Homes represent a lifetime of memories, laughter, and experiences, so deciding whether to stay in your home or move on can be challenging. There is a third alternative, and that is to renovate your home to suit your current needs whilst simultaneously adding value for the future.
Higher value homes have so many benefits such as the ability to give you a nice nest egg when you retire should you sell. If you are adamant you won’t ever sell, then having a higher-value home will allow you to unlock more tax-free cash through a lifetime mortgage.
Whatever your plans, there are many ways to add value to your home. Here are four ideas for you to consider.
Open-plan living
Open-plan living is a popular architectural style at the moment, so it makes sense to capitalise on this. Not only does this let a lot of natural light filter through your home, but it makes family life a lot less cramped and crowded.
Creating communal spaces can be as simple as knocking down some walls, but get some professional advice before you start swinging that sledgehammer! You will need builders to assess where any supporting walls are so you can avoid them and keep the structural integrity of your home intact.
Adding an extension
As your family grows, your home may become too small to fit everyone in comfortably. This is where expanding your home comes in handy.
The type of extension you can build depends on your property. A popular option is to go upwards and either add a story to your home or covert your loft space. This is a solid choice if you need a new bedroom or an office space to free up a downstairs room.
Another option is to extend outwards on the ground floor for more living space as well as up for an additional bedroom. Whilst this will undoubtedly cost more, it will add a lot more value to your home.
Covert space
It is not only the loft that can be converted, but other areas can also be too. Your garage can be turned into the perfect home office for your needs. Alternatively, you could turn it into a self-sufficient room with a kitchen area and bathroom. This would give you a place for guests to stay or it would be perfect for a teenager on the cusp of moving out.
If you have a basement that is just used for storage you could think about transforming it into a play area for your kids or even a cinema room for family movie nights. However you choose to use the space, remember to factor in storage to keep your home less cluttered.
