If you are making structural changes with the purpose of adding value, you should first find out the current market price of your property, as well as its potential value once the changes have been made. Otherwise, your hard work and cash may not reap rewards.
Additionally, think about less radical changes that can be made - partitioning walls can be knocked down or put up, and bigger windows can make a house appear more spacious. However, in order to really boost what you have, an extension may be the best option.
If you're feeling adventurous...
Rising property prices with a premium being put on space can make extensions a wise investment. However, this is a major project and shouldn't be undertaken lightly:
- Call in professionals to get the job done properly, as there are important planning restrictions and regulations which need to be followed.
- Ask friends to recommend if they can recommend an architect and builders. It is really important that you locate the best people, as a botched extension can devalue a property.
- The National Federation of Builders (NFB) can provide you with a list of registered builders in your area. A builder that belongs to a respected trade organisation will have to comply with membership standards.
- The Royal Institute of British Architects (RIBA) provides a list of registered architects.
- Although a modern extension can look good on an old house, wehen it comes to selling on it is important to appeal to the average buyer's taste. Therefore it is more advisable for an extension to match the architectural style of the existing house.
- Be strategic: Extra bathrooms and large kitchens are usually good investments in family-sized homes, and a garage in a busy, urban area will also add value.
- The room that usually benefits the most from enlarging is the kitchen. Adding a kitchen/diner creates the farmhouse kitchen most people want and provides extra space. The old dining room can become an office, playroom, or an extra sitting room. Kitchen extensions also provide the opportunity to extend upwards - an additional bedroom can be built on top at the same time.
- Loft conversions are another good way of enlarging your house. Victorian or 1930s houses are ideal for these because of their high roof pitches. Prices will vary depending on how many bedrooms are added and whether an en-suite is built. A loft room will also require less planning and building requirements than a bedroom- do the research and speak to chartered surveyors and architects.
- If there isn't a reason to expand, consider applying for a further advance on your mortgage and give the house a makeover. A new kitchen, bathroom and carpets will revive the the property and increase its value at the same time.