Selling a home is not always easy unless you live in a property hotspot. It is also expensive to move house, so your plan B might be to remodel or make some home improvements instead of splashing out on a new property. This is all well and good, but you would be sensible to take a long term view of any improvements you do make because smart home improvements can add value to a property.
Lots of people choose to upgrade their existing property instead of moving. It makes sense for a number of reasons, particularly if you have children in school or you work locally. Sometimes all that is needed is a bit more living space or an extra bedroom, in which case addressing this lack will be enough to transform your property into the perfect home. But many home improvements are expensive, so it is worth considering whether your planned remodel will actually add value before you go ahead and write the builders a blank check.
There are lots of ways to improve a home and add value at the same time. Here are the most common remodeling tasks that will improve your property, add value, and make it more attractive to potential buyers when you are ready to sell.
The best way to add value to a property is to make it larger. Adding extra living space and/or bedrooms will always increase your home’s value and make it more attractive to potential buyers. However, the work does need to be done well and the new extension should be in keeping with the existing style of the property. This is not to say you can’t add a super modern extension on to an old period style property, but the design needs to be coherent and sympathetic or it will become an eyesore.
Attic rooms are often dead space, used only for storage and inhabited by spiders and other creepy crawlies. The storage space might well be useful, but if you remodeled your attic space and turned it into a master bedroom with en-suite, or even a teenage bed-sitting room, you will certainly add value and create a home other people want to live in. The only thing you need to be careful of is that you don’t end up sacrificing existing living space. Losing a bedroom in order to add a bedroom is illogical and a waste of money.
Kitchens are the focal point in many homes and a beautiful, modern designer kitchen will definitely add value and make your property more saleable. Most buyers will look to replace a kitchen when they move in so it is a good idea to install a neutral kitchen that will appeal to the widest possible audience. If the kitchen is a premium one and the workmanship is top quality, buyers may be persuaded to pay a premium price for the privilege of owning the property.
Bathrooms can also add value, but again they need to be done well. Buyers tend to prefer modern suites, wet rooms and stylish finishes, so look at spending a reasonable amount of money without going too overboard. Extra bathrooms are always a good investment and en-suites are always a selling point, particularly in family homes.
Basement conversions only work if they are done exceptionally well. Since basements by their very nature are low on natural light, it is important that your basement conversion is planned to the very last detail and the work is carried out by an experienced contractor. Damp is the biggest hurdle to overcome when converting a basement, so if your contractor gets this wrong, the work will end up costing you a lot more money and will probably make the property hard to sell at a later date.
Sun rooms or conservatories are a relatively cheap way of adding extra living space. However, unless you add heating and control the amount of sunlight entering the room, your conservatory will be un-usable for much of the year.
If you are considering remodeling your home to add space or make it more attractive, try and do the work with future buyers in mind. Don’t get too carried away with adding personalized improvements that only you will love or it will make it harder to sell the property at a future date. You should also give plenty of thought to how you are going to fund the remodeling – using savings is normally the best way to fund home improvements, but if you are remodeling with a view to selling, a short-term loan could be a good option.