How to Improve the Value of your House
A more positive outlook is predicted for the housing market and this optimism has created a new wave of people who are looking to improve the value of their home. Not only can doing up your house improve the value but it can also help to make your house more desirable and possibly sold quicker. There are differing views between estate agents and the general public to what changes you can make to help increase your homes value, so firstly we will take a look at these opinions and then we will discuss how you can realistically raise the finance for any DIY Projects.
The Home Owner’s view
Surveys have shown that House holders think that a new kitchen is the best way to instantly add value. A new bathroom is second on the list followed by a conservatory. This style of home improvement is similar that of an interior designer or decorator. A cosmetic approach does make the property look better and to the untrained eye it may give off a perceived higher value but to a surveyor cosmetic changes really don’t cut the mustard! What a surveyor wants to see are more structural changes where extra square footage will improve the surveyors calculations.
The Estate Agents View
Maybe it’s the estate agents opinion that should be taken more literally. They are the chaps who live and breath the industry and they are in a better position to make an opinion from an outsiders point of view. All too often people take a look at the DIY programmes on television and think that the best way to improve a homes value is to add some new floors and paint. This approach will add some value but only some and it should help to improve the chances of your getting your home sold. However, the estate agents opinion of adding value includes some more considerable change.
Firstly, they believe that a loft conversion will be the best change to make. Secondly, they suggest trying to add an extension so that you can gain a extra room or bedroom. In third position is a conservatory which is the same as the home owners view. These changes are major projects but they can also bring a far larger profit than cosmetic changes.
Renovate your house to help achieve a sale
It may seem strange but many people renovate their house only to sell it and move on, so unfortunately they hardly get the opportunity to enjoy their new extension or kitchen. Instead they are able to achieve a faster sale because they have made the house desirable, they can also profit from the improvements as well.
Release equity to pay for home improvements
One popular method for financing this venture is to re-mortgage up to 75% of the value and release the equity. Because this is a short term project, typically 6 months, it doesn’t make too much difference that you receive some funds early i.e. not having to wait for the house to be sold first. This is a smart method as you are simply re-investing some money back into the house to achieve a quicker sale and a possible profit.
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