The UK government has released its ‘Help to Buy’ scheme this week, with the hope that more people will be looking to make that elusive step onto the property ladder. Those that do take the plunge are most certainly going to be taking a look to the future and analysing just what alterations can be made to the property, in a bid to boost its value.
You might think that such an outlook is exemplary – particularly as there was such a big problem with negative equity in the midst of the credit crunch several years ago. However, there is sometimes a limit as to how much money you can add onto your home, with every house having some sort of ceiling value. Even if you have the space to add three additional bedrooms, there might be cases where it will only affect the value to a tiny extent that makes the renovation utterly pointless. We’re now going to look at several ways to realise your ceiling value, and avoid making expensive mistakes.
Look around the neighbourhood
This is probably the best way to find out the ceiling value and if you happen to live in a very affluent and appealing area, your ceiling value is likely to be very high. There’s every chance that the properties around you have high-quality finishing inside, whether this is in the form of a Clive Durose staircase or marble worktops. This means that you will most likely be able to boost the value of your home by investing in these areas, while any sort of extension is probably going to carry the same effect.
Alternatively, you might want to be a little more prudent if you live on a street where the values of homes are typically on the lower scale. For example, if you live in a house that was previously owned by the local authority, there’s every chance that most of the neighbouring properties are council-owned and subsequently won’t be undergoing any wholesale changes. While you will always be able to make slight increments to the value, such areas are unlikely to attract those buyers looking for the brass door handles or the built-in hot tub.
Talk to estate agents
This is another hugely beneficial tip and can give you an immediate indication on what type of people are looking to buy around your area, as well as the general prices that are being touted around.
The great thing about estate agents is that practically every single one of them will have immense knowledge of the local area. This means that they will be able to see just how prices are being affected, and if there might be scope to make a profit via alterations in the future.
Browse through past prices
We have a lot to thank the internet for, but there’s no doubt that house-hunters have it much easier than they once did. While it was once possible to obtain official documents detailing the past prices of property sales, nowadays all of this information is available at the click of the button. Sites such as Right move provide house prices for a whole street – meaning that you can analyse exactly how much homes have sold for over the years. This in itself should indicate the ceiling value and if you can find the most expensive property in the area, regardless of when it was sold, your ceiling value isn’t going to be too different unless you own a completely different style of house.
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