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Making Your Home A Money Maker Instead Of A Money Pit

Making your home a money maker instead of a money pit

Making additions to your home can be a perilous journey if you don’t know what you are doing.  Doing research beforehand is recommended.  The office of National Statistics recently found that homeowners spend nearly £30 billion a year on home improvements that are a staggering £43 million per week.

Here is a list of home improvements that give you a solid investment for your money;

Extension

Adding square footage to your existing property is almost a guaranteed value-added winner.  Expect to pay over £20,000 for a decent extension, however, this will yield an 11 percent increase in your home value.

Extra bathroom

Adding an extra bathroom would typically boost your home’s value by 5 percent.  Ensuites are very much in demand at present and typically can range in cost from £2,500 to well over £6,000 to install.  With the yield being five percent keep this in mind and don’t be tempted to go wild here.

Open Plan Living Areas

House hunters look for appealing workable spaces, open plan living fit into this category of simple practical spaces.  Adding this type of space to your home could yield 6 percent once completed.

Conservatory

If you’re going to add value and not decrease it, the conservatory will need to be made of high-end materials.  The light they let in will be a selling factor, so make it big, bright and made of glass.  If you really want a wow factor make an Orangery, bringing the inside to the outside in a stylish fashion.  Yielding a healthy 5-6 percent on completion.

Loft conversion

Converting a loft space into a double bedroom could cost between £15,000 to £40,000, depending on variables within the property.  Once completed experts say this can add 10 percent to the value of your home.