Despite the tough economic climate wreaking havoc on personal finances in the UK over the last few years, there are still a number of ways that people can make – or at least invest – money wisely through home improvements. While it’s always important to ensure that there is a sufficient policy of buildings and contents insurance to protect yourself during this process, the fact is that people stand to make thousands through ever-desirable additions to a property.
Phil Spencer, the mastermind behind Channel 4 show Location, Location, Location alongside Kirstie Allsopp, is a man who knows exactly what’s necessary if money is to be made, or spent wisely and reflected in an eventual resale of a property.
Conservatories are perfect for any home
While Phil was clear to highlight how many people know that “the danger is that your conservatory ends up looking like something just bolted on the back”, such a living space that matches the style of the rest of the house is a great way to improve the value of a home. A conservatory costing between £5,000 and £30,000 can add up to seven per cent to the value of a house, so spend wisely if you know how much your house is worth.
Kick your car out of the garage and move in
Turning the garage into a living space is a great idea. “The fact is, 90 per cent of British garages don’t contain a car,” Phil continued.
“They are a wasted asset.” Just £10,000 could see you adding real value to a home – multiply the square footage by local cost per square foot to find out how much it ups your house price.
Prioritise the kitchen
High street companies know exactly how much a kitchen can add to the value of a home, so long as it has a triangle between the sink, fridge and oven. However, ensure the cost of your kitchen matches the house itself – don’t over or underspend on the asset. Phil added: “[A] new kitchen will add 4.6 per cent onto the value.”
Do your research and remember that not all investments have to be huge
– just be sure to take pride in your property when it goes up for sale, and remember to ask yourself if you’d be impressed by what you see if you were the buyer, not the seller.