Whether you are selling your property, upgrading your living space, or wanting to turn your home into a lucrative source of income, there are a number of options worth looking into.
The nature of your requirements is the ultimate decision when it comes to making costly changes to your property and you should always seek professional advice before undertaking any long-term construction on your home.
The good news is that some of your renovation and building options are not only cheaper than expected, but the value they can add to your property is often more than you might have thought. These options are definitely worth checking out.
- Basement conversion
Far too many people ignore or underutilize their basement. If your existing basement is currently just a place for the possessions you don’t have space for, you are losing a potentially lucrative renovation project.
Basement conversions can increase the price of your property by up to 30%. So it is definitely worth a look if you are considering a sale. Look at options Use the space, with home theaters, additional bedrooms, or even a wine cellar, all positive improvements that home buyers can fall in love with.
- Split your home for income
This is an increasingly common home change in the current residential landscape. Dividing an existing home into separate apartments has proven to be a proven way to get more income from a property. In cities, this has been the property change of choice for landlords for decades, but nothing prevents you from following in their footsteps.
Breaking your property into apartments is expensive, but if you have the financing it is definitely worth a look. If there is a local demand for accommodation it can be worth it Consider the cost of refinancing your mortgageand transferring to a variable rate mortgage. Ask the experts for the best advice possible. With the potential income a standalone apartment can provide, this could become a very inexpensive renovation project.
- The value of a winter garden
For those looking to enlarge their living space or upgrade their property before selling, a conservatory is always a worthy addition to your home.
Consider the potential ways in which you can get the maximum benefit from the space, adding up to 10% value to your property.
Take into account the frame style that will go with the rest of your home style and always speak to a professional conservatory company before making any major decisions.
Conservatories offer the potential for increasing property value, but there are many factors that need to be decided before starting any work.
The last thought
Regardless of your reasons for improving your home, you should always consider the two factors of how much value the changes will add and how much the work will cost. For some conversions, make sure you get the right advice before you commit.