If you are a homeowner, there is one thing that is certain, you will always want your home to increase in value while you own it. If you were fortunate enough to buy in a market low, and sell during a high point, then you will be able to rest on some profits to contribute to a bigger or better new home.
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However, if the market has not moved in your favor, you may find yourself in negative equity. If your home is worth less than you paid for it, you may lose money on the sale. This can be a significant set back that will mean you will not be able to climb the property ladder in the way that you may have intended.
There are ways around this, however. If you have some savings or are able to take out a home improvement loan, then you can do some work to your property in order to increase the market value of the house. Before you take out any type of loan, make sure and do your research. Be sure that you can make the repayments both now, and in the future. This should be a particular consideration if you plan on taking out a new mortgage on a future property.
Setting Your Budget
Working out exactly how much you can spend on your project is very important. This will then determine the level of the work that you are going to carry out. Don’t just do work because you think that it will make the house look better. Instead, take a more practical approach and only carry out work that offers the maximum return on your investment.
Do It Yourself?
You may well want to carry out as much work as possible yourself. You should only do this if you are highly skilled and experienced in home renovation. Making mistakes while doing the work yourself can end up costing you dearly. You may need to hire a contractor to undo your work, before starting again from scratch.
Add Curb Appeal
Modern homes can look great with exterior cladding. This is a great way of covering a large area with a professional finish in a simple and effective manner. You can hire in a company that will be able to do this work in a relatively short space of time. The effect will be stunning, and you may not even recognize your home after you have had the work carried out.
Add Real Value
One way to really up the market value of your home is to create additional living space. You can do this either by building an extension or adding a conservatory. Or, you could look at converting an attic, basement, or adjoining garage. Before you start any work, be sure you know what the procedures are for getting planning permission for any work that alters to the structure or size of your property. Getting work such as this carried out can be complex, however, very often the returns are large.
