subject: Improve & Spruce Up Your Home And Reap The Rewards Of A Higher Property Value [print this page] With the ongoing drop in house prices - the most recent figures sem to suggest that house prices are year on year about 2- 4% lower in March 2011 compared to the previous year - and the growing availability of competitive remortgage rates, lots of homeowners are investigating ways to add value to their current home instead of moving house. This is beneficial because it can make the home a nicer place to live and to want to hang on to. This in turn removes the need to move house. The long term goal, of course is to increase the home's value.
Many people then, are now able to apply for a remortgage which they have been unable to do for sometime due to the market conditions. By remortgaging, you are able to release additional funds, as well as obtain ap potentially cheaper mortgage product.
There are hundreds of different mortgage contracts available so it is vital that you research, and use the services of a mortgage broker if required to ensure that you are making the right decisions. Borrowing additional funds, known as a further advance, is generally much lower cost than personal loans too, so it is the better option of the two in terms of cost.
By simply updating the decor in your home, you can instantly add value to the property, and increase its attractiveness to potential buyers when you come to sell in the future. Redecorating is a great way to add value, because it is a low cost exercise but can dramatically change the look and feel of the property.
It is always a good idea to update the kitchen or bathroom if they are very outdated. This will not only make the property more attractive but will also add value to the property, and thus it should be viewed as an investment rather than just a 'spend'.
Make sure your new fittings are modern, stylish and have a broad appeal. And, make sure you don't overspend on the work. For example, adding a bespoke GBP 50,000 kitchen to a small terraced house is highly unlikely to add the same amount to the value of your home.
One way to add value is to increase the living space in your home. Many people do this through converting a garage or loft in order to add an additional bedroom or reception room. Bear in mind that some projects of this nature may be quite expensive.
If you have any unused rooms such as a basement, you could also spend money doing the room up to make it into additional living space too increase your house price. Any additional rooms will add value and make the property more marketable.
Many potential buyers will be looking out for the amount of storage space available too, so it's not a bad idea to create some if you don't have much of it. If you have space under the stairs you could make this into a cupboard and so on.
Before updating the property however, it is vital that any structural issues are dealt with, as this can cause problems when you come to sell your property.
