If history is anything to go by, house prices only move in one direction. Sure there are peaks and troughs, but in general it is one of those investments that will make you money over the long-term.
When it comes to adding value to your home, there are some misconceptions though. Some people think that regardless of the alteration they make to their property, it’s going to boost its value.As it turns out, this isn’t the case in the slightest, and some renovations won’t make the slightest bit of difference to the value of your home. The purpose of today’s post is to scrutinise some of the biggest myths in this regard, and hopefully save you some money as a result.
“A conservatory is a guaranteed way to make a profit”
Once upon a time, this first myth may have been entirely accurate. However, conservatories seem to be dying something of a death – mainly because of the terrible thermal properties that they have. In other words, they become freezing in the winter, yet a greenhouse in the summer.
If you are looking to alter your house in this way, we would instead encourage a hardwood orangery. These are made up of far less glazing, meaning that they are more thermally beneficial whilst still providing your house with an excellent link to your garden.
“You always need more bedrooms”
For a long time, many of us were fooled into thinking that bedrooms were the answer to all problems. As it turns out, adding extra ones onto your home isn’t always the right answer.
Sure, in some cases it can have fantastic results in relation to your home’s value. However, in others, it will barely make a difference.
You need to assess other properties on your neighbourhood, and see how your house fits in. If you are surrounded by two and three-bedroom homes, it might suggest that there is something of a ceiling in this area. If you dive into the details even more, and find out that no homes surpass a certain value, it’s another suggestion that there is a ceiling in your neighbourhood and most people just won’t be interested in a bigger house in that location.
“Loft conversions are another guaranteed way to make money”
Something else that has grabbed the headlines over the years are loft conversions.
Once again, circumstances will dictate whether or not this is the right course of action for your home. You again need to analyse the “ceiling value” of your area – analysing if that extra space really does put homes in your location in more demand.
In some cases it will, but considering how expensive loft conversions can be, this is something you need to find out for definite.
“Little changes won’t make a big value difference”
Finally, don’t be under the impression that you need to always make wholesale changes. As it turns out, things like curb appeal can be even more beneficial than some of the other renovations we have mentioned today.
In other cases, it might be a lick of paint. The point we are trying to make is that if you’re trying to speculate to accumulate – you don’t need to invest huge amounts in the first place.