Most home owners will, from time to time, consider whether there are any ways in which they can improve the quality of their home, whilst at the same time increasing its value in the property market place. There are, of course, several popular home improvements that Devon builders like The Builders SW are asked to undertake. The most popular of these are not necessarily the ones that will immediately add to the net value of the house. For instance, improvements such as those that add extra space to the house, such as loft conversions, extensions and conservatories and improvements such as the construction of a basement or the installation of a new kitchen, result in a loss to the householder because the cost of the improvements exceed any increase in the value of the property. The Royal Institute of Chartered Surveyors has analysed various types of home improvement and has produced some slightly surprising results regarding the most cost effective home improvements and below we set out a list of those that provide the greatest net benefit.
Off Road Parking
The creation of an off-road parking space can be carried out quickly and relatively cheaply (although it may sometimes involve obtaining planning permission) but can have a dramatic effect on the value of a property. Many house buyers are simply not prepared to consider investing in a property that does not have off-road parking and the creation of a parking bay will have a corresponding effect on the house’s value. A useful side effect will also be the reduction in annual motor insurance premiums.
Another renovation that will, surprisingly, bring a net benefit to the value of a house is the landscaping of the garden in a way that creates an outdoor space that is both family friendly and easy to maintain. Once again, most potential house buyers will find the prospect of taking over an unkempt and difficult to maintain garden a little unpalatable. The cost of carrying out some simple garden landscaping can be reasonably contained, making it a really effective home improvement.
With the proviso that it is carried out tastefully, using neutral shades, tones and colours, the simple task of redecorating can have an immediate impact on the value of a house and make it far more attractive to any prospective purchaser who views it. Redecorating a house does not necessarily involve the engagement of a team of professional painters and decorators and can, therefore, also be carried out at a limited cost.
Whilst the addition of a kitchen has a negative effect in terms of its net impact on the value of a home, the reverse is the case regarding the installation of a new bathroom. This is likely to be because the bathroom is considered by many home owners to be one of the most important rooms in the home yet the cost of renovating an old bathroom is much less that adding a new kitchen. Because of the need to ensure that the plumbing and central heating issues are dealt with professionally, this is a job that requires a professional building company. Nevertheless, it can still be carried out at a cost that results in an overall net benefit.
The last in our list of value for money home improvements brings no surprises. Double glazing, which is not necessarily an inexpensive home improvement, nevertheless adds such a great value to the home that it has a net benefit – just!
All of these renovations will be cost effective when compared to some of the more popular home improvements. However, in concluding, we should point out that many home owners look at household renovations NOT from the point of view of selling the house but of improving their own comfort and the way that the house looks. There is therefore a lot more to choosing a type of renovation than simply net cost effectiveness.