What’s your main objective when making changes to your property?
Perhaps you want to add much-needed space for your growing family?
Or maybe your property’s layout simply doesn’t work for you and a major re-jig is required.
Maybe you have come into some money and would like to invest it in your home with some well-deserved luxuries?
Whatever
your reasons for undertaking improvements to your home, you should also
consider one other key objective: Adding value.
While
all of the above will go a long way to improving how your home works for
you, if you’re spending money on improvements, you should also want to
see a healthy uplift in value from all that hard work.
Some
improvements, however, simply don’t add any value to your property,
meaning the money you spend is only being put to work while you remain
in your home.
Here are five things that won’t generally add value to your home…
1. Adding too much space
So, generally, adding square footage to your property will add value.
In simple terms, a larger home is worth more money after all.
However,
if you live on a street where the majority of properties are in keeping
with one another, adding space and making yours stand out too much
could be a mistake.
While potential buyers in the future
are sure to appreciate additional square footage, many do not want to
stand out from the crowd in a street full of similar houses.
And
if the road has a ceiling price for properties, money spent on
extensive work might never be seen again when you come to sell.
2. Building a swimming pool
Thankfully, the good old British weather means building a pool in the back garden is not on the agenda of most homeowners.
But some can’t resist.
Given
an outdoor pool is likely to cost between £15,000 and £25,000 in the
UK, serious thought should be given to taking the plunge.
Buyers
keen on a low maintenance garden are likely to be put off by the sight
of a swimming pool, knowing that pools take a great deal of time and
money to maintain.
Some might love your property, but
could factor in the cost to remove the pool entirely when making an
offer, meaning the money spent could actually devalue your home rather
than add to it.
3. Upgrades that don’t match the property’s condition
Spending money in the wrong places is one of the most common mistakes homeowners make when looking to improve their property.
While
an all-signing, all-dancing electrical system controlled with a tablet
computer might be very 2020, if it’s installed in a property with single
glazing, a poor Energy Performance Certificate rating and a kitchen
from the 1950s, it could be a distinct waste of money.
Spend on improvements that are necessary rather than ones that aren’t.
4. Building an extension that won’t work for potential buyers
While
the primary reason for building an extension should always be about
making your house work better for you, you should also consider how it
will work for potential buyers when you come to sell your home.
Spending
big, perhaps even as much as £30,000-£40,000 on an impressive
extension, could be money you don’t see again if what you do isn’t in
keeping with buyers of homes like yours want.
If you’re
looking to sell in the next couple of years, it could worth considering
holding off on major work like an extension and making do.
However,
if you can get planning permission in place for an extension, that can
be worth a lot to buyers who need the space, but want control on the design
and feel.
5. Converting rooms
While installing a
library or a home cinema in one of your rooms might be something that
works for you, it can limit the value potential of your property if
you’re eating into bedroom space.
If you do want to undertake work like this, ensure that any room you use can be easily converted back to its intended use.
Moreover,
if you’re considering knocking down a wall between two bedrooms to make
one larger room, do so with caution – removing a bedroom will almost
certainly see your property’s price dip in value rather than rise.
If you want to know what your home is currently worth, find out now with our instant online valuation.
