Selling your home isn’t just a way to save money. Particularly if you’re downsizing or opting for a more energy-efficient property. But did you know that you can actually make money on your resale?
The quickest way to make money on your home is to increase its value. And you can do that by making some smart renovation decisions. As long as your changes are worth more than the amount you spend on renovating, you could be cashing in on the big bucks.
Here are 5 simple but effective ways to add value to your property so you can cash in on the resale.
If you’re looking to boost your property’s value, you’ll want to start with the basics. That means looking into your home structurally. You can have the most beautiful house in the world, but if it’s not structurally sound, all your hard work will be for nothing.
Check for issues like subsidence, dampness, and the efficiency of your heating system (among many others). Spending money on these aspects of your home can feel like a waste of money when you’d rather be doing more traditional things to increase value, like extending. But making your home safe will pay dividends.
One of the simplest ways to add money is to extend. Adding more square footage to your property will inevitably add value to it. Couple this with some smart choices, and you’re onto a winner.
When thinking about the smart way to extend, consider what areas of your home would benefit. For example, maybe you have a small, dark kitchen. Then adding floor space and opening it up to the light will do your home a world of good. But think outside the box too. For example, if you live next to an empty piece of land, it could pay the big bucks to acquire it.
If you want to extend onto it, you may need to consider obtaining a land promotion agreement. But if your money doesn’t extend that far, you can just sell your home with the rights to the land. Either way will add value to your property.
Another great option is to convert the space you already have into a working room. Loft conversions are cheaper than extending and will add value to your home. Especially if the room is set up as a bedroom. Adding an en suite will bump that price up even more. But your loft isn’t the only thing you can convert.
If you have a pretty lovely garden shed, consider converting it into a home office. While it’s not attached to the home, it still adds another workable room to the property. And with more and more people working from home, having a ready-to-go office set up will be tempting for many prospective buyers.
In today’s eco-conscious world, investing in solar panels is an excellent option for adding value to your home. While many of us want to take advantage of the sun’s power, getting solar panels installed can feel like a bit of a faff. But buying a home with some already installed is a brilliant selling point.
If you can, go for top-of-the-range options. For example, you can bump up your home’s energy efficiency by installing smart home meters and tech. Couple that with your solar panels, and you’re onto a winner. Your home will be pulling in eco-conscious buyers for miles around.
If your budget is tight, but your house still needs a bit of a revamp before hitting the market, you can go down the DIY route for your renovation. You can do plenty of little things that will add value when done altogether.
Spruce up your home paint job, swap out kitchen cupboard handles for something trendier, and give your floors a good clean. It’s best to concentrate your efforts on the kitchen and bathrooms. That’s because beautiful kitchens and bathrooms add the most value and can be the clincher that turns prospective buyers into actual ones.
When it comes to moving, you can keep hold of your cash by reducing your expenses. Selling and buying a new home doesn’t have to burn your pockets if you do it with some money savvy.
Image Credits: Ivan Samkov