Whilst a drive along Queens Park Avenue is an everyday occurrence for me, as my office is based at one end, I certainly don’t get bored of it. With the beautiful trees that line the road, the large array of house types you can see along both sides of the road and the 3 holes of golf you can see just waiting for someone to shank a shot, throw their club and then not be able to find it. I know we’ve all had the moment on a golf course, and we hope no-one is watching – well I really want to be that guy that’s watching when someone else does it to make me feel better!
Queens Park Avenue really is one of the most beautiful, main roads in the area. But what makes us feel like this as we drive down it? Is it the new cars we see in the driveways? Or it the size of the houses? Or is it the different types of houses? Is it the feeling of wanting what others have? For me it is all the above, I am always fascinated by what one person does to a house. As you drive down Queens Park Avenue today you’ll see a new house being built, another having a new driveway / garage area, one has recently had a new roof and you’ll also be treated to a fully cladded modern house.
Adding value to your house is one of the best ways to make money on it, but to do this you need to have bought it well and you need to add the right value. Sometimes adding to the rear, or side of a house is not the right option as there is no more value to add in those areas, but if the house is dated inside then a new kitchen / bathroom can add substantially more than the cost of the works. And then there is always a loft conversion to consider…
An article written by David Wilson Homes (a large housebuilder) suggests that a loft conversion could add up to 20% on the value of your home. If you are able to plan out a further bedroom and bathroom or 2 bedrooms plus bathroom into a large converted loft space then your 3 bed house could soon be a 4 or 5 bedroom house with 2 bathrooms. Figures from www.home.co.uk would suggest that there is a substantial price increase between 3 bedroom, 4 bedroom and 5 bedroom houses in our area.
So instead of spending all your hard-earned money on the new deposit, and buying the bigger house. If you’ve been fortunate enough to save the funds needed, then really do think about adding the value yourself. If the house does not allow it, planning is likely to block it or you just don’t fancy it then do go ahead and continue as planned.
I’m always happy to offer an opinion and show you the numbers on resale prices, or point you in the direction of a trusted builder to cost things out for you. But it’s important to think about the long-term plan with your house as you could be sitting on a gold mine. We have recently agreed a sale on 2 properties, 1 with a converted loft already that has fetched a good 15%-20% more than a comparable flat without the loft, and another with a partially converted loft that again has got at least a 10% uplift on price given the work already done to convert the loft.
Has to be worth thinking about??
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