5 ways to improve your home for less

The UK housing market has had a bit of a roller coaster year so far with prices both increasing and falling on four separate occasions.

The slow impact of the recession is hitting homeowners hard as properties purchased before the credit crunch have fallen in value. This leaves one in 12 trapped in negative equity.

However, the good news is that mortgage lending is on the rise and there are slow signs of recovery. Lending for first time buyers and home movers was at its highest rate for over a year in August. Terraced houses have increased in price by 68% in the last 10 years.

If you’re looking to improve your home in a simple and inexpensive way, here are five ways to do so for less.

1. Add a room

Adding an extra room to a property could increase the value of your home. Figures from Nationwide found that 20% of all further advances given to existing mortgage customers in July were for structural changes. According to the bank, adding another double bedroom will push up the value of your house by 12% and a double room with an en-suite adds 23%.

However, unless you have a spare £35,000 lying around it could be an expensive venture. Look at how much your loan to value is likely to be as well as an estimating of costs of builders and materials carefully.

2. Clean up the kitchen

Kitchens are the focal point of a home and potential buyers tend to head that way first when looking for a house. You can make your kitchen look significantly better just by fixing any broken fixtures or, if you have a slightly larger budget, give the cabinets themselves a total makeover.

3. A lick of paint

By applying a single coat of paint to your home it could completely change the tone, atmosphere and mood. Painting a room, hallway or even the outside of the house could transform even the dullest home into a lively one.

4. Furnishings

A few simple steps to making your home feel brand new could include replacing or improving old furniture. Polish them or even paint them for a new feel. You could replace old cushion covers with new ones, or buy fabric and make them yourself.

5. First impressions count 

Most buyers and guests will make their first impressions of a property when they walk through the door. Why not spend some time cleaning the outside of the house, repainting the door and taking care of doorstep shrubs? All of these might be necessary to ensure that initial impression is a good one.

Moneyextra.com recommends you take independent financial advice before acting on any article

2011-10-18 11:06:12 © Moneyextra.com