It isn’t too long ago that any home improvement work was guaranteed to add a huge amount of value to your home. But things have changed. Even here in Canada, where we’ve got away without the kind of property price crashes seen both south of the border and in other developed countries around the world, we have to work a lot harder and more carefully to add real value to our homes.
But some works add a lot more than others. So it’s worth thinking carefully about which kinds of work to carry out if you’re looking to make progress up the property ladder. If you want to improve things quickly, plan the work carefully and have a look at the type of loan that Wonga offers and the length of time they run for before deciding which to go for.
The cheapest way to add value for far more than the cost is quite easy; it’s through painting, decorating and cleaning – and doing the work yourself.
If you’re feeling more ambitious, then most real estate agents will agree that if you lie in an urban area, making space will add more value than the work is likely to cost. So a loft conversion is likely to achieve this aim for most houses.
The same can usually be said for adding an extension to your home – but this is an easy one to calculate as you simply need to ask the realtor’s advice as to the likely value of your home once the work was done – versus what it is now worth, plus the cost. Nevertheless, do bear in mind that building costs usually overrun a little.
Exactly the same principles apply if you consider adding a conservatory to your home, and even newly-fitted kitchens and bathrooms which are usually next up on most realtors’ lists of things most likely to add more value than they cost.
If you live in an old property, then replacing the windows is next on the agents’ hit list, followed by resurfacing your driveway and landscaping your garden.
With all these improvements, it’s important to get them done to a professional level and to do your homework thoroughly on the cost versus the likely value added. Remember, too, to insure the work properly.
And as an alternative, why not consider energy-saving home improvements as well or instead – as these will add value and save money on the bills?