Improve & Spruce Up Your Home and Reap the Rewards of a Higher Property Value
- By Howard Ogollegos
- Published 10/5/2011
- Selling
- Unrated
There have been many articles of late with various organisations releasing statistics regarding the recovery of the housing and mortgage markets during the first half of 2011. It would seem that the markets are slowly pulling through, and lenders are now more comfortable again with offering mortgages.
One of the most popular ways to pay for improvements is through a remortgage. Remortgage rates are generally lower than personal loans and you can often save money over the medium term by benefiting from a great fixed or discounted rate on your total mortgage balance.
So, if you're planning to refurbish or refit your home in the near future, shopping around for the best remortgage deal is vital.
By simply updating the decor in your home, you can instantly add value to the property, and increase its attractiveness to potential buyers when you come to sell in the future. Redecorating is a great way to add value, because it is a low cost exercise but can dramatically change the look and feel of the property.
Updating the kitchen and bathroom is also a great way to add value. If you have a property that has a very old kitchen or bathroom, the exercise will benefit you greatly as it will not only add value to your property, but you will also be living in a higher standard too until you sell the property.
You must make sure any replacements look spacious, up to
date, and are in keeping with the rest of the property, and are not too expensive for the area, spend too much and you will never make it back on a house sale because the property will have a ceiling price based on its location. A GBP 20k bespoke kitchen will not suit a GBP 200k terrace, for example, but will be a necessity in a one million pounds, 5 bedroom home.
Extending the property is another option. You can add additional rooms, bedrooms or increase the space in existing rooms. By doing this you could add en suite bathrooms to existing bedrooms, which can add a huge amount of value. Or if you have a small kitchen, you can make it more spacious which will make the property far more saleable.
It is also important that you weigh up the pros and cons of such work. For example, whilst an extra bedroom may be useful in a family area, your garage might actually be more valuable if you live in a location where off road parking is at a premium.
Storage space is also something to think about, as homes with plenty of storage space tend to be worth more than those with very little. Take a look around and see if there is anywhere that could be potentially changed into a neat and tidy storage area.
Finally, don't forget to replace or repair any damaged fixtures or fittings, rotting window frames, old boilers or leaky radiators, you can build the grandest extension you like and still be fatally sabotaged by peeling paintwork or cracked tiles, making all the effort and expense a waste of time.
One of the most popular ways to pay for improvements is through a remortgage. Remortgage rates are generally lower than personal loans and you can often save money over the medium term by benefiting from a great fixed or discounted rate on your total mortgage balance.
So, if you're planning to refurbish or refit your home in the near future, shopping around for the best remortgage deal is vital.
By simply updating the decor in your home, you can instantly add value to the property, and increase its attractiveness to potential buyers when you come to sell in the future. Redecorating is a great way to add value, because it is a low cost exercise but can dramatically change the look and feel of the property.
Updating the kitchen and bathroom is also a great way to add value. If you have a property that has a very old kitchen or bathroom, the exercise will benefit you greatly as it will not only add value to your property, but you will also be living in a higher standard too until you sell the property.
You must make sure any replacements look spacious, up to
Extending the property is another option. You can add additional rooms, bedrooms or increase the space in existing rooms. By doing this you could add en suite bathrooms to existing bedrooms, which can add a huge amount of value. Or if you have a small kitchen, you can make it more spacious which will make the property far more saleable.
It is also important that you weigh up the pros and cons of such work. For example, whilst an extra bedroom may be useful in a family area, your garage might actually be more valuable if you live in a location where off road parking is at a premium.
Storage space is also something to think about, as homes with plenty of storage space tend to be worth more than those with very little. Take a look around and see if there is anywhere that could be potentially changed into a neat and tidy storage area.
Finally, don't forget to replace or repair any damaged fixtures or fittings, rotting window frames, old boilers or leaky radiators, you can build the grandest extension you like and still be fatally sabotaged by peeling paintwork or cracked tiles, making all the effort and expense a waste of time.
Howard Ogollegos
Howard O'Gollegos writes for Just Commercial Mortgages.com the UK's No.1 site for the latest commercial mortgage rates and commercial property finance news.
View all articles by Howard Ogollegos