Increasing the value of your property is important. Whether you plan on staying in your current home for a long time, or moving on, selling up and getting a new home within the next few years, you will want to ensure that you are always increasing the value of your home and not losing value and falling into negative equity.
There are many factors that can cause a home to drop in value. Some of them are things that you can control, while others may be related to changes in the local area, such as the proximity of the property to the main road, amenities, flood plains, as well as any major shifts in the local economy and more. Obviously, there is very little that you can do to protect the value of your home against these areas, however, you can look at increasing your value through maintenance and increasing its square footage.
If your home has additional space, it is going to improve its value. There are several ways of creating space within your property. Here are some suggestions for renovations that add space and value to your home.
Having An Extension Built
One of the most obvious ways to increase the size of your home is to have an extension built. A two-story extension will increase the square footage of both floors in your property. This means that you can add or expand rooms on the lower floor while adding bedrooms and potentially an additional bathroom on the upper floor.
Extensions don’t come easy, or cheap though. You will need to apply for planning permission before you commence work. Your planning permission may get rejected if planners believe that your extension will be detrimental to neighboring properties.
You will need to use a team of Residential Architects in order to design the extension, and you will need to hire a construction company to build it.
Extensions can add value to your home. However, it is important to ensure that the amount that you spend on increasing your home’s value does not end up eating away all of the additional profits.
Utilizing Existing Unused Spaces
There are often unused spaces in any home that can be used for additional living space. Think about having your attic or basement converted, or, if you have an adjoining garage, this could become a part of your house.
Your attic space may offer a great opportunity to increase the size of your home. This could be converted into an office space or an additional bedroom. Depending on the size of your home, you may even be able to get an extra bathroom in there too.
Your basement or garage could easily be converted into a kitchen and dining room, or even a games room. By converting your basement into a kitchen, it will free up space where your kitchen currently stands. This could be used for extending your living room, or the space could find a whole new function.