Renovating properties was big business just a few years ago. At the height of the property boom a plethora of property programs on TV told us we could all be a property investor. Simply buy a house, run through a few improvements (doing most things as cheaply as possible) and then sell it on at a profit. While well planned improvements can still increase the value of a property, it is far from that simple in today’s housing market. In a time when house prices continue to drop in the North East, money spent on remodelling your home needs to be carefully planned. One overreaching rule that should never be forgotten when considering this though is that houses are for living in. Spending money changing your home to make it a nicer place for you to live is always money well spent!
Two of the most popular home improvements are installing new contemporary kitchens or alternatively fitting uPVC conservatories. Both have distinct advantages, but if your budget allows only one of these options, which should you chose?
The value of investing in a new kitchen depends to a large degree on how you tend to use the room. In many homes, the kitchen is very much the heart of both the house and family life. Obviously this is where the cooking takes place and having a great environment to work in can make a big difference to any keen cook. Your kitchen can be more than just a place to cook though, with many people opting to eat most meals in the kitchen (normally in a specially created dining area.) Add in common uses of the room as a recreation room for all the family and this is starting to add up to a lot of your family time spent enjoying your kitchen. If this sounds like your family, then fitting a new kitchen could be the right move for you. If, however, you don’t do much more than boiling the kettle in the kitchen and you are primarily concerned with resale value then perhaps you should think again.
Many people make the mistake of waiting until they are looking to sell a property to fit a new kitchen, in the belief that it will help them to sell. This might not be the best use of money though if you consider that ripping out the kitchen and fitting a new one is often the first thing that people do when they move into a new home. If you think the kitchen is looking a little worn and that it might hold back a sale, think about replacing cupboard doors to make things look a little fresher. When it comes to replacing contemporary kitchens, the best advice is to do it while you are living in the house so you can get more enjoyment out of your new kitchen.
So what will actually increase the value of your property? Well the simple answer is more space, more square feet equals a higher price when it comes to property. In terms of improving house prices it doesn’t really matter what you extend, whether you are converting a loft, building over a garage or adding an extension to the back of your house. Of course significant building work comes with significant costs and often also requires planning permission. In terms of getting ‘bang for your buck’ uPVC conservatories can often be the best value. You can create a new room at a fraction of the cost of an extension, often without planning permission and still increase the resale value of your home.