Working your way up the property ladder is a continuous process. Many homeowners make the mistake of always thinking of their next property while neglecting their own. The best way to give yourself a leg-up is to make your home as appealing as possible before selling. This will increase your expected sale price, which you can then invest in your next property. It can seem counterintuitive to spend excessive amounts of money on a home you don’t intend to stay in much longer. However, you have to think of it from the perspective of making effective returns. All the money you spend on renovations should come back to you in market value.
If you’re interested in how to get started, read on! We have compiled the three best ways to increase your home’s market value.
1. Renovate Your Roofing
You may be excited to renovate the kitchen or bathroom, but your roof needs some love. Roofs can deteriorate over time and are often overlooked by homeowners. It’s easy to be more concerned with how the rooms appear or how the furniture is arranged, but if your roof isn’t in top condition, it can seriously harm your property value. And if you’re going to make this investment, you’ll need contemporary materials and stand up against the elements. According to this Metal Roofing Indianapolis IN company, metal roofing is growing in popularity thanks to its durability and energy efficiency. It may be something you haven’t considered before, but keep in mind that this material can last up to 30 years and lower your utility bills.
2. Use Your Garage as a Living Space
Converting your garage can greatly increase the value of your property. This is especially true if you possess additional parking space outside, which means you aren’t losing any necessary space. Your garage may not require planning permission as it will most likely fall under ‘permitted development.’ You will need to double-check building regulations to ensure your garage is structurally sound to be used as a living space. This usually involves checking drainage, electrics, and the suitability of the roofing.
3. Consider a Cellar Conversion
This won’t necessarily apply to every home, but if it’s a possibility for you, it will make a significant difference. Clearing the cellar and turning it into a living area can make this space count as an additional room. It will increase your property’s square footage, which will make it more desirable on property listings. Of course, renovating a cellar is a big undertaking.
A project of this size takes time and careful effort, but that shouldn’t put you off entirely. It can be an incredibly lucrative investment when performed correctly. In fact, the value of your home can give you 70% payback. Additionally, unlike other extensions, you don’t need to apply for planning permission. This can greatly speed up the renovation process.
Stick to a Budget, but Get Creative!
Renovations can be very exciting, but it is also important that you stay within your means. Of course, you should make all the money you spend back when you eventually sell your property. You may even make a handsome profit! But the housing market fluctuates continuously, and pouring all of your money into a remodel may not be in your best interest. Remember, practical renovations such as roofing or structural restoration will be more beneficial in the long term than aesthetic changes. Spend wisely and reap the benefits with these three ideas.