From basic maintenance to adding a lick of paint, here are five ways you could add value to your home.
If you’d like to move up the property ladder, the equity in your current home is what’ll help you do so. To do this, you’ll need to maximise the value of where you live now.
Don’t worry – it’s not as hard as it seems. Whether you’re thinking about moving soon or simply want to make the place in which you live that extra bit special, here are 5 great ways you can add value to your home.
1. Improve your kerb appeal
First impressions count, and that goes for a house or apartment too. A great way to add value to your home is to improve its kerb appeal – or how good it looks from the outside. After all, it’s the first thing that you, guests and potential buyers will see.
It doesn’t need to cost a lot to make a few external improvements. It really can be as simple as clearing clutter from your front door and the area(s) in front of your home, whether its weeding the garden or hiding the bins.
It might also be worth thinking about a fresh lick of paint for your door and windows.
2. Sort out any structural issues
One sure-fire way you’ll reduce the value of your home is to ignore any structural issues. It’s a good idea to sort out any problems with the structure of your home before you do anything else. Otherwise, you could find yourself undoing your hard work and starting again.
Rising damp, cracks in the walls and missing roof tiles are just some examples of issues you should sort sooner rather than later. While this’ll come at a cost depending on how serious the problem is, making sure your home is structurally sound can help to add value in the long run.
3. Redecoration and basic maintenance
If you’ve fallen out of love with your home or you’re looking to sell up, you might be surprised at how easy it can be to add value with a little dash of TLC.
When it comes to home improvement, redecorating is a simple and affordable way to spruce up your home. Inject some colour onto those drab looking walls with a fresh coat of paint or refresh your floors by cleaning or replacing an old carpet. For wood floors, maybe add a varnish finish?
Don’t forget about all those basic maintenance jobs that can be ticked off the list with a little bit of DIY. Squeaky doors, dripping taps, mouldy sealants and dirty windows can all be easily fixed.
4. Kitchens and bathrooms
Focusing on your kitchen and bathroom can offer some of the quickest ways to add value to a home.
Buying a brand-new kitchen may seem like a lot of money, but Which? found that it can add 6% in value to a home. It’ll give you a space you’ll love to spend time in or something that captures the attention of a potential buyer.
Similarly, a new bathroom can also add serious value to a home. Again, the initial cost may feel like a lot, but revamping a bathroom or creating an en suite has the potential to boost the value of your home by up to 5%.
Being able to pay for these types of improvements can be tricky, but a secured homeowner loan could be the answer. This type of loan is secured against the value of your home and allows you to spread the cost of a bright new kitchen or bathroom over an extended period of time.
5. Bigger projects, more space, extra value?
A homeowner loan could also be a good solution if you’re going big. Loft or cellar conversions, extensions and even conservatories can have a huge impact on the value of your home but will often be the priciest projects you can take on.
The Royal Institution of Chartered Surveyors (RICS) estimates that converting your loft or attic into a new living space has the potential to “increase the value of your home by as much as 25%, particularly if you’re adding an extra bedroom or a bathroom”.
One thing to bear in mind with whatever you do to add value to your home is how much you’re spending. Don’t spend beyond your means, because there’s a danger you won’t get back what you put in.
There’s an upper limit to how much your home could be worth, and it’s based on factors out of your control. But this shouldn’t stop you taking pride and starting to add value to your home.
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Intelligent Lending Ltd (Credit Broker). Capital One is the exclusive lender.