With the real estate market being as erratic and unpredictable as ever, it’s very important that we see our homes as assets, rather than just a roof over our heads and walls around us. Like many, you might be wondering how you can up the value of your home in the years to come, and reap in the accumulated capital when you need it most. Here are just a few home improvements that will be great for the value of your home and your personal comfort.
First of all, consider re-purposing a room. When a lot of people want to improve their homes, the first thing they jump to is extending the ground floor, or having an outside room built. It’s true that increasing the overall square footage of your home will increase the value significantly. However, it can also be extremely expensive, even for the added value you’d be getting out of it. I’m sure you’ve seen one of those remodelling TV shows where the contractors run into various issues, and more and more money is needed. This isn’t engineered just to add drama to the show! Rather than sinking all that money into a new part of the building, consider repurposing the room instead. Renovate the cellar of your home, turn an attic into a guest room or knock a wall through to turn two rooms into a larger one.
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Adding another bathroom, or features to an existing one, is another great way to add considerable value to your home. When people are house-hunting, homes that only have one bedroom can often be something of a deal breaker. If you’ve only got one bathroom in your home, and you have a room where you could have another one installed, then you should seriously consider this. Large closets and cupboards under the stairs can sometimes be enough for an additional toilet at least. Another great way to add value is by renovating your existing bathroom, or adding a couple of features to it. Walk-in showers, hot tubs, and even just better tiling in the bathroom can seriously boost the value of your property.
Finally, making the home more energy efficient. It’s 2016 now, and the criteria people have for house hunting has changed a lot over the past few years. These days, more and more people want their homes to be energy efficient before they think about comforts and luxury. If your home has a lot of thin, draughty single-pane windows, then prospective buyers aren’t going to be that impressed. They’ll want a home which they know will shave a few pounds off their current energy bills. Consider having energy-efficient windows installed, and make sure that this detail makes it into the estate agent’s listing. Other improvements include getting a more energy-efficient boiler, replacing worn or dysfunctional insulation, and buying a more energy-efficient washing machine. These are all expensive, true. However, they’ll meant that you’ll be able to bump up the price of your home, and attract a buyer much faster.