Whether you’re looking to sell your property, improve your living space, or even turn your home into a lucrative revenue stream, there are a number of possibilities that are worth checking out.
The nature of your requirements will be the ultimate decider when it comes to making any costly changes to your property, and you should always source some professional advice before committing to any long-term construction work on your home.
The good news is that some of your renovation and building options are not only cheaper than you might have expected, but the added value that they can add to your property is often more than you might have thought. These options are definitely worth checking out.
- Cellar conversions
Far too many people ignore or underuse their cellar space. If your existing cellar is currently nothing more than a place for the possessions that you don’t have space for, then you’re losing out on a potentially lucrative renovation project.
Cellar conversions can add up to 30% more value on the price of your property, so it’s definitely worth looking at if you’re considering selling. Look at ways to utilize the space, with home cinemas, additional bedrooms, or even a wine cellar all being positive improvements that house buyers may fall in love with.
- Splitting your home for revenue
This is an increasingly common home alteration in the current housing landscape. Splitting an existing house into separate flats has become a proven way of getting more revenue from a property. In cities, this has been the property alteration of choice for landlords for decades, but there’s nothing stopping you from following in their footsteps.
Splitting your property into flats will be costly, but if you have the financing, it’s definitely worth looking into. If there is a local demand for accommodation, it may be worth looking at the cost of refinancing your home mortgage, and transferring it to an adjustable rate mortgage. It’s worth asking the experts so that you are given the best advice possible. With the potential revenue that a self-contained apartment can provide, this could end up being a very cost-effective renovation project.
- The value of a conservatory
For those looking to increase their living space or add value to their property before selling, a conservatory is always a worthy addition to your home.
With the potential to add up to 10% additional value to your property, consider the potential ways that you could make use of the space for maximum benefit.
Consider the frame style that will fit in with the remainder of your home’s style, and always talk to a professional conservatory company before you make any big decisions.
Conservatories do offer the potential for increased property value, but there are lots of factors to decide on before the work begins.
The final thought
No matter your reasons for considering making improvements to your home, always consider the twin factors of how much value the changes will add, and how much the work will cost. With some home alterations adding very noticeable price increases, always make sure that you get the right advice before you commit.