How to Add Value to Your Home

For the majority of homeowners, your home value is an important consideration. While not everyone follows the property market as closely as estate agents or professional investors, improving the value of your property is worthwhile to everyone; whether you plan to sell your house or leave it to a loved one when the time comes.

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Securing the money to pay for home renovations is what we’re experts at here at Clifton Private Finance. With a wide range of deals available to homeowners, we can make sure nothing is out of reach. Once you choose how to add value to your home, we’re here to help make it happen.

7 Quick Home Improvements That Add Value

Not all home improvements need to be major projects. There are many smaller things that can add value to your home without breaking the bank.

1. Maintenance

Right at the top of the list comes maintenance. Before you consider doing anything major, it’s important that the underlying structure and nature of your home is up to date. This means moderate things like:

• Upgrading the plumbing
• Modernising electrics
• Fixing the roof
• Sorting damp issues

A poorly maintained home loses value quickly as many buyers will be quick to demand discounts if they have to make significant home improvements on day one. In extreme cases, it can stop you from being able to secure a buyer at all, as mortgage lenders require a house to meet certain standards before they finalise the loan.

If you haven’t managed to keep up with your house maintenance, it’s worth getting a proper evaluation and having everything seen to. At Clifton Private Finance, we can unlock the equity in your home to keep it up-to-date - just speak to an adviser for help.

2. Boost Kerb Appeal

We all know first impressions matter. For your property, that means making sure that as soon as someone drives up alongside, they see something enticing. Making sure the frontage of your property is in the best condition will add value before a potential buyer has even stepped through the door.

This means:

• Fixing any rendering or brickwork issues on the outside
• Presenting a well-cared for front garden and well-maintained driveway
• Painting walls, doors and window frames to show a delightful front
• Consider a new front door - it really makes a huge difference

3. Decorating

While this may seem obvious, it definitely deserves an inclusion. Once you have visitors in the house, they’re going to be looking at the walls, ceilings and floors.

A good paint job or sprucing up the wallpaper in neutral colours will add value to your home, especially if some rooms have collected their share of wear and tear over the years.

4. Lighting

Good quality lighting makes a huge immediate impact to your house, especially if viewings take place in winter months when it is darker outside and the visual warmth of the home can be enhanced.

Installing modern lighting is a cost-effective solution for homeowners that will add value and increase buyer interest, as well as improving the home while you continue to live in it.

5. New Doors

Internal doors are often overlooked by home owners when making improvements, however, good quality and smoothly fitted doors can add immediate appeal. Making sure bathroom and bedroom locks work as expected and that handles are uniform helps with internal continuity and style.

6. Kitchen Refurbishment

A good kitchen is one of the most important items on many potential buyer’s consideration lists. If renovating and modernising the kitchen is out of budget, it is still worth turning attention to the existing kitchen and improving where possible. Cabinet doors, worktops, and plumbing should all be as pristine as possible and work done to replace or repair where needed.

7. Accessibility Improvements

While house alterations for accessibility do not significantly add property value in of themselves, they do widen the market for your home as well as providing longevity if you plan to remain resident into your old age.

Money invested in accessibility improvements - such as doorway widening, walk-in showers, or ramps - will make your home more appealing to retired buyers and anyone who needs to consider their circumstances in the near future.

How much value accessibility renovations will add to your property will depend a lot on the type of potential buyers in the area. It’s worth discussing with local estate agents if a return is important.

7 Significant Home Improvements That Add Value

If you are willing to invest more significantly, then you open the doors to a range of home improvements that can result in extremely comfortable returns.

1. New Bathroom

Bathrooms are one of the major ways to add value to your home, with en suite bathrooms, main bathroom extensions, and downstairs toilets all falling into this bracket.

It’s important to consider the room you’re changing into a bathroom and evaluate that fully - losing a bedroom to make a bigger bathroom is rarely sensible, but extensions and the conversion of unused spaces can be extremely beneficial.

2. New Kitchen

Kitchens are social spaces as well as work spaces, and a well designed modern kitchen adds considerable appeal to the average home.

Adding square footage with a double storey extension is a good way to get a new kitchen, converting some of the unused outside space to construct a whole new section of house. This has the advantage of providing more space above for another bedroom or family bathroom.

A lot goes into a new kitchen, so it’s important to get specialist advice and not rush into making decisions, thinking about everything from the type of counter top to whether you’ll need new flooring will all make an impact. Research, clear budgeting, and management are essential.

3. Loft Conversion

For anyone wanting to increase the square footage of your internal space, a loft conversion is an excellent idea. Depending on your area and the planning permission available, these don’t have to mean just adding sloped Velux windows - full loft conversions raise the roof height and add proper vertical windows to make new rooms on the top of your house.

New bedrooms with en suite bathrooms, office space, or kids playrooms are all viable, with clever options for storage.

Loft conversions will add a lot to your home’s asking price, making them one of the best ways to add value to your home.

4. Conservatory or Garden Room

A single storey extension for a conservatory, or garden room separate from the house will give you a wonderful space to enjoy the sunshine of the warmer months. Modern conservatories and orangeries benefit from warm, modern double glazing; bespoke window coverings, such as shutters; and a range of new flooring options that can maintain warmth no matter the weather.

For families and older couples, a conservatory offers an enticing addition to the home, proving an enviable and relaxed sanctuary.

5. New Driveway or Parking Space

Professional couples and families can always benefit from additional parking, especially in inner-city areas where options for parking are limited or expensive. While losing front garden space is a compromise to be properly evaluated, the financial benefits from a new driveway or bespoke parking space are not to be underestimated.

Speaking to estate agents can help you determine whether prioritising parking is right for potential buyers in your area.

6. Solar Panels

With energy bills unlikely to ever dip far below their current level, producing your own electricity to become a little more self-reliant (and even sell back to the grid) is a strong option for modern homes.

The technology of solar panels is always improving and extremely efficient panels are available for homes, benefitting from the sun’s free rays no matter which way your house faces or the general level of cloud cover.

Solar panel installations can pay for themselves twice over - the first in how much value they add to your home, and a second time in the monthly electricity savings. For homeowners looking to remain resident for some years to come, solar panels are an excellent option.

7. Insulation and Energy Efficiency

Insulation is another way to improve your home and lower bills, adding value and reducing outgoings at the same time. There are a range of ways to boost the energy efficiency of your home, including:

• Roof and wall insulation - The insulation in your home should be updated periodically. If it’s been more than a decade since this was looked at, it’s likely that significant improvements can be made.
• New windows - Double glazing and triple glazing bring immediate warmth and financial benefits.
• Shutters - An investment in window shutters will improve your home insulation while adding an aesthetic that makes your home more attractive and valuable to many buyers.

4 Key Considerations When Making Home Improvements

Getting the most value out your renovations requires a few important considerations:

1. Planning

It is essential that any home improvement is properly planned, with close engagement with builders and architects to avoid future issues and to maximise final selling price. Considerations such as party wall agreements, building regulations, and - most importantly - planning permission need to be thought about early and resolved before any physical work begins.

A mistake here can be extremely costly and wipe out any return on investment.

2. Budgeting

Any big project needs to be well budgeted, with a full timeline and project management plan and additional funds put aside as headroom.

For larger projects, funding can be staged to minimise interest, providing you with money as you need it. Speak to a Clifton Private Finance adviser to discuss your timeline and budgeting requirements and let us help you develop a comprehensive financial outlook that encompasses the complete project.

3. Research

While specialist help is important, especially in areas you are less confident in, it’s also vital to educate yourself and do your own research. Getting the right tradespeople and specialists can save a significant amount and avoid potential problems.

It’s important to:

• Ask for evidence of previous work from tradespeople
• Check out online reviews and testimonials
• Obtain clear quotes and invoices
• Discuss alternative options
• Get independent legal advice where relevant
• Double check before paying large sums

At Clifton Private Finance, we can explore options for your funding, giving you a transparent overview of all fees and interest to make sure you make an informed decision before going ahead.

4. Insurance

Insurance is vital, and it’s important to ensure your contractors have the right insurance in place to cover the build and any potential problems.

The tradespeople you employ should have:

• Public liability insurance - covers both the property and people
• Employers’ liability insurance - covers their employees
• Professional indemnity insurance - covers bad advice and faulty design work
• Contractors’ all-risk insurance - covers work damaged or destroyed before completion

You must also have full home insurance (buildings insurance) which will cover your home once the renovations are done.

Borrow the Money You Need to Add Value to Your Home with CPF

Getting funding for your home improvements project is easy with Clifton Private Finance. Our advisers will discuss your project with you to determine the best avenue for funding. This may be:

• Remortgaging: Obtaining a new, larger mortgage to replace any existing mortgage and pay for the renovations
• Second charge loan: Also known as a homeowners loan, a low-rate loan secured by your home that can provide the capital required
• Bridging finance: Specialist short-term, flexible lending suitable for major renovations
• Equity release: Lifetime mortgages and sister products designed to provide capital for home improvements in retirement
• Additional borrowing: Extending your existing mortgage to cover the cost of significant home improvements
• Unsecured loan: A credit rating-based loan that may be suitable for smaller projects

At Clifton Private Finance, we work on your behalf to get the most suitable loan for your circumstances, comparing lenders across the whole market of UK banks and specialist options. For a free consultation, contact us today.