Mortgages article: Increase the Value of your Home – Cosmetic Changes

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This article is the second in a two-part series on how to upgrade your home and increase its value.

The property market is very unpredictable nowadays – sales are slower

and buyers more demanding. It can therefore be difficult to make a

profit on selling your home unless you think carefully about how to

make it more marketable. Increasing the living space is always the best

way to add value to property, for example by building an extension or

conservatory or converting a loft or basement, but this can involve

major work and a large outlay. For those who can’t afford to make such

big changes, simply renovating or redecorating can make a difference,

and it needn’t be expensive. In fact, you should be wary of splashing

out too much money on cosmetic changes as the increase in property

value that they will achieve is normally quite limited. Having said

this, if you spend wisely, you can make your home more marketable and

increase your profit when you sell.

The key selling features of most houses are the bathroom(s) and

kitchen, and updating them can make a house much more attractive to

homebuyers.

A bathroom is no longer a functional room – it’s now a place of luxury,

a sanctuary within the home where we can relax from our busy lives.

People are looking for stylish design and luxury features – heated

towel rails, whirlpool baths, multi-jet showers, fitted furniture, and

sink vanity units. You don’t always need a large room to achieve this –

there are many clever space-saving options available, such as combined

furniture and suite units, wall-mounted towel rails, a shower over the

bath or corner sinks and toilets. An it needn’t cost the earth either –

DIY stores have a wide range of bathroom furniture, suites, fixtures

and fittings. Always play it safe though – neutral white is the best

option, as it can be co-ordinated with any colour of décor to

suit all tastes.

Ensuite toilets are very attractive to homebuyers and will add value to a home, as

long as they’re in a good location in the bedroom and don’t detract too

much from the bedroom space.

The same is true of kitchens – people want style, luxury and space.

Kitchen design is very important and there are many modern ways of

maximising what room you have. New fitted kitchens can be very

expensive though, especially if you’re having all the work done by a

professional company, so you may not recoup the value in the short term.

A major turn-off for homebuyers is a home with no central heating as it

can require a great deal of work and expense – installing a boiler,

laying pipes and fitting radiators. However, if you have the work done

yourself before putting your house up for sale, you’ll increase the

marketability of your property and you’re certain to make your money

back when you sell.

Replacing windows can make a big difference too. Aside from the fact

that old window frames can make a property look unsightly, they make

not provide effective insulation. New windows can reduce heating bills

dramatically and can be easier to maintain, particularly the uPVC

variety. Beware of fitting uPVC windows in period properties though –

they can look cheap and out of place. New double glazing units on all

your windows shouldn’t cost more than a few thousand pounds.

Even just a lick of paint and a few new soft furnishings can make the

world of difference to freshen up a room and make it look more

attractive. Redecorating isn’t expensive and it’s easy to do yourself.

Choose fairly subtle or neutral colours to try to appeal to most tastes.

Here are some useful tips to consider whatever work you decide to carry out on your home:

Do a cost-benefit analysis – is it worthwhile? Are you likely to

make your money back?

Hire a plumber, electrician or joiner for some of the tricker

parts – or at least consult someone for advice. They may be able to

provide you with useful guidance on how to carry out the work.

Before you start, always work out a budget and decide where you

will get the money from to finance the work.

Don’t bite off more than you can chew – only do as much work as

you can afford in terms of both time and money.

About the author of Increase the Value of your Home – Cosmetic Changes

Author Benedict Rohan
Website http://www.mortgagenation.co.uk
Benedict Rohan works as a freelance finance writer. Commercial Mortgage, Homeowner Loans, Remortgages.