Increase the Value of Your Home – Build or Extend
Tuesday, July 31st, 2007Increase the Value of Your Home – Build or Extend
By Benedict Rohan
This article is part one in a two-part series
on making home improvements.
Once upon a time, investing in property was a
sure-fire way to make money, but as the property
market has slowed down over recent years,
homeowners need to be wise about how they maintain
and improve their property in order to make money
from it as buyers are becoming more demanding.
There’s a wide range of upgrades that can be made,
from large-scale property development to a spot
of DIY. A great deal of capital will be required
for the former and isn’t a realistic option for
many people, but self improvements needn’t cost
the earth and if done well can make a big
difference to property value.
A word of warning though: you won’t always get
back what you put into a property – you’ll need
to spend your money wisely in order to make a
profit. The biggest mistake that most people make
is to focus too much on cosmetic improvements
without making a real difference to the key
features of the property. What homebuyers always
want is space, so whatever improvements you make,
you should aim to create more space (or ensure
that whatever changes you make aren’t at the cost
of space). As a general rule, the more bedrooms
the better – this is what sells a house (although
only if they are all a reasonable size).
There are numerous ways in which to increase
the space in your house – converting a loft or
cellar, adding a garage, building an extension or
conservatory, redesigning the garden or moving
interior walls.
Loft conversions are a specialist job and
should be done by an expert. There are various
building regulations that must be adhered to. For
a start, most lofts aren’t designed to cope with
the loads that domestic use would entail – in
many houses even the cold water tank is mounted
between the roof rafters as the loft floor isn’t
load-bearing. The ceiling and floor will
therefore have to be strengthened, and the roof
may also have to be altered to ensure that it can
support the windows that will be fitted. Fire
safety is another aspect that must be considered
– materials must be fire-resistant and the space
must be designed so that there is a suitable
escape route. This will affect the design of the
staircase, doors and windows. To be on the safe
side, it’s best to employ the services of an
architect or structural engineer.
If you have a cellar in your home, you may be
able to convert it into a utility room, a
playroom, a gym or even a home cinema! Bedrooms,
living rooms, dining rooms and kitchens in a
basement space aren’t a good idea unless you’re
able to fit windows, as they can be dark and need
constant artificial light. Cellar conversions are
also best done by an expert, as they are also
subject to building regulations. You’ll need to
waterproof and insulate the floor and walls to
make the space warm and dry. This will involve
coating the walls and floor in a damp-proof
membrane and installing drainage and a sump for
channelling any water or moisture. Fans and/or
humidity controls may also need to be fitted to
ensure adequate airflow.
Building an extension is a major undertaking.
You’ll need to employ an architect or a surveyor
to draw up plans to submit for planning
permission and building regulation approval by the
local council before you start building work.
Once you’ve got a clear idea of what you want
done, the next step is to work out the costs
involved in the building work and draw up a clear
financial plan. Costs often spiral out of control
once the work is underway and it can be difficult
to keep within budget. Factor a contingency fund
into your plans when working out how to finance
the project to cover unexpected expenditure. The
most common methods of paying for extensions are
by remortgaging or taking out a personal loan.
Speak to your mortgage provider and various banks
to work out the best deal for you.
Think about how the extension will affect the
existing space before making any decisions. If
the garden is very small, the finished house will
be completely out of proportion to the plot and
may reduce its marketability. Garages are
valuable storage places, so think carefully
before knocking down a garage to make space for an
extension as it could end up backfiring – a large
house with no garage and no car space may be very
difficult to sell. Instead, consider extending
over the garage if it is attached to the house,
or knocking down a detached garage and building a
new one adjoining the house so that you can
create living space above it. If getting rid of
the garage is the only feasible option, try to
redesign the garden to allow plenty of driveway
space as it can be very difficult to find street
parking in many urban areas.
A much simpler option for increasing living
space is to get a conservatory. Compared to
extensions they can be much cheaper and they don’t
always require planning permission – although you
should always check before undertaking any work.
It depends on the size and type of the existing
property (detached, semi-detached, terraced,
flat), whether it has been extended before, the
size of the planned conservatory, the amount of
space in the garden, and whether the property is
in a conservation area or is a listed building.
Speak to your local council for advice. The cost
of building a conservatory can vary dramatically –
a conservatory kit from a DIY store is the
cheapest option, but even between professional
companies there can be a big difference in prices.
Get plenty of quotes before making any
decisions.
If you’re daunted by the prospect of having
major building work done, you may want to think
about redesigning the existing interior space in
your home. It’s easy to knock down old partitions
and put up new ones, but of course you’ll need to
check whether any of the walls are load-bearing
and it’s best to speak to an expert before you
begin. One large bedroom could be divided into
two, or an ensuite toilet could be added. Make
sure that you don’t end up decreasing the actual
living space though. Dividing an existing bedroom
in order to create an additional one will not add
any value if the two new rooms are too small – in
fact, it could end up decreasing the value of the
property. Alternatively, you may simply want to
move a wall to increase the size of a key room
such as your living room at the expense of an
adjoining room, as long as the adjoining room
will still end up a reasonable size.
Even redesigning your garden can make an
enormous difference. Think of your garden as
outdoor living space – a deck, terrace or patio
can make a garden much more useable. Car space is
also an important feature for homebuyers
nowadays. If you don’t currently have any
off-street parking, think about building a
carport or driveway.
Whatever you decide to do to your home to
increase its value, bear in mind these useful
tips:
Do your research – find out whether the work
will be worth the expenditure.
Always check whether you need planning
permission.
Speak to an expert for advice – there may be
many potential snags and pitfalls that you’re not
aware of.
Work out a budget in advance.
Only do what you can afford – don’t overstretch
your finances.
Author: Benedict Rohan
Website: http://www.mortgagenation.co.uk
Benedict Rohan works as a freelance finance writer. Commercial Mortgage, Homeowner Loans, Remortgages.
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