Homes are selling like pancakes these days. It’s a quick way to get substantial profit. At some point, you must have thought of joining the craze. You want to also capitalize on what you have and rake in instant cash to fund future projects.
But before you go into that, you should learn some essential tips and techniques. By doing so, you can get the most out of your home’s worth. Well, it all starts by adding value to your home. That is the only way you can drive interests and eventually, conversion. You need to make sure that the value you add is convincing as what the best mortgage lenders in houston do.
So how do you do that? Here are some practical and straightforward ways of increasing your home’s value.
1. Transform your Cellar
Putting your cellar into good use can generate up to 30% value added to your home. But you have to make sure that the build cost per square foot is lower than the rate per square foot of the area. Transforming your cellar does not have to be complicated as there is no need for planning permission. You need, however, to consult with your local planning officer if you’re going to decide on structural changes. You can check out the best mortgage lenders in houston for more information about this.
2. Create flats in the House
Turning your house into flats is one of the best things you can do to boost your home’s value. It is actually in high demands and can easily be rented out. The potential added value also stands at 30%. Before you start with it, however, you must do some research to ensure that there is a market in your area. Take note. Do conversion if three-bedroom properties are not shifting, but smaller flats are.
3. Transform your Garage into a Living Space
If you have a garage but no car, then it makes sense to transform it into a living space. The first thing you should do is to assess if your garage is appropriate for conversion and if you need planning permission or not. In many cases, however, you don’t need planning permission since the work involved in transforming a garage will be considered as permitted development. The potential value added to this is 15%. It is still a good number.
4. Add a Bedroom on the Loft
If you have an empty loft, why not transform it into a bedroom? That could give a whopping 15% to your home’s value, especially if there is an added bathroom. Converting a loft, however, is quite technical so better to consult an architect or builder to advise you before starting. During the planning, consider identifying the types of conversions available. To make things budget-friendly, you can do a roof light conversion since it entails the least amount of structural work. It is, therefore, the most cost-effective method if compared to a more expensive mansard conversion.
Now, those are just some of the ways on how you could start improving some components of your home to boost its value. Good thing, you can do all that without breaking your bank. In other words, you can apply them at minimal costs but at optimum returns.