If you are a homeowner, then you may want to consider whether your home is sustaining or increasing its value. Obviously, you will want the amount that your home is worth to rise, however, this is not the way that the value of a home will always go. In fact, many properties will diminish in value over a period of time. This can leave you facing negative equity and being unable to sell your home because you will lose money on the sale.
There are lots of reasons that this can happen. Sometimes it is absolutely nothing to do with your home. Instead, it may be because of national house prices, or developments in the area which will have had an adverse effect of property prices. For example, a new busy road that runs close by, or a major business closing down nearby and leaving their property derelict.
There are ways that you can increase the value of your home though, and it is important that you explore these options if there is a risk of your property losing its value.
An Extension May Help
Having an extension built onto your home may be very beneficial in increasing the value of your home. Buyers want extra space to live in, and by building onto your home, you can provide this.
Firstly, you will need to find a suitable Residential Architects company who will be able to provide you with the designs for your new home. Once you have the plans, you can start to apply for planning permission. This can be a tough process and it may take a considerable amount of time to get the approval that you require in order to commence works. There is also a chance of the planning permission being rejected in its current state. You will need this to be fully approved before your contractors can start building onto your home.
Make sure that your extension has been costed and the profits will help to really add value to your home. The last thing that you want to do is to plough thousands into a project that achieves nothing. Get some idea from a local estate agent of the value that it might add.
Use Your Home In A More Efficient Way
There may be parts of your home that are just not being used properly. If you have an attic, basement, or even an adjoining garage, these could be great additional living spaces. If they are sat empty and are just used as junk storage, then you are doing the value of your property a massive disservice.
Look at converting your attic. Your attic could make a great office space or even an additional bedroom and possibly a bathroom. Your basement could be used as a game and entertainment room, and your garage could provide you with a dining room or it could possibly even be knocked through to make a much bigger kitchen or living room.
DISCLOSURE – This is a collaborative post.