Turn on the TV and flick onto a property programme and the presenter is likely to be talking about adding value to your home. That’s the important aspect in today’s housing market and everything you do to the home should be focused on making as much money as you can when it comes to selling.
On top of this, more and more people are staying put rather than relocating, so improving the home is vital. Because of this, we’ve all turned into amateur estate agents, weighing up the cost of building work against the profits there are to be made.
Of course, looking at your home as an investment is sensible. After all, you don’t want to be throwing away money. But the biggest problem is having a one dimensional view and avoiding some lovely improvements because they won’t pull their financial weight.
An office instead of an ensuite and neutral colours might do wonders to the value of your property, but it doesn’t really do you any favours when creating a homely feel.
So take a look at a couple of tips of what to avoid when thinking about your home’s value:
Swimming pools
Swimming pools are an American dream. Many people associate them with larger properties, but they’re actually springing up all over the country. What you should ask yourself is, do you really need one?
A week holiday in Spain lying in the sun next to the pool is an attractive offer, but can you really replicate it in this country? For starters, you could probably count on two hands the number of days the weather is suitable in the UK. So for all the hassle and maintenance needed, are swimming pools really worth it? We don’t think so.
Overbuilding
Couldn’t your home do with a lovely new conservatory? There’s easily enough space on top of the garage to extend outwards. Let’s convert the loft and start using that wasted space. All three are fantastic projects individually, but by mixing them together you risk pricing your home out of the local housing market.
Spend too much on your home and you’ll have a property worth £100,000 more than the other homes in your area. Buyers can easily find the same level of property in a better location so the chances are you could lose many potential buyers.
Stick to one project and don’t go overboard.