How to Increase the Value of Your Home

Image courtesy of Oatsy40
Image courtesy of Oatsy40

Many people like the idea of increasing the value of their home while they are living in it so that they can sell it for more money when they decide to leave. This can be very lucrative if you manage to find a way to do work in the house which will increase the value by more than the cost of the work.

It can be wise to speak to an estate agent before doing any major work on the house. They will be able to tell you whether it is something that will be likely to add value to the home and by how much. It can be easy to assume that anything you do will add value but that may not be the case. You may find that, a garage conversion may make the house less attractive to people who want a garage, for example. You may find that changing windows may make no difference as people may not notice a significant change.

Consider the homes in your area. Sometimes there is a price ceiling and it is difficult to get above that even if you make a lot of changes to your home. Look at what neighbours have done and what their homes are worth and think about how much you might be able to get for yours and whether it is worth investing the amount of money that you are planning on spending.

It is a good idea to also think about how practical your ideas are and whether it will appeal to everyone. Consider everything form the design and colours to the practicality. You may think it is fantastic to split a large bedroom into two so that you can have two small rooms, but buyers may prefer one larger room. You may love having a bath in your bedroom, but others may prefer privacy. You may like a modern kitchen or bathroom but if you have an old house it may not fit with it.

It can be worth looking at houses that are similar to your on the outside but have had work done inside to see what you should consider doing. Look at houses that are for sale and see what sells quickly and how much for. This will give you an idea of what you should consider doing in order to increase the value.

It is worth considering how long you plan on living in the house for. You will get the benefit of the changes that you make and may design them based on what will work for you and your family rather than on what will increase the value. However, you can do it with value in mind. You may be able to reverse changes, if you make the changes more temporary in nature, perhaps by putting in lightweight partitions or things like that. However, some things are much more difficult to reverse and much more expensive so think carefully before you put in things like a black bathroom suite or a concrete floor.

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Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process http://www.turnonepoundintoonemillion.com and sells her books through http://www.bowbridgepublishing.com.

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