Home improvements can enhance your living space, improve your property’s functionality and increase your house’s value.
If you’re considering financing renovations, a secured loan can provide the funds needed to make meaningful upgrades. But before you start, how do you know which improvements add the most value?
Let’s explore the best ways to invest in your home using a secured loan.
Assessing Your Home’s Current Value
Before starting renovations, it’s important to understand your home’s market value. This allows you to weigh the cost of improvements against the potential increase.You can consult estate agents or use online valuation tools to get a better estimate. Once you have a starting point, you can prioritise renovations that yield the best return on investment.
Value-Adding Home Improvements
Here are some of the top home improvements that can significantly boost your property’s value:
1. Loft Conversion
A loft conversion is one of the most effective ways to increase your home’s value, creating additional living space, which is particularly sought-after in urban areas where space is limited.
2. Off-Street Parking
Adding off-street parking can be a game-changer, especially in high-demand urban locations. It can add up significantly to your home’s value and make your property more attractive to buyers who don’t like the idea of public transport or street parking.
3. Kitchen Redesign
A modern, functional kitchen is often a key consideration point for buyers. While minor updates may not yield a high return, a full kitchen redesign can add to your home’s value, wowing prospective buyer’s when they come to view your property. A nice kitchen is often the deciding factors for homeowners.
4. Garage Conversion
Transforming a garage into a usable living space could add to your home’s value. This is especially beneficial in areas where additional living space is more desirable than a garage. Many suburban home’s already have driveways, making garages more superfluous to requirements.
5. Basement or Cellar Conversion
An excellent choice for properties where extending outward isn’t an option, a basement could really add to the price of your home. Many people love the option of adding a basement for an additional room or for some much needed extra storage space.
6. Open-Plan Living Space
Open-plan living remains a popular trend, adding a free and creative feeling in the home. This layout is ideal for family living and entertaining and can help to drive the price of the property upwards.
7. Bathroom Upgrade
For many home buyers, the bathroom is one of the key rooms in the house, offering a space for tranquillity and comfort in an otherwise busy schedule. Even minor updates like new fixtures and retiling can have a significant impact and help push the price of homes higher.
Maximising Your Secured Loan for Home Improvements
Using a secured loan wisely can help you fund renovations while maximising returns. Here are a few Your Mortgage People tips before you get started:
- Prioritise high-impact improvements: Focus on projects that yield the highest return on investment.
- Plan your budget carefully: Factor in unexpected costs to avoid overspending.
- Seek professional advice: Consult builders, architects and estate agents to ensure your investment aligns with market trends.
By strategically using a secured loan, you could be able to enhance your home’s appeal, increase its market value and enjoy a more comfortable living space.
Whether it’s a loft conversion, a kitchen overhaul or adding off-street parking, choosing the right improvement can make all the difference.
If you’re thinking about a secured loan to financial property improvements, our team can help.
Fill out a sign up form here to get started.
We can help you identify how my you can afford; how flexible the repayments will be and show you who’s offering the best deal.
