If you’re following the general trend of improving rather than moving, given the sluggish (to say the least) market and the generally uncertain economic outlook, renovations represent a great opportunity to enhance a property’s value. Selling up and moving may not necessarily do that.
So it’s perhaps hardly surprising that nearly two-thirds of homeowners (64%) have improved their residences during the last five years, according to recently released figures from Post Office Money.
But you need to be sure that each home enhancement job you have done pays its way.
Here’s our guide to doing just that.
Before you book the improvement
One key way of making sure your home improvement is financially viable is to think very carefully about all the associated costs from the outset. Set yourself a clear budget – and be sure to stick to it.
Equally, research how much your improvement is likely to add to the value of your home before you confirm the work. Obviously, bear in mind that you don’t want your property to be priced too highly for its street or area.
How will you pay for the work?
Think about how you will fund your home enhancement project. If you are considering taking out a loan to pay for it, research the best interest rates in advance, and keep in mind what happens should these change. After all, borrowing to fund a home improvement could make a significant difference to its final overall cost.
So it’s perhaps unsurprising that other figures from Post Office Money found that just 16% used a personal loan to fund home improvements, while almost three-quarters (74%) opted to use their savings instead.
Get a professional evaluation
Consider getting a professional, independent valuation to help understand what the potential return on investment may be from your planned renovations.
Give your insurer a call
Not all homeowners may think to do this, but it’s worth talking to your insurer about whether the improvement and associated higher value of your home will be covered by your current policy.
Use the right company
Be sure that the business you hire for your project is going to do a good job, and not leave your work either unfinished or poorly done.
Citizens Advice has said it received a surge of complaints against builders and gardeners in 2018, a rise of nearly the fifth on the year before. Over half (54%) of claims were about delays to completion of jobs and shoddy workmanship.
Choose Isis for your replacement windows and doors
At Isis, we’ve been selling replacement doors and uPVC windows in Oxfordshire since 1997, and we pride ourselves on both the quality of customer service offered, and the quality of our products.
We supply a wide range of solutions proven to make your home worth more, including uPVC windows, composite or bi-fold doors and more. Talk to us today – we offer great value for money, dependability and clear pricing.
We’re always happy to discuss finances fairly before we start work and can give you a very good idea of how much a project is likely to boost your property by, so that you know from the outset that it’s a worthwhile endeavour.