Ways to maximise the value of where you live now

In an uncertain property climate, many homeowners are considering improving their current homes with a view to adding value to the property they are in now.

A remortgage for home improvements allows a homeowner to withdraw funds from equity in their home. The equity can be used to spend on home improvements for example extensions, new bathrooms, loft conversions, possibly improving the value of the property overall. Here we outline just a few of the possible ways to do this.

 

Convert your garage into living space

Potential Value Added: 15%

Converting your garage into living space, especially if not used for a car and if you have parking space outside your property is a consideration to add value.

According to This is Money, just 22% of owners park their car in a garage in the UK and approximately 3.9 million garages have been converted into living space in the last two decades.

Not all garages are suitable for conversion and you should check if you need planning permission.

 

Extend the kitchen with a side-return extension

Potential Value Added: 15%

A side return is a narrow alley that runs adjacent to the kitchen in a typical terraced or semi-detached house. Extending the kitchen into the side return and to the full width of the rest of the house means you gain valuable space and can also improve the layout.

You’ll still have to comply with building regulations, and work will be inspected at key stages of the build, either by the local authority building department or by an approved independent inspector.

 

Loft conversion to add a bedroom

Potential Value Added: 15%

An extra bedroom can add up to 15 per cent to the value of your home, especially if it’s a loft conversion with an ensuite bathroom. Most lofts can be converted, but it’s worth getting an architect or builder to double check before you start.

The website RESI reports that it’s the loft conversion that offers more added value than building an extension. By creating a whole new room within the loft space, a bedroom with ensuite or study, more value is added than if expanding an existing space, for example a kitchen or dining space.

 

Increase living space with a conservatory

Potential Value Added: up to 10%

To merge indoors with outdoors, choose a fully glazed conservatory.

The biggest part of your conservatory will be the glass, so explore your options carefully. There are many options to suit all lifestyles.

If you are looking to remortgage, at Springtide Capital we provide high quality impartial mortgage advice. We are a specialist mortgage broking business committed to providing a personal and efficient service. We understand the complexities of finding the right loan to suit both your financial and personal circumstance.

To speak to us today, call Springtide Capital on 020 3040 4400

 

Sources:

https://www.propertypriceadvice.co.uk/home-improvements/ten-of-the-best-ways-to-add-value-to-your-home

https://www.thisismoney.co.uk/money/cars/article-3315204/3-9m-home-owners-converted-garage-living-space-20-years.html

https://resi.co.uk/advice/loft-conversions/loft-conversions-add-value-to-your-home