Your home is an important investment, and likely one of the most important investments you will ever make. This means that you want to do everything that you can to look after it and make it a nice home to live in. Completing a range of activities to increase the value of your property can benefit you in many ways, from future proofing your home to building your equity.
Most people will only consider adding value to their home when they are looking to remortgage or sell the property. This is great because it will increase your equity in the property, make your property more competitive, attract potential buyers and help the sale of the property go through much more smoother.
However, it is not the only reason you should consider adding value to your property. Even if you are not thinking about selling it now or in the future, adding value to your property will enable you to identify and deal with any issues, make your home safe and secure, and enable you to take better care of it. Not to mention, you can upgrade your home and enjoy it yourself, rather than upgrade it just to sell to someone else.
It can also help you if you are thinking of moving. Moving house can be expensive, as you need to consider a variety of factors that will take a lot of time, money, and stress out of your life. You will need to put your house on the market, schedule viewings, attend viewings, find the perfect property, go through the legal process, move your belongings, and much more. Investing in your home and adding value to it, will enable you to customize the home to your tastes, and make all the necessary upgrades you want, without the hassle of moving. This can be a much more cost-effective way of changing and upgrading your living environment.
Benefits of adding value to your home
Adding value to your home can have many benefits, whether you want to sell it or not.
Future-proof your home
Adding value to your home will mean completing a range of tasks that will upgrade outdated technology and materials, and therefore, future-proof your home. This means you won’t have to look for another property to buy in the future and will prompt you to take better care of it.
Deal with issues
When you add value to your home, you will first have to see what changes and upgrades you can make. This simple task will have you assess the property, where you will be able to identify problem areas and areas that could do with some improvement. This will give you a list of things to fix, that you might otherwise have ignored.
Build your equity
The equity in your property is how much of the property you own. This would be the property’s value, minus how much of the mortgage you have paid off and your deposit. This means that, if you increase the value of your home, you will have more money in the property that is yours.
Make your home safe and secure
Adding value will inevitably mean fixing issues and making modern upgrades to your home. Depending on what you choose to upgrade, this may include things like the windows and doors, which has the added benefit of making your home safer and more secure.
Making upgrades to your home means that you can dictate what the result will be. This is a great opportunity to customize your home and make it your dream property to live in.
How to add value to your home
There are hundreds of ways that you can add value to your home. It doesn’t matter whether you are on a small budget or have lots of money to spend, there are both big and small tasks that you can complete that can impact the value of your property for a good return.
It is always important to do your research and ensure that you are making investments that will increase the value, not decrease it. You can do this by watching the market and speaking to professionals. They will be able to help you understand what is trending and what is beneficial for your property. They can also help you understand the different costs that are involved and how you can phase the work. Some people choose to do one big renovation on their home, while others will opt for smaller tasks that they can do in their spare time. This will depend on the time you have, any deadlines you want to meet, and your budget.
Think about what you want in the future. This will help you determine the right level of investment.
To help you get started, here are some of the best tasks that you can complete that can add value to your property.
#1 Decorate your property
One of the best ways you can add value to your home is to decorate it. This is also the quickest, simplest, and most cost-effective task to do, which means it is suitable for any home, and any budget.
You can start by seeing what decor, colors, and themes are trending. You can also combine this with some of your favorite styles. You can refresh the paint around the property, one room at a time. You can also upgrade the decor and additions. You can do this by purchasing items from a local store, or you can upcycle the items you have already got.
#2 Upgrade your bathroom or kitchen
Upgrading your bathroom or kitchen is a great way to boost the value of your home. You can do this by adding a bathroom or knocking a wall down to extend the space in your kitchen. Alternatively, if you have old equipment in these rooms, you can upgrade them to new ones. You can also upgrade the fixtures and fittings, give it a fresh lick of paint, and replace the flooring. Modern and sleek bathrooms and kitchens are trending.
#3 Convert your loft or garage
It is likely that your loft or garage is empty and collecting dust. Utilizing this space and converting it into a usable room can significantly boost the value of your property. You can simply clear it out, and add some plaster boards and flooring so it can be used as storage or a gym. Alternatively, you can add carpets, wallpaper, decor, and furniture and turn them into a bedroom. This is a great way to add space and extend your home, without having to find the space externally or go through a complicated planning permission procedure.
#4 Fix any problems
All properties will inevitably come with their issues. By simply identifying and addressing these issues, you can significantly increase the value of your property. Some of the most important issues that you should look out for are mold and dampness, and structural issues. If there is a problem with the foundation of your property, not only is it a safety issue, but it can cause problems that will cost you, or a potential buyer, a lot of money in the future. If you can learn about different types of foundation repair or get a professional to help you, you will be able to save yourself a lot of time and money, as well as future-proof your home.
#5 ENERGY-EFFICIENT AND RENEWABLE UPGRADES
This concept has gained a lot of traction over the years as the health and well-being of our planet has come into focus. Incorporating energy-efficient upgrades into your home can be costly upfront, but the savings over time can really pay off. Not to mention the fact that a lot of renewable energy installations carry potentially-large tax incentives. You may need a tax calculator to see just how much of an impact these tax incentives can have overall. Some examples of common energy-efficient upgrades include installing solar panels or wind power systems, professionally sealing air leaks and upgrading home insulation, installing energy-efficient doors and windows, and upgrading the existing HVAC system to an electric air-source heat pump.
Adding value to your property is a great way to build your equity and future-proof your house.