These are the home renovations that could REDUCE the price of your house
Experts claim that while most improvements will increase the asking price of homes, the added value isn’t always worth the hassle and cost in the first place
HOMEOWNERS up and down the country are constantly debating on how to add value to their property without leaving themselves out of pocket.
Experts claim that while most improvements will increase the asking price of homes, the added value isn’t always worth the hassle and cost in the first place.
Paperwork in order
When renovating a home, it is vital to make sure that all your paperwork is in order.
Not having the right certification for something as simple as roof insulation could knock tens of thousands of pounds from the value of your house.
Make sure a surveyor signs off on everything from electrics, fire safety, and windows, to plumbing, asbestos, and even plants in the garden.
Insulation also has to be accessible to surveyors - they can't take your word that it is there, and they will be forced to either damage your walls or fail you if you can't prove that it's installed.
Know the market
When making any changes to your property, bear in mind the direction that the market is heading in.
You can still turn a profit from a bad renovation if house prices are going up.
But even the best renovation won't do anything for your house's value if the market is in freefall.
So think carefully before making the investment - especially if the renovation is overly bespoke.
Don't make the renovation too personal
If you have any aspirations to sell your house, remember that your dream home might not be anyone else's.
Estate agent Bola Ranson told the Mirror: "We took on a property last year where the owners had spent a lot of money creating a very bespoke living space. The house felt very gothic, dark and almost sinister.
"Conceptually it worked very well, however, when they came to selling, they struggled to generate interest and it became clear that their home’s value had been impacted by the extent of their personalisation.
"Personal styling can be fun but it's important to understand the impact that it might have on your homes marketability."
FEATURES BUYERS LOOK FOR
RESEARCH by interior specialists Hillarys.co.uk found these to be the top five features buyers look for
- Exposed wood, e.g. flooring and beams
- Smart home features such as phone-controlled heating
- Fitted blinds and indoor shutters
- A working fireplace with a chimney
- A balcony/terrace
Having a downstairs bathroom
Having the house's main bathroom downstairs can knock £13,580 off the average UK property, research from Direct Line Home Insurance has found.
A staggering 44 per cent of British adults said a downstairs bathroom would put them off a property.
And 7.4m said they have previously rejected a property for having a downstairs bathroom.
How to get help buying a house
THERE are several government schemes available to help you get on the housing ladder.
- Help to Buy loan: This scheme is for those who have a 5 per cent deposit, and is only available on new-build properties that are worth less than £600,000. The government lends you up to 20 per cent of the property value (interest-free for the first five years) which gives you access to cheaper mortgages. You will need to pay this back at the end of the mortgage or when you sell.
- Starter Homes: First-time buyers under the age of 40 can access this new scheme. You’ll get a 20 per cent discount on the market value of the property (new-build only) but you cannot sell or let the property for five years after you buy it.
- Shared ownership: This scheme is available to non-homeowners who earn £80,000 a year or less (£90,000 in London). People can buy a share of a home from a housing association and continue to rent the remainder. Buyers will need a ten per cent deposit as well as money to cover stamp duty and other fees. You’ll also need to find a mortgage lender that is willing to lend on shared ownership properties.
Be careful with walls
Lots of people love the idea of vast open spaces - but knocking down walls can knock thousands off the selling price.
Ranson added: "Homebuyers see extra rooms as a way of separating the functions of the house, so avoid converting two bedrooms into one larger room.
"The new larger bedroom might feel more spacious and airy, but it will affect the value of your home. Consider adding rooms by converting a very large bedroom into two smaller rooms.
"This will immediately add value to your home."