Give Your House Valuation The Rocket it Needs By Following These Five Simple Tips

By MyVine | May 7, 2011

The economy as a whole might be in recovery, but there’s no denying that the housing market is still in its own black hole of recession. House owners who were looking to sell are now deciding to stay put and focus on adding as much value as possible to their current properties, ready for when the market emerges revitalised. Getting the perfectly planned and timed conversion or extension can be a great move to adding value on your property.

If your intention is to make a few amendments to your home in order to make it easier to sell when the market does improve, and providing you have the capital to support it, renovations and extensions can add instant value. While improvements such as these should be treated as long term investments and do require a lot of time, money and effort, they can be hugely beneficial. Although you must be realistic in your expectations, for example if you do not have enough space for an extension, then don’t attempt one! Similarly, if you life in a terraced house, huge renovations may not be feasible. For this reason, any changes you do make should be properly thought out. Here are a few pointers to get you going…

1 Build an extension to your home

Perhaps one of the most common ways of improving your home and hence adding to its value is to add an extension. While this may not be a viable option for many, it can prove extremely beneficial to some. Before even contemplating an extension though you must obtain planning permission (if required) and then shop around for the most competitive builder prices. The extension also must blend in with both the aesthetics of your property and the size of land you have. So, if you have a small garden that an extension is likely to disproportionately encroach upon, and then it will in fact devalue your property rather increase the value.

Any extension built must have a recognisable purpose and not be built for the sake of it, or it will be counterproductive for any added value you were hoping for. One example that can be used is adding an extra bedroom to a 4 bed house when there is only one bathroom, the proportion and balance of the house if thrown off kilter. The extension must add something to the house and the personal space of who lives there, or little to none value will be added, so think long and hard about whether an extension is worth it.

2 Convert the loft

Loft conversions are rapidly becoming just as popular as extensions in adding value and benefit to a household, being the cheaper option and making a house seem more modern. Most conversions are priced between £8k-£15k depending on the house and cause less disruption than an extension would, scaffolding being on the roof instead of side walls of a property. Not a bad deal considering the amount of space a conversion can add to a traditionally built home.

Another reason for the burgeoning popularity of conversions is the turnaround time on completion, with many conversions (not all) not needing planning permission they could be completed in 4 weeks at the fastest. As we touched on earlier, there are minimum requirements, the major one is the roof can only be 2.4 metres at the lowest for a conversion to fit and work, with sides as steep as possible, or it will not work. So what is the major benefit of a well done conversion? How about a 20% increase in property value, not bad for such a medium type improvement!

3 Affix an en suite to a bedroom

Does your property have a master bedroom, or one bedroom that is larger in size than the rest? How effectively do you use the space in that room? If you feel that most of your floor space is either redundant or just prone to gathering clutter, then perhaps you could consider fitting an en suite? En suites take up very limited space in a bedroom and can really add value, especially to larger homes with multiple bedrooms. This also helps minimise the morning shower rush if you have a large family! However, an en suite should never be regarded as a replacement to the main bathroom but instead an attractive extra feature.

4 Extend into your basement

Most basements are neglected on the whole and seen as nothing more than storage space, or to put the washing machine and drier, but extending a basement can offer a little used or thought about option. Refurbishing a basement into a room while keeping the storage space is very achievable, either by partitioning a section off or building in storage racks or space and making it part of the room. Basements are normally the quietest part of the house, so they make great areas for offices, studies, dens etc, the only drawback being most basements will require heating and insulation to be installed, which will most likely be the most costly expense of any refurbishment.

Building a basement can also be an option to consider, though I doubt it has to be pointed out this will be the most costly and disruptive to undertake and complete. Many owners and families choose to move out for all or some of the time it takes to build a basement it’s that disruptive (average time of completion is 3 months), as a lot of large and specialist machinery would be needed for the construction. As for cost, expect to spend a colossal £80,000 on average to get the project completed, the main reason for such expense and time are that the houses foundations would have to be moved and reinforced, so it’s a very complicated operation.

Knock down internal walls

This is perhaps one of the cheapest home improvements you could undertake and you’d be surprised just what a difference knocking a wall down can do for a living space. This is a particularly useful option for homes that are small in size. Adopting an open plan lounge and dining room for example, by knocking down the adjoining wall is a quick and easy way of extending your daily living space.

Knocking down walls doesn’t just provide a property with more living space, but it also maximises the amount of natural light in the room which is a fantastic pulling factor for potential buyers. An influx of natural light makes the room appear open and inviting, which means it will undoubtedly become the focal point of compliments from visitors. So, while this list is by far from final, it does provide some useful tips and advice if you are looking to add that extra bit of value onto your property. So, even if you aren’t looking to sell your property, how about giving it a bit of a revival today, it will certainly add to your lifestyle!

James writes for JustRemortgages.com one of the UK’s top sites for the latest remortgage rates and best remortgage deals.

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