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Renovating your home for profit

Jan 05, 2015

If you are thinking of moving home you may have considered renovating, redecorating, extending or revamping your property to add value. From new bathrooms and kitchens to extensions and loft conversions, the work you can do on your home is endless and can add thousands to an asking price.

Here are a few points to consider if you are looking to add value to your home with improvements, extensions or modernisations.

Choose the right home improvements
At the most basic level making sure your home has a few mod cons is a great selling point. Buyers like central heating, double glazed windows and up-to-date boilers and electrical systems. Make sure any work you get done meets all the current regulations and are from approved tradesmen (e.g. Gas Safe registered plumbers or companies which are Fensa registered for windows.)

Consider energy efficiency
Every home now sold has to have an energy performance certificate (EPC) and modern buyers often look at the level of efficiency their future home may have – does it have good wall and loft insulation and energy efficient windows and doors? If not it may be a consideration for improvement.

Choose neutral colours
If you are redecorating it’s advisable to choose neutral colour walls and carpets - you may love purple but some buyers may not be able to see past purple walls and pink carpets. White or cream walls and plain carpets and flooring allow buyers to imagine their own decor and belongings in the space.

Remember the ceiling price
Every property has a ‘ceiling price’ – the maximum price a buyer will spend on a property in your street/area. It’s important to keep your eye on this, so that you don’t spend so much money renovating the property that you won’t get your investment back when you sell. Local estate agents should be able to help with his information.

If you are looking to remortgage your existing property or move into a new home then a member of our mortgage team may be able to help. Call them on 0800 378 669.