If there is one person who understands real estate and knows how to add value to this asset class, it is Phil Spencer. The co-presenter of hit television program Location, Location, Location, he has spent years viewing properties and sharing his insight with buyers who are keen to optimise their investments. In this respect, this show became a learning experience for viewers too and much of its advice remains relevant to this day.
3 Steps towards optimising the Value of your Home
With this in mind, here are three staple bits of wisdom that can help you to add value to your home and leverage the buoyancy of the existing marketplace: -
Invest in a Loft Conversion
This is perhaps the easiest way to add an extra bedroom to your home, while also creating the space for an additional (or en-suite) bathroom. While this can cost as much as £20,000 to complete, it is extremely effective in luxurious or competitive property markets and can deliver a return of 200% of your initial investment. Converting the loft space in your home is also not particularly disruptive, either, as the vast majority of work can be done from the outside.
Build a Conservatory
A conservatory can add an estimated £5,000 to the value of your home, while it costs roughly the same amount to complete to a high standard. This represents an ROI slightly above 100%, although the cost of completing the work means that you should give careful consideration before proceeding. Building a conservatory offers little merit if you intend to sell through a quick house sale firm such as Property Rescue, for example, but it can be hugely beneficial when modifying an in-demand or compact home.
Pave the front Garden
For those who reside in the country, adding value can be as simple as maintaining a properties rural aesthetics and optimising front and rear garden spaces. The opposite is true for city dwellers, however, who must instead seek out creative ways of optimising the functional space available. One of the best examples in crowded suburbs is to pave over a front garden space, as this creates the type of off-road parking that is in demand among city slickers. This simple step could add value to the tune of £50,000, which is a huge amount even in the current marketplace.
Have you increased the value of your home? Do you have any tips to share?