ADD VALUE TO YOUR HOME
After reading a recent article on moving home I was surprised, as I am sure that many people would be that the estimated costs for moving home, based on the average house price , is calculated by mybigmove.co.uk to be around £10,000!
For some, like first time buyers , the costs are lower as stamp duty does not apply under £300k, but for the average family thinking of moving, £10,000 is just the physical cost of buying and selling fees, surveys and removals etc. It gave me real food for thought, particularly when I realised that the £10k gives me nothing in return. There is no pay off on that investment!
The article made me think, why move when, with a potential budget of £10,000? There is a lot that can be done in a house to make a real difference to the householders lives, and at the same time add value to the home!
Clearly there are many reasons for moving house, some downsize after the kids finally fly the nest, others move for employment, and in those instances a lot of equity can be released to allow for home improvements on the new home, but if your looking to get a bigger house or a more modern interior think what a budget like that would do for you instead of paying out on those fees!
According to the Federation of Master Builders and the Homeowners Alliance, the removal of an internal wall to create an open plan kitchen/diner can cost around £3500. Factor in upgrades to kitchen units and improvements like new tiled floors and splashbacks and the bill might use up half of your £10k budget. The Federation suggest homeowners could expect as much as a 10 fold return on that investment in increased property value! A full kitchen makeover could cost around £5000 and the addition of an ensuite bathroom costing roughly the same. In each case they estimated the rise in value of the home was over 5 times the cost of the improvements. These are real improvements that can turn your home around simply by using money that you would lose during the buying and selling of your home.
Whilst these figures aren’t typical of the whole country, so consider what the ceiling value of other houses that have been upgraded might fetch in order to calculate a sensible budget for your project, and of course, the value is obviously not realised until the property is sold. Even if your improvements don’t add vast amounts to the value of your home straight away, when it comes time to sell up and downsize, you will have done the hard work to make your property much more appealing to buyers and achieve a better asking price.
So, if you are thinking, I like my house and the neighbourhood, but I need something bigger, or more modern in decor, think ‘Don’t Move – Improve’ , unlock that hidden budget and potentially add thousands of pounds in value to your current home.