If you are buying a house and intending to sell it soon, then you are probably wondering how you can add value to it, to increase your chances of making a profit on the sale.
Adding value to a property is not easy, because it usually requires you to spend a substantial amount of money improving it. This makes your chances of generating a healthy profit margin at the end of the process slim, but not impossible.
Although there is never a guarantee that a certain alteration will make your home more desirable to the right buyer, you can increase the odds by focusing on areas of your property that most people value in a home.
These include the square footage of the building itself, luxury feature spaces such as a conservatory or orangery, any garden or outdoor space, and private parking.
This is how to add value to your home in three steps:
Expand Your Living Space
One of the most tried and tested ways to add value to your house is to make it larger. Discounting outside factors like the location, age and provenance of the house, the bigger the property, the higher the asking price.
Therefore, the more you can extend the property, the more value you will be able to inject into the property.
Of course, the trick with adding value to a house is to maximize your profit margin – which can easily be swallowed by a hefty construction bill.
This is why many developers do the work themselves or focus on areas which deliver bang for their buck.
An orangery is one such feature. It gives you a substantial amount of added square footage without requiring a huge sum of money to build.
Not only this, but an Orangery conservatory is a desirable feature which many people would ideally opt to have on their property. Therefore, you kill two birds with one stone.
Ensure Your Outdoor Areas Are as Landscaped as They Can Be
Another area which is ripe for improvement is your outdoor space. Whether you have a rolling lawn that extends for a mile or a small walled garden, any outdoor area needs to be maximized if you are to add value to your property.
The most obvious area to focus on is luxury items such as swimming pools and hot tubs. While these are desirable additions if you can afford them, you are better off attending to the basics.
Landscaping is far from cheap, but it pales in comparison to major construction work or installing a pool. In fact, you can do most of it yourself if you have the time and inclination.
Simply structuring the garden with flower beds, well-maintained lawn and decking can transform the value of a property for relatively little outlay.
Fit Parking Space if Possible
As more and more properties are crammed close together and there are a rising number of vehicles on the road, private parking has never been more precious.
Although this might not be an option for all houses, if you can make space in front of or beside your property for a parking space then you could increase the resale value substantially.
Perhaps you have a small front garden which, while attractive, could be converted into a parking bay with a small amount of gravel or tarmac. Alternatively, you might have space down the side of the building which could be transformed into a garage.