It’s easy to spend money on your home. But knowing where to spend it to best improve its value is slightly trickier.
Of course, it would be silly to govern all your home-spending based on what sort of return on capital it will give you. After all, it’s your home and you live there, so if you have always dreamed of gold taps and painting the main bedroom lime green, knock yourself out - just don’t expect it to do anything positive to your home’s value!
Since Noah was a ship’s apprentice, the value of property has largely been governed by location. The best locations are most desirable and thus, more people will be interested in paying more to occupy it. With the modern home this is still the case, although it’s not the only factor.
When push comes to shove, we all need a place to sleep and the larger the property the more comfortable it is to live in. So the number of bedrooms and the floorspace available are also key to value. In fact, valuers compare house prices by considering the price paid per square metre, thus determining that in basic terms, the more floor space you have, the more value there is in the property.
Of course, there are other factors. Is the property well proportioned with the correct number of bedrooms for the floorspace? What condition is the property in? Does the property have good views, a pleasant garden and sufficient car parking and amenity space? All these things have a bearing on value.
So what then should we be looking to spend our money on if we want to help ensure we are adding value in the process? Here are a few ideas;
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