Most of us regard the house we live in as our greatest financial asset. Here ELDERJUICE sets out some top tips for boosting the value of your property.
Since the banking meltdown of 2008, house prices across the land have taken a hammering. It may be good news for prospective first time buyers, but not so good for over 50s.
As we get into our fifties and sixties, many of us think about selling up and moving – perhaps to a smaller property, or maybe to a more relaxing environment. Or we might just want to leave behind a valuable asset for our children and grandchildren.
Even minor alterations to your home can add to your asking price. These might include:
Set your budget in stone
You may also want to make more expensive improvements. It’s very simple to invest wisely in major extensions and upgrades. We would strongly recommend, however, that you draw up a budget and set it in stone.
And it’s essential that you have buildings and contents insurance that will reassure you that you’re assets will be fully protected while the work is underway. We’d suggest you check out the policies offered by Castle Cover.
Where to start
Many people struggle to figure out how where to begin – so here are a few suggestions, suitable for a range of budgets.
Boost your floor space with a conservatory
You’ll want to make sure that conservatory doesn’t look as though it’s bolted to the back of the house, but seamlessly matches the rest of the house. Whether your budget runs to £5,000 or £35,000, bear in mind that a well-designed conservatory will add up to seven per cent onto the value of your home,
Install central heating
Houses without central heating are becoming more rare – but if you do find yourself in this predicament, you might be surprised at just how much you could add to your home’s value.
Just spending £1,000 to £2,000 on a central heating system could add up to £5,000 to your house.
Consider a bathroom upgrade
Many prospective buyers want a great bathroom – and its suprising the difference that even a simple upgrade can make.
With bathrooms, the devil is in the details: new taps, a heated towel rail, additional and new shower heads, a power shower and a glass partition could go a long way to selling your house further down the line.
Take down some walls
Open-plan homes are more popular than ever, as buyers look for features such as combined kitchen-dining areas.
Knocking down walls that aren’t load-bearing gives buyers more usable space, so consider your options.
Return on investment
Whatever you choose to do, make sure you at least plan for an immediate return on investment, even if it’s just a price-matching exercise with the new value of your home.