It’s a hard path – the path towards home ownership. Not only do we need to find the money to put towards a down payment on a house – we then need to commit for a number of years to payments to ensure we meet the lender’s expectations and fully repay the loan given to us. Sometimes, because of certain conditions, we can get that loan – the mortgage – refused, sometimes there will be excruciatingly high interest rates placed on top of it. It’s not easy to get into the position to be a home-owner, and these are just the conditions caused by external factors. We need to save to get the money together for that downpayment as mentioned earlier; we need to pass a credit report so we can be offered a mortgage. Even when all the steps are met, it doesn’t get that much easier. We might not be able to find a house that is in our budget, or we might not be able to find a house that could be a home, something we want. A home is a huge investment, and it costs a lot of money, so anything less than perfect just isn’t going to cut it – is it? There are plenty of circumstances that can derail our path.
When we finally move into a house, it can seem like the end of the journey – but despite all the trials and tribulations of the processes that lead up towards home ownership, this is simply the beginning steps. You see, home ownership isn’t just about living in a home, it can be, but you have a lot to gain from your new home. A home is an investment, its value fluctuates depending on its worth, functions and market value. It might very well be a more secure investment than other things, like stocks, but its an investment nonetheless. There might be many out there who are happy to simply live their lives in the home, but a home stands as a substantial investment and has a lot of potential, would that not be wasted if it isn’t realized?
A home is something we can increase the value of – rather easily. And hey, if you’re not into selling your home to get a better return, you can still do the same actions to make your home a better place to live. As we make payments on the mortgage, we get closer to full ownership and a chance to make bigger profits on our current home. Realize the potential of your home by improving the property to get a better return upon a sale.
You shouldn’t need much of an excuse to improve every room of your house. In fact, you shouldn’t need an excuse to add to your home! Let’s focus on the existing rooms of the house first, though – they are real, tangible and we can do things right now to make them better.
One way we can make our home a better place is to look towards open spaces, rather than closed off rooms. Many homes have smaller rooms on the ground floor that are cordoned off – rather pointlessly. Walls can be knocked through to allows these rooms to breathe. A kitchen can join forces with a dining room to allow a cooking and dining space with room for revamps and renovation. Two lounges can join forces to make a better living room. One large space has bigger benefits than a smaller distorted space. Walls can be repositioned or built up – for example; your large lounge might be a huge detriment to your kitchen space. Cozy lounges are good, but small kitchens are a no-no. Dividing the lounge space up and knocking a wall through to the new kitchen is a great way to make a lot of space for areas that need it. No matter the room, there is a lot that needs to be considered when a wall is taken down – primarily to check whether the wall is holding the structure up. Knocking down a wall is easy – and sometimes, it is fun – but if it brings the house down, not only is it a huge danger, it is a massive waste of money and resources. Of course, wires, pipes, and cables will need to be relocated, but if done right, knocking through walls can be an easy and quick way to revamp your home.
Now, one of the areas that can add an amazing amount of value to the home is the kitchen. If you want to make a major renovation, look to the kitchen. The easiest way to improve a kitchen is to follow the previous step and knock a wall down. The more space that a kitchen has, the better. Kitchens usually end up as the focal point of a property, so anything done to a kitchen will boost the value of the home exponentially. An attractive, spacious kitchen will add a lot of value to your home and make it a better place to be right now. The easiest changes you can make are cosmetic – changing plastic work surfaces to a varnished wood or cut stone are good early changes. Tiling and a lick of paint won’t hurt either. Another area that adds a lot of money to the kitchen is appliances. Ovens, halogen hobs, sinks, stoves, fridges, and freezers. If the kitchen can be utilized better, it will be of better value in many ways. If you want to add massive value, consider gutting a poor kitchen and revamping it to bring it to modern standards, this can ensure a huge return and is a good idea, especially if the current kitchen in the property is outdated through fashion or function.
Pretty much every improvement you do to a home pays for itself upon a sale. Open plan rooms, new kitchens and other things – like insulation and eco-friendly windows. What else can you do to a home though?
For one, look up. A loft or attic conversion in a home costs a lot but adds a whole new room for your house. A second bathroom, a study, office or an additional bedroom can add a huge return on your home and this improvement certainly pays for itself. If you can’t expand upwards though, you might want to look for more space externally. Adding an extension onto a property is a good idea and can give you more space and your home more value – it will need planning permissions though. You could also extend into your garden by adding a conservatory.
Increasing the value of your home isn’t just about adding new and fancy rooms – it is also about maintenance. If you want a good value for your home, you’ll need to confront household issues that could be detrimental to the value of the property. Guttering leaks, roof issues, holes, structural problems, pest infestations and other issues can seriously detract from the value of a property – and the longer these issues are left standing, the worse it could be. If you are serious about getting the most out of the value of your site, you need to deal with these issues.
Home ownership? It’s a long term investment. Your home is already worth a lot of money and if you are looking to sell, look at what work can be done to the property before you sell to get a better return on your investment. If you don’t do anything, you won’t be making as much money as possible, that is not what we want!