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It’s not so easy to make money out of property these days as more and more people are catching the property development bug, making the property market more and more competitive. This means the average homeowner needs to keep their house in good condition to maintain or increase its value and make it saleable. Even if you don’t intend to sell your home in the near future, it’s wise to keep investing in it now so that it doesn’t fall behind in the market and cost you more in the long term when you want or need to sell up. There are lots of ways in which you can improve the value of your home. Increasing the size of the property by adding a conservatory, building an extension, redesigning the interior or converting a cellar, attic or garage is normally the biggest value enhancer as people always want as much space as possible. Aim to create additional bedrooms as this is the biggest selling point. The most flexible way to gain more space where you want it is to build an extension – if you have enough surrounding land. This is a large job, though, and can be very time consuming and stressful. You may even need to move out of your home for a while during the work. The first step when considering extending your home is to consult an architect. After discussing your ideas with you, they will draft them up into drawings that will be suitable for the planning application to your local authority. You can’t begin building until you have both full planning permission and building regulation approval. Before you send your application to the council, use the drawings to obtain quotes from builders as to how much the project is likely to cost. Obtaining planning permission costs a few hundred pounds so there’s no point in wasting your money if it turns out you can’t afford to build afterwards. Then work out how you will finance the project. Be realistic about your budget and how much money you can get access to, and ensure that you allow enough contingency should the project go over budget (as building work often does – there are always unforeseen issues that crop up). It’s not always easy to obtain the cash or get a loan to finance a major project like this. However, one way in which you can get access to the money you need is in the house itself. By refinancing your mortgage or taking out a secured loan on your home, you may be able to find all the funds you need as you can often borrow larger amounts this way. Get in touch with your mortgage lender to see what they can do, or have a look on the Internet as there are several competitive mortgage brokers who specialise in refinancing, remortgaging and secured loans. Something else to think about before you proceed with an extension is how the space in and around your home will be altered. It’s all very well to have a lovely big home, but if it’s not in proportion to the land around it, it might look out of place and a small garden could affect the value considerably. Also, if you are planning to demolish the garage to obtain the space to extend, think about whether you will have enough storage space – not just for your car, but for your other household and garden items. This can also affect the value of the property. It’s best to keep the garage if you can. If it’s an adjoining garage, build over it. If it stands separately, you can always demolish it and rebuild it to adjoin the house with the extension above it. If you can’t keep the garage, make sure you allow for plenty of off-road parking in your garden. On a smaller scale, you could undertake a loft conversion instead. However, you can’t just go ahead with this yourself. It’s very highly regulated and you must still apply to the local council for building regulation approval. This is because attics are not built as living spaces and so the floor, ceiling and roof may not be sturdy enough. Also, fire risk is an important consideration. You must ensure that there is an escape route in case of fire and that the loft is sufficiently fire resistant. Speak to an expert to help you draft up your plans – either a building engineer or an architect. Alternatively, you may have space below your home that could be put to better use. Some homes have large basement spaces that lie unused. If it’s completely underground you won’t be able to fit any windows, of course, so this will have an impact on the type of rooms you could design for the space. You wouldn’t want a bedroom or living room without windows. However, cellars make good utility rooms, play areas for children or home gymnasiums. Again, there are strict building regulations due to the structural implications, so you’re best speaking to an expert for advice on how to proceed. For example, under-home spaces can be damp so the area will need to be waterproofed and insulated with sufficient air circulation. Probably the easiest and most common home improvement method is building a conservatory. They are simple structures and so tend to be much less expensive than building an extension, and as they are not considered permanent structures you will not necessarily need planning permission. However, don’t proceed without getting in touch with the council as there are various exceptions to this. You may need planning permission if it’s a large conservatory, if it’s going to be built in a small garden, if you’ve already extended your home, if your home is in close proximity to others (e.g. if it’s a ground floor flat, terrace or semi), if your property is listed or if you live in an area protected by a conservation order. If you intend to build a sun lounge – a permanent structure – you will definitely need planning permission. You can always increase the size of the interior space in your home without undertaking major structural work by moving, demolishing or adding interior walls to extend rooms, divide rooms or add new ones. Putting in an ensuite toilet, for example, is a popular choice. However, don’t even think about getting the sledgehammer out until you’re absolutely sure that the walls aren’t load-bearing structural walls! Also think about the resale value of the house – design the space so that it would be suitable for most people, i.e. ensure that all rooms are still an acceptable size, especially the main living spaces. At the simplest level, you can always get to work in the garden to create more space. As people have more and more leisure time nowadays, gardens are becoming popular living spaces. It’s so easy to put in decking or a patio. And, as mentioned above, having space for a car is also important to many people so you could design a bigger driveway or car shelter so that the car doesn’t have to be parked on the street, which can be a turn-off for many homebuyers. No matter what type of home improvement you undertake, always remember to: • work out whether the work will be worth your while – will it actually add value or are you throwing away money? • find out if you require planning permission • get advice from an architect, surveyor or structural engineer if necessary • sort out your finances beforehand to ensure you can afford it • draw up a budget and try to stick to it This article is copyright protected and is not for republishing |
