There are many different ways to increase the value of your home. Some popular methods include landscaping, installing new permanent fixtures such as bathrooms or kitchens and converting disused space into something more practical. However, one of the best ways to maximise the value of your home is to quite literally increase the amount of available living space within it.
According to recent research, some British homeowners have raised the value of their homes substantially by adding new space to their properties. There are apparently numerous different ways in which Brits choose to undertake this task, however experts have noted that the more savvy DIY’ers are maximising potential returns by investing in lower cost (although still high quality) additions such as conservatories and outhouses.
It is suggested that a well constructed, good quality property addition such as a conservatory can potentially add an additional 12% to the overall value of a typical 3-bed semi, and a sizeable 19% to a 4 bed detached. Homeowners who have made the aforementioned additions to their homes either pre or during the property market boom have gained a staggering £45’000 (average) increase in their properties value as a result.
As far as raising the necessary capital in order to fund such projects is concerned, the vast majority of Brits are reportedly turning to low cost home loans or even equity release schemes as a means to foot the bill. Numerous lenders have also reported a noticeable rise in demand for such loans over the past 5 years.
In addition, the average conservatory or out house project is said to cost around £10,000 from start to finish.
