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Adding Value to your Home

When making a home renovation, part of the goal is to add value whether you intend to live there or not. Fortunately there are plenty of ways to renovate and restore a property, and even the more elaborate projects can result in a profit if you follow some of the basic guidelines. Here are some top tips for making the most from home improvements.

  1. Pick the worst house in the best location

Choosing the location over the property is a good way to ensure your renovations add value. Often, houses in poor condition put people off – which is normally reflected in the price – so by choosing a fixer-upper that has potential and is in a nice location, you can swiftly build profit.

  1. Go behind the scenes first

It’s tempting, when carrying out a renovation, to focus on the cosmetic features, but if certain essentials aren’t there the value you can add is limited. Ensure the central heating, plumbing and electrics are efficient, there’s no damp and the roof is secure before starting on the interior. Updating or adding central heating, in particular, is a major selling point and can be done at a lower cost to that which it adds to the property.

  1. Have a plan

Before diving straight in, sit down and plan what you want to do and in what timescale. If you’ve bought a house to let or sell on, think about the most profitable home improvements – kitchens and bathrooms can add value, as can loft conversions. You may also want to remodel, creating more space within the property. Remember that if you won’t be living in the house, there’s no need to launch into interior design schemes as this could cost you money without providing much return.

  1. Pay attention to detail

Although certain details won’t individually affect the value of a property, they may collectively prevent it from letting or selling at the optimum price. Take time to fix up loose tiles, nail down loose or squeaky floorboards, seal up cracks in the ceilings or plasterwork and repair damaged windows or latches. Paying attention to details all adds to the overall impression of good workmanship and value when it comes to selling or letting.

  1. Bear in mind ‘ceiling value’

This relates to the first point we made. Every property has a maximum value, or ‘ceiling value’ at any given time, and it fluctuates with the market. So there comes a point when further renovations won’t necessarily result in more profit. Look at the sell prices of other properties in the street to gauge the ceiling value, and pay attention to the market as a whole. If house prices are falling, you may want to hang on to the property until the market is more buoyant before you sell.

Invest in profitable home improvements

If you’re looking to make renovations or improvements to your home, such as adding a bedroom or carrying out a loft conversion, contact Bluelime Projects  on 01322 521026 for a consultation or quote.

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