Homeowner Loans To Add Value To Your Property
Posted by Nick Niesen on October 29th, 2010
First time buyers receive a great deal of attention at the current time due to the increasing difficulty of making that first step on the property ladder. It is rarely documented however of the difficulties facing homeowners looking to move up the property ladder which is too becoming increasingly difficult.
Recent research shows that the average upscale from a two to a three bedroom property now stands at £27,100. Those looking to upscale from a three to a four bedroom house face the biggest hike in price at £64,032.
As a result of these differences in price, coupled with the fees involved in moving home, more and more people are looking to use homeowner loans to improve & extend their current home to take the effect of upsizing.
When buying a property, many property developers will look at the potential to improve, modify and extend in order to increase the value. This is also a technique now used by many buyers looking at the potential for home improvement.
It can be difficult enough to buy property, with many considerations that must be taken into account. There are many issues that can reduce property value let alone increase it; however the type of property you buy can dictate your ability to improve it or even make any additions at all.
The type of property that best suits improvement will depend on the nature of work you would like to perform. For example, if you are planning to convert a loft in an extra room then it is important that there is enough room to stand up in.
Sometimes the easiest and cheapest way to increase your home?s value is to invest in an improving, up and coming area using a homeowner loan. Signs that an area?s property market is set to improve can be relatively easy to find. These signs may include looking at particular areas or streets that are already popular with buyers. It is often the case that as particular streets or areas increase in value, buyers are priced out of their preferred location, so move as near to it as they can afford.
The important thing to remember is that there is no guarantee that any improvements made on your property will result in an increase in value. Buyers in different locations will be after different things. It is an important consideration to ensure that you are offering potential buyers what they really want. For example a conservatory may be appealing to some but not to others
A good yardstick is often to consult the local estate agents who much a property would be worth subject to improvements being carried out, such as a new kitchen or a conservatory.
Often it?s the smaller, cheaper improvements that can generally offer higher returns than the more expensive ones. The larger and more expensive jobs such as converting your loft or basement may seem appealing to buyers, however they are often unwilling to pay a premium that meets the expense and effort of carrying it out.
The cost of any home improvement and the likely return will vary hugely on the type of property and the area that it?s located. Very few developments come in under budget with the majority coming in over budget. Quote received from builders can often be on the optimistic side. It is therefore prudent to over budget for works
Below is a rough guide of the costs versus the benefits:
Conservatories may not seem quite as attractive in today?s market as they once would have done to the potential buyer. Adding a conservatory is an expensive exercise and would perhaps be best considered for personal use rather than as a tool to increase the value of the property.
About the AuthorNick Niesen
Joined: April 29th, 2015
Articles Posted: 33,847
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