Ride Out the Economic Storm in Style

Yorkshire Post - 16th July - Life & Style Section: Homes

Interiors

"Improving and revamping your home to add value makes sense in the current economic climate", says Interior Designer Jamie Hempsall

In this uncertain housing market, many people are opting to “improve, rather than move”. You can benefit by saving on stamp duty, reap the rewards whilst living in a revamped property and then, if chosen wisely, gain from having increased the value of your home when you do come to sell. Make-overs are the order of the day with the latest Moving improving index from Alliance & Leicester suggesting that 20% of homeowners are likely to renovate in the next twelve months.

Plan what you need from your home to ensure maximum personal value, but consider the area and type of house that you live in to avoid overdeveloping. Every property has a maximum price aim to spend enough to achieve your goal, but still make some profit and avoid the possibility of making your house difficult to sell in the future. As with any development project, ensure you know all the costs before you commence work.

So, what are the best projects to consider? It is mostly common sense – adding space and updating key rooms. However, a new survey of 110 Estate Agents by GE Money quantifies the six best options to increase value, which are:

* Loft conversion

The most cost effective way to increase space. They do not always need planning permission, but must meet modern building and fire regulations. Costs average from around £20,000. Depending on the overall conversion it could add around 12.5% to the value of your home.

* Extension

Alternately, build an extension to create an extra room. Typically, this can add 10.8% to the overall value. Keep extensions in proportion to your property, get planning permission, look at quality finishes and use a good architect & builder. Also, ensure you do not use up too much garden as this may put off future buyers. Costs from £30,000 for a single storey or £40,000 for a double storey build.

* Conservatory
Always consider a style which is sympathetic to your home and look for designs which allow ventilation to avoid creating an impractical room which is too hot in summer and the reverse in winter. Check if you need planning permission (this will depend on size). Estimates for the added value range from 5% (RCIS) to 6.7% (GE Money).

* New Kitchen

A good bet to refresh any home. Trends change and these rooms need updating more regularly than in previous generations, especially since the resurgence of home cooking (also a side effect of the credit crunch!). These rooms must be the heart of the home and a properly done job can add around 4.5% to the price of it.

* Installing Central Heating

The GE Money survey estimated that this would add 3.4% of value to your home. However, it will also make it far more attractive, not to mention comfortable. Look at cost effective eco-friendly versions as it is anticipated that within the next three years the “green effect” will become a factor in what people are looking for when buying property.

* New Bathroom

As with kitchens, these rooms are often now as much about lifestyle statement as practicality. Avoid spending a fortune, but keep big on style by visiting High Street retailers such as Bathstore.Com and B&Q. The projected increase in value to your home is around 2.9%.

Whatever you do avoid cutting corners. If a project is to help you ride out the current market ensure it is also something you wish to enjoy living in, at least for the short term.

Jamie Hempsall is a leading interior designer who is always happy to help provide practical solutions. Contact him on studio@jamiehempsall.com or on 01777 248463.