Renovating property is the fastest way to increase appreciation value. If you’ve recently bought a house or apartment and want to transform it into a lavish profit-making property, here are a few tips to make sure your renovation is a sensation.
Use that loft
Transforming unused space into liveable quarters – whether it be an attic or basement – is the cheapest way to add a lot of value. When paying for an extension you’re paying for extra construction, whereas some lofts/basements can be converted with little work needed. The big costs that you should watch out for are having to raise the roof or fitting complex stairs. Some lofts aren’t high enough to be legally used, but raising the roof can be expensive. Similarly fitting some staircase may require taking space out of another room below. Weigh up the costs in both cases to see if it’s worthwhile.
Keep colours safe
If you’re living in the property that you’re renovating, the temptation might be to choose colours that reflect you. With some controversial colours such as pink and blacks and bright greens, this could devalue your house. Before selling, make sure these colours are put to rest. In most cases, the added value will make up for the cost of repainting.
Know when to call in the professionals
Unless you’re a handyman by trade and DIY is your specialism, be careful of taking on renovation work yourself. There are a lot of different roles to take on from plumbing to electrics to masonry and a lot of structural rules to stick to. Only do the tasks you’re confident at, and let professionals do the rest. Alternatively, there are many companies that can cover the whole process for you (see this company by Nicolas Livsit as an example).
Get planning permission
No work should be carried out without first getting planning permission. This is certainly the case with extensions, in which you may be going over height or width guidelines (in these cases you should also make sure the neighbours are happy with your plans – an extension could block out sun to their garden or obstruct a view). Some smaller internal adjustments may also require planning permission however (it’s unlikely, but they could). In all cases, you’re better off checking first, rather than then having to pay at a later date to get work undone.
Always notify home insurance companies
In some cases, you may not be able to make a home insurance claim if a property renovation is not declared. This is because some features such as extensions or new windows can put your property risk up. You may be lucky and your home insurance premium may remain the same, however it’s always best to notify them anyway, rather than have to deal with costly consequences later. It may even pay to check with your insurance company beforehand just to see how much extra you would have to pay and if any other home insurance companies might be able to offer a cheaper rate.
