We bought our house for less than the asking price but since then have invested heavily into it. Not everything was picked up on the structural survey sadly and as the builders made improvements other problems reared their ugly head!
I am a bit worried we have spent more now than its current value on the market, but it is the long game or so I keep telling myself. We have no plans to sell but I would like to optimise how much our home is worth and in future only focus on the renovations that will add REAL value. Before it was more a case of stopping the elements coming in rather than increasing its value, for one we had to have 33 new windows fitted to replace the rotten woodworm chomped leaking old ones… then we had to have it repointed as water was pouring down the walls in the playroom. It’s been fun and games I can tell you this last year and a bit!
I have been keenly looking at this infographic from UK Homebuyers and apparently a loft conversion can add 10% onto the value of the house.
We already have five bedrooms (well we will have when we add a ceiling to two of them!) so space is not an issue, so I think I might skip that particular suggestion. However I do definitely think some of the others would work here, our garden is far from being tidy and attractive, it is a tarmac area that needs to be dug up and grass planted! Usually the space is littered with the dogs toys and bones so its hardly going to help with the value of the property. I think this would be a good section for us to focus on, because if I am honest we have done very little with our outside space. Adding decking and more greenery would make our house more sellable in the future.
We have taken out two of our bathrooms ready to fit new ones, but then we run out of funds. So they will be a priority for the future and will look nice and fresh which buyers like. Although I would be looking at spending a lot less than £10,000 to fit each bathroom, it will be bargain basement searching on the Internet to find something cheap but functional. Our best bet is to give the house a much-needed lick of paint, which can add £3,000 to the value of the house. But with the number of walls we have to paint I would probably spend more than that in paint to decorate… (must keep reminding myself how much I LOVE this house and its all worth it!).
Have you done much to increase the value of your home?