The reality of property owning in the UK is that not only do we perceive owning a house as a solution to our habitation needs, we also anticipate that it will prove to be a useful investment. In fact, many people view their home to be part of their pension pot, which will provide for them financially during their retirement years. However, it is also the case that the road to making significant profit on a house can be a bumpy one, with periods where the value of the property actually falls. For that reason, anyone investing in a property in the South West needs to be be ready to be in it for the long haul.
However, despite the fact that, to a large extent, property values are outside of the control of home owners, there are certain house renovations that can make a real difference to the amount that a house is worth. Once these improvements are implemented, their proportionate addition to the value of the home may well rise in tandem with its overall worth, meaning that it is not just an investment for the present, it will also provide a useful future bonus.
There are some home renovations that are more cosmetically effective than financially. For example, a kitchen renovation involving the installation of an expensive luxury kitchen, is likely to cost substantially more than it will add to the value of a home. To help our customers decide whether they want to add to the value of their homes and, if so, in which way, we look at the most effective ways of achieving this. The key word in this context is “space”.
By far the most effective way of adding to the value of a house is the construction of an extension to add one or more rooms. The addition of an extension that consists of an extra bedroom and bathroom will add the most value but the construction of just a single bedroom or an extra bathroom will also be an effective enhancement. These additions can either be in the form of a single or two storey extension to the existing structure of the property. Interestingly, the fewer the number of bedrooms in the house, the greater the increase in value through the addition of an extra room or rooms.
For some home owners, either by reason of cost or planning issues, it may not be possible to construct even a single storey extension to their home. However, it may still be possible to add space and one way of doing so is through the construction of a conservatory. There are many different designs of conservatory that will complement the appearance of most homes, whilst adding that all important floor space and, in turn, increasing the property’s value.
- Loft Conversions
Another easy way of adding living space to a home is through the conversion of a loft. This does not necessitate any additional construction and is likely to be possible without obtaining planning permission. Because a loft conversion does not require any additional construction work the cost is likely to be considerable less than the alternative ways of adding space to a property. Subject to the overall dimensions of the loft space, it may be possible to add a complete, self-contained en suite unit to a property or, alternatively, simply an additional bedroom, playroom, study, T.V. room, home cinema or games room. Although it may not be necessary to obtain planning permission it is still possible that Building Regulations approval will need to be obtained for the conversion.
- Internal Remodelling
Whilst these additions are likely to increase the value of a home they are not foolproof methods of doing do. Many potential property buyers would, for instance, prefer a larger garden to one whose area has been reduced by an extension and others may be put off by a property that has three or four tiny bedrooms rather than a smaller number or more spacious units.
It is always a matter of ensuring that the right balance is struck but, in general terms, the addition of extra space to a home is likely to prove a worthwhile investment for the present – and the future.
If you are interested in increasing the value of your home please visit our website page for our Devon Property Extensions department or visit us at our offices at:
The Builders SW
Decoy Industrial Estate,
Tel: 07515 393231 07710 621755 0800 0322213