Improving your property is not just a fantastic way to gain more living space, but it can also increase the value of your home. There are a whole of host of changes that can be made to a residence, from expensive refurbishments that require expert tradesmen to cheap, easy-to-implement renovations. However, I think the following are worth focusing on if you’re keen to get a good return on your investment.
Update your bathroom and kitchen
It’s a common perception in the property world that the kitchen and bathroom are the two areas that have the greatest influence over a home’s price. Good-quality bathrooms and kitchens are also highly sought-after among buyers, so these are definitely rooms I suggest you improve if you want to make your residence more valuable.
Adding new cabinets and work surfaces in luxurious materials such as granite and marble can definitely make a kitchen a more aesthetically-pleasing and practical space, while worn-looking bathroom appliances ought to be replaced. Fitting a new bathtub, shower enclosure, toilet and basin will give a bathroom a whole new look and it could raise the overall value of your property by a significant sum. Don’t forget to get new taps for your fixtures too, as this will give the room an instant lift.
Fit an extension
An extension is a surefire way to make your property more valuable, not least of all because you’ll be increasing the overall amount of living space you have. This is a great improvement to make if your home currently feels cramped and cluttered, though if this is something you’re considering you need to make sure that planning permission has been obtained before work begins.
Depending on the scale of the improvements you want to make, the location of your home and the type of property you have, you may have to get plans approved by your local authority before work can start.
Even if you think the extension you have planned is relatively small, you should never go ahead with the project without having approval. If you do, you might find that you’re forced to take it down.
Lastly, I suggest you think about converting existing space within your property. This will not only provide you with more room – boosting your home’s value in the process – but it can also be cheaper to carry out than an extension.
Many people who have a conversion will choose to turn their attic or basement into an additional bedroom, though you may also want to think about transforming a walk-in wardrobe or the space underneath your staircase into a second bathroom. Generally speaking, these improvements are cheaper to implement than external conversions and you often do not need to get planning permission first.
How to pay for your improvements
These are just some of the options available to you when updating your property, but whether you’re keen to upgrade your kitchen or add an extension, you need to think about how exactly you will pay for home improvements.
Credit cards and personal loans are certainly two methods that can be used, though you should be cautious about the fact that the interest rates you will be liable to pay on both of these can significantly increase the overall cost of the project.
Another option that I think older people wanting to make home improvements also ought to consider is releasing money from a pension. Those aged 55 and above who have money saved in a personal or stakeholder pension may find they can unlock a significant sum of cash from their pot ahead of retiring full-time.
A pension access broker can help you figure out what your options are before putting you in touch with a pension release provider that will ensure you can access the money you need.