More often than not, the most obvious ways to turn a profit are also the most lucrative. In this instance, what we are talking about is increasing the value of your property by making home improvements. Something as simple as upgrading your heating system or adding an extra bathroom could see you tens of thousands of pounds richer. The simple way to add value to your home is to extend or improve your home without spending too much money. In general, if you're trying to add value to your home, always ask yourself this question: will the value of my house go up by more than the cost of the improvement?
There are many different ways of adding value to your home. Some are cheap and easy, like repainting your kitchen units. Others are more complex and expensive, like building an extension. If you're not planning on moving out any time soon, you should also think about what home improvements would boost your quality of life the most. An extension might increase your house price the most, but a new kitchen might be the thing that really makes you happy.
Before taking on this type of project, take into consideration the following factors:
1. Check the current value of your home
First things first: use a website like Zoopla or Rightmove to get an estimate of your house's current value. Or get a local estate agent to give you a valuation.
2. Check the value of other properties on your street
Before you start increasing the value of your home, you should first check the maximum price of houses in your area.
Depending on where you live, there will usually be a "ceiling" on how much properties cost. For example, if a 2 bed flat usually costs £250,000 on your street, it probably is not worth boosting the value of your 2 bed flat much beyond £250,000.
You also need to think about who might buy your house in the future. Before you put an extra bedroom on your 2 bed flat, ask yourself: would someone buy a 3 bed flat in this area? Or are they looking at buying in another area?
3. Check if you can get planning permission in your area
Finally, before you embark on adding value to your home, you should check to see whether home extensions or remodelling is allowed in your area.
If you live in an old house, check if it's Grade II or Grade I listed. If you live in a historically interesting or very attractive part of the country, check if you're in a Conservation Area, Area of Outstanding Natural Beauty, National Park, or World Heritage Site. You may still be able to do work on your home, but the application process will be more difficult.
If you live in a flat, you will almost certainly have to apply for planning permission with your local council before you can do any work.
If you have a detached or semi detached house, you may be able to build a small rear or side extension or attic extension without planning permission. Larger extensions still require planning permission from your local planning authority (LPA).
Planning permission is a fickle thing, and the likelihood of being approved depends on a number of factors. If the council finds out you went ahead and built after a refusal, you will be served an “enforcement notice” ordering you to reverse any changes you made immediately. You can always appeal the LPA’s decision, but it can be a long and arduous process.
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