TO RENOVATE or not to renovate, that is the crucial question when planning to put your property on the market. Maximise the value of where you live now to climb up the property ladder with these top five tips to add value to your home.
Add a further 30 percent to the value of your home by converting your existing cellar into a living or storage space – so long as the build cost per square foot is less than the price per square foot of the area.
According to propertypriceadvice.co.uk: “Converting your cellar can be one of the least complex home improvements to make as it qualifies as a ‘change of use’ for planning purposes – which means you don’t need planning permission.”
Don’t have a cellar? Then dig down to add square footage to your home – bearing in mind that building a basement calls for the skills of specialists, from excavation and structural engineering to waterproofing.
Another tip that propertypriceadvice.co.uk has suggested is splitting a house into flats.
This is idea for a home which is on the larger side. Converting a house into flats is very popular in London, as flats are always in high demand and often easier to rent out.
“Splitting the property into separate units can therefore maximise rental income in the short term and profit on sale in the long term,” the statement read.
However, before embarking on a project like this, do some research on whether there is a demand for flats in your area. If three-bedroom properties aren’t shifting but smaller flats are, conversion could be a good option.
By doing this you could be adding an extra 30 percent to your property value, however it could turn out a more costly endeavour.
Potentially add a further 15 percent to your property by converting your garage into a living space.
“If your garage isn’t being used to house a car, it could make sense to convert it into a living space -especially if you have parking outside.”
The first steps you need to take in order to convert your garage into a living space are to check that your garage is suitable for conversion and whether you need planning permission.