It’s no secret that the economy has been tough lately. More people are finding themselves out of work, those who still have their jobs are seeing their wages stagnate and costs are rising.
If you’re one of the lucky ones who owns a home, you may be wondering how you can counteract the effects of the recession by adding value to your biggest asset – your property. In this blog post, we will discuss some of the ways that you can increase the value of your home, even during an economic downturn.
Some ideas involve more of an investment than others, but all of these will add value to your property:
- Improve curb appeal
- Update kitchen and bathrooms
- Improve energy efficiency
- Landscape the garden
- Renovate a home office
- Create more space
Improve Curb Appeal
Investing in home improvement projects that add curb appeal will help increase the value of your property without breaking the bank. First impressions matter, and if your home looks good from the street, potential buyers will be more likely to want to see what’s inside.
Small projects like painting the front door, trimming the hedges, power washing the front path or driveway, or even just planting some flowers can make a big difference at very little cost other than a bit of your time.
If you have a little more money to spend, you could also consider upgrading your front door, garage door, driveway or front garden if any of these are starting to look a bit scruffy or dated.
Update Kitchen and Bathrooms
These are two of the most important rooms in the house, so it’s important to make sure they are in good condition. You don’t necessarily need to do a complete overhaul either. If your kitchen is dated, consider just replacing the cabinets or countertops. If your bathroom needs a facelift, try installing new fixtures or tiling. These projects can be relatively inexpensive, but they will go a long way towards increasing the value of your home.
Improve Energy Efficiency
With the rising costs of energy bills, homebuyers are increasingly looking for homes that are more energy efficient. You can add value to your property by installing solar panels, double glazed windows or a tankless water heater. These upgrades will not only make your home more valuable, but they will also help you save money on your utility bills in the meantime.
Landscape the Garden
If your home has a beautiful garden, it will be much more appealing to potential buyers. Invest in some quality landscaping projects, such as planting trees, shrubs and flowers. You could also consider adding a deck or patio.
These types of projects can be a bit pricier, but they will definitely add value to your home. If you are able to do any of the work yourself then that will reduce the costs too.
Renovate a Home Office
With many more people working from home nowadays, the home office has become an important feature. This is one room that potential buyers will definitely be looking at, so it’s important to make sure it looks its best.
Consider painting the walls, adding new furniture or upgrading your desk and chair. These simple improvements can make a big difference in the appearance of your home office and the appeal of your property overall.
Create More Space
There are several ways to create more space, or the impression of it, in your home:
Creating an open plan living area
If your home is currently divided into a lot of small rooms, consider knocking down some walls to create a more spacious feel. This can be a big selling point for families who are looking for a more modern layout.
With the popularity of open floor plans, many homeowners are considering making this type of layout change to their homes. An open floor plan can make a small home feel more spacious and airy. It can also be a great way to create more entertaining space.
If you’re thinking of adding value to your property by creating an open floor plan, there are a few things to keep in mind. First, you’ll need to consider the flow of traffic and how people will move from one room to another. You’ll also want to think about the furniture placement and how it will work with the new layout.
With careful planning, an open floor plan can be a great way to add value to your home.
Making the basement habitable
If your home has an unimproved basement, this is a great opportunity to add value by making it into a habitable space. Unimproved basements are dark and damp, making them uninviting and mostly unusable, but a habitable basement can provide extra storage space, as well as be used as an extra bedroom, playroom or home office. You’ll be adding extra floor space to your home without any extra building work.
If you’re thinking about adding value to your property by making your basement habitable, there are a few things you’ll need to do. First, you’ll need to waterproof the space to prevent moisture damage. Then, you’ll need to add insulation to keep the space warm in winter and cool in summer. Finally, you’ll need to install lighting and ventilation to make the space more comfortable and inviting.
With a little bit of work and a modest investment, you can turn your basement into a valuable asset that will add value to your property.
Adding an extension or loft conversion
A home is one of the biggest investments you’ll make in your lifetime. So, when it comes time to sell, you want to get the best possible return on your investment. One way to do this is by adding an extension or doing a loft conversion. This requires more of an investment upfront but, if you are able to afford it and plan it well, it will likely add more value than it costs.
An extension can add both extra living space and value to your home. For example, a kitchen or bathroom extension can add thousands of pounds to the sale price of your home. Similarly, a loft conversion can provide much needed extra space for a growing family in the form of a playroom, home office or bedroom.
If you’re looking to add value for future sale, an extension or loft conversion is definitely worth considering, as long as you have the funds available.
These are just a few of the ways you can add value to your home during a recession. By making some simple improvements, you can make your home more appealing to potential buyers and increase its resale value.
If you need Undergoing Renovations Insurance for larger improvement projects on your home, please get in touch with us at Construction Insure. We’d be happy to advise you regarding what policies you need to protect yourself and get you the best deal too.