A home is a substantial investment. For many, it’s also a tremendous store of value. Even if you have very little in your current account, you might have hundreds of thousands of pounds tied up in the brick and mortar that you live in.
As such, it’s worth thinking about how you might protect this investment, and make changes to your home that will ultimately bolster your return when you come to sell it. This applies even if you’re buying a new home with a view to selling it later for a profit.
But exactly what kinds of changes might you consider? Let’s take a look at a few of the more profitable ones.
Modernise Your Kitchen and Bathrooms
Would-be homebuyers are looking for impressive, modern kitchen and bathroom facilities. If they walk into your home and see that either room needs to be updated, then they’ll naturally be less inclined to match your asking price.
When considering kitchen or bathroom upgrades, you’ll want to think about the diminishing returns that you might get from a cheaper property. There’s no point in installing marble countertops, for example, in a cheap bedsit – you won’t get the same return in value that you would in a five-bedroom country house, even if the price of the materials and the labour remains the same.
Enhance Energy Efficiency
The more efficiently your home retains heat, the cheaper it will be to run. Your home should have cavity wall insulation, mineral wool in the loft, double-glazed windows, and an efficient heating system. For some, upgrading from a boiler to a heat pump might be worthwhile, especially if you’re able to take advantage of government help while doing so.
Improve Kerb Appeal
You can make your property more appealing to would-be buyers by improving the first impression they have of it. This means making the front drive, and the exterior in general, more appealing. You might install a new front door, repaint the garage, render the entire house, resurface the drive, or perform some creative landscaping in the front garden.
Add Extra Living Space
The more space there is within your home, generally speaking, the more valuable it will be. Extensions, including conservatories, can add tens of thousands of pounds in value, as can conversions of your garage space or loft. If you have the space available outside, you might install extra living and dining areas outdoors, too.