench and table along a wall, is always enviable. For a quick spruce, change the cupboard doors and give the walls a lick of paint.
The easiest way to increase the value of your home is to paint. Renovations and big changes can be costly and aren’t always worth it. But, a good coat of paint is cheaper, easier and definitely more cost effective. If you are selling, it’s a good idea to stick to neutral colors. Viewers find it much easier to imagine their décor and style in your home if they aren’t overwhelmed by color and surrounded by your choices.
Whether you are planning to sell or hope to live in your home for many years to come, increasingly it’s value, and so, your own worth is always a good idea. Whatever changes you make, keep value in mind and only go forward if you think they’ll have a positive effect.