Want to upgrade your home and increase the resale value? Here are some big improvements to get you going.
When you buy your home, you want to make the most of your investment. That means paying attention to what you put into it, and what you get out of it. Making small changes to improve the building is one thing, but if you want to make money reselling, you’ve got to go bigger. Painting the interior will up your selling chances but adding timber cladding on the exterior will raise the home value report far higher.
What about paying for it all? We’ll examine a few methods of paying for your home improvements before we talk about the biggest upgrades you can make to your home.
Paying for Home Improvements
There are options in paying for your home improvements. The natural first choice is with a homeowner’s loan. Here in the UK, you can back the value of the loan against your property. The loan is cheaper because you have assets to offset it with. Nowadays, though, there is a far smoother way to pay for home upgrades, with a HELOC.
HELOC stands for Home Equity Line of Credit. It is a type of loan that you borrow against your house. You use a HELOC to unlock up to 80% of the value of your home, less what you still owe on the mortgage. Although these have been available in the US and Australia for years already, the HELOC is new to the UK.
Now that you know how to finance your upgrades, let’s talk what you should do to increase the property value of your house.
3 Upgrades that will Up Your Home’s Value
There are lots of upgrades you can make to increase the value of your property – but we want to go large. Here are the three biggest upgrades to make if you want to resell.
1 – Add a Garage
If you have space to provide some off road parking, then why wouldn’t you do it? A driveway is a good idea. A car port is a better idea. A garage is the best idea. Not only does it raise the price of your property by up to £30k, but it also allows you a second storey room addition on the upper floor of your house. Add the garage as a property extension and you increase your square yardage. It’s just good common sense.
2 – Add a Double Bedroom
Adding a new double bedroom to your home can boost resale value by a huge percentage. This is a pricey upgrade, but once it’s made, your home will be permanently larger. In the eyes of buyers, a home with two double bedrooms is a real winner. It can add up to 15% of your home’s value. If you live in the north it can double the value.
3 – Landscape your Garden
The grounds your home sits in are just as important as the home itself. If the surrounds are idyllic and picturesque, potential buyers will flock to bid on it. If they imagine themselves driving home from work to arrive somewhere beautiful, they are far more likely to buy and far more likely to bid high. Just watch.