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1. It may not be worth it: Make sure that the amount you are spending
is proportionate to the overall value of your home and other property in your area.
In other words, don’t spend £50,000 on a new kitchen if your house is worth less
than £500,000. You will not get the money back. Check local property prices
'here'.
2. It is always going to be
more expensive than you think: Few projects come in on budget and get done on time.
Builders tend to give optimistic quotes rather than worst case scenarios. Build
in a margin of error. For a ‘ball park £30,000” read £50,000, instead.
3. Some Improvements add more
value than others: Expanding the actual size of the property is the best way to
add the most value. A loft conversion, a rear or side extension, or even digging
out the cellar gives you more space. But modernising the kitchen and the bathroom
(in that order) should also be high on the priority list.
4. Bad DIY will reduce the
value of you property: Remember the sins of the 1970s. Avoid stone cladding and
removing period features such as fireplaces and decorative plasterwork. Make sure
any home improvements are in keeping with the age and style of the house. uPVC windows
and laminate floors may work well in a new flat but can cheapen a Victorian home.
Adding an extension that occupies the entire garden is also bad news.
5. Never lose a bedroom: It
may be tempting to turn a small bedroom into an extra bathroom or even a dressing
room. But you could lose out. Although more estate agents now market homes according
to their square footage, especially at the top end of the market, the number of
bedrooms is still the preferred indicator of the size of a property for most people.
6. Buyers are unlikely to pay
more for eco-features: Sad but true. Although making your home more energy efficient
will save money on heating bills, it will not necessarily boost its price. However,
in a slow market a property which is well insulated and has a new condensing boiler
will have the edge over one which doesn’t.
7. Put in central heating:
Most properties now have full central heating. But adding some where there is none
boosts value.
8. Park the car: Turning the
front garden into a parking space is neither environmentally sound nor attractive.
But a property with off-street parking does carry a premium of 6 per cent over similar
homes, especially in built-up areas.
9. Invest in a skip: The cheapest
and most effective way to increase your living space might be to decrease the amount
of clutter in your home. You may not need to build that extension after all.
10. The project will drive
you and your neighbors mad: Make sure you understand the size and scope of the project
yourself and be upfront with your neighbours. Living with builders can be disruptive,
noisy and dirty. Be realistic about the time frames.
How much
does it cost?..... There is no limit to what you can spend upgrading
your home. But here are some rough estimates based on a three-bedroom semi:
1. Simple loft conversion -
£35,000 to £45,000
2. Rear extension - £20,000
to £30,000
3. Basement conversion - £6,000-£70,000
if you already have a small basement up to £200,000 if you are starting from scratch
4. New bathroom - £3,000 to
£4,000 but this could double if you upgrade materials
5. New kitchen £4,000 for a
simple kitchen but you could easily spend £40,000 or more on something bespoke
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