You can see why some people get confused about their aims when selling their home. There are many different factors you can bear in mind or consider but in reality, all you should be focusing on is achieving a higher price than the one you paid for it. There are plenty of areas where the rise in property prices in the market place will help people achieve this without doing any work. That is a good starting point but if you are moving to another home, there is every chance that property in other areas will also have risen, so any benefit you receive is taken away. This is why it makes sense for homeowners to take action that leads to an improvement in the value of your home.
There are many ways you can add value at home but adding space lies at the heart of most suggestions. If you have time and money available before placing your home on the market, you will find that adding an extra bedroom is a fantastic solution that will pay off. Whether you do this by converting a loft, converting your basement, updating a garage or adding an extension is up to you, but it is possible to add significant value to a home.
Adding rooms can make a big difference to property value
Every property and project is different, so it is unwise to look for definitive figures regarding the cost of extensions but many industry observers believe that adding a double bedroom can add 11% to the value of your property. With one property specialist claiming the value of property in Stockport, as of March 2017, stands at £241,115; this could equate to an increase of around £26,000 on the value of your home. This additional return can help you to buy a better home, alleviate your financial worries or just give you a bit more freedom. Obviously the cost of the improvement or extension work has to be factored into your calculations but there is a possibility to make a great return on your investment.
If adding a bedroom sounds like an extravagant option, focus on adding as much space as you can. There are industry calculations which suggest that an additional square footage of space of your property can improve your value by 9%. Going back to the earlier stated value for Stockport, this could add around £9,000 to the value of your home.
Other factors to consider include:
- Kerb-factor: Create a great impression with your garden and property exterior
- Improve the energy efficiency of your home
- Improve security in and around your property
At Spencer Harvey, we believe that being proactive in caring for your property provides short and long term benefits. If you want to learn more about how you can improve the value of your property, please get in touch.