ASK the expert Q&A Property
Get all your property questions answered with Tony Filice, Spokesperson for the Royal Institution of Chartered Surveyors, Wales Residential and Director of Multi Award Winning Kelvin Francis Limited, Cardiff.
QÊ AÊ
WhatÊupgradesÊmostÊimproveÊaÊ homeÊvalue?
A HSBC study recently found that adding space is by far the best way to add value. It suggested converting a loft could be the most rewarding, followed by an extension and then adding a conservatory. The right solution for your property however, will depend on its layout and the type of space you want to add – as well as your budget. An extra bedroom, for example, may make more sense in the loft, while a kitchen extension could meet your needs for a large open-plan kitchen. After that, fixing problems is always the best approach. If you do not have central heating, then adding it will greatly improve the property. Likewise, revamping tired kitchens and bathrooms can add value – as long as you do not spend so much on them that you wipe out any gains. Finally, improving the energy efficiency will boost the energy performance certificate when you come to sell – and save money on heating bills while you are there. You need to identify the biggest problems, such as drafty windows or a poorly insulated loft.
QÊ A
a ld e fi whenÊIÊmoveÊintoÊmyÊnewÊhome?
Safety is always the first priority, so if anything worrying emerged in the survey – electrics, roof supports and
home security, it is essential to get these sorted out first. Assuming the property is
safe to live in, your next step is to make it bearable. This may mean a coat or two of paint or replacing soiled carpets. The third step is to wait. You need to see how you will use the property, before you make any changes. You may, for example, have made assumptions about the type of spaces you need, and then discover that what is in the house already, suits you better. The other advantage of giving yourself a bit of breathing space, is that it will allow you to adjust to your new monthly outgoings and reduce the risk of spending money you cannot afford, on home renovation.
Ranking
QÊ AÊ
WillÊaÊloftÊconversionÊaddÊvalueÊ toÊmakeÊitÊworthÊdoing?
The answer depends very much on house prices in your area. It is worth having a look at the difference an
extra bedroom makes locally. One option is to look for similar properties, which have already carried out the work and check what these were sold for – all this information is available on line. Your next step should be to get a quote, because the cost of a loft conversion depends to a great extent on the work involved. If you need new dormer windows or the floor needs to be lowered, or the stairs moved, you are eating into any potential profit. As a rough rule of thumb, loft conversation can add 10% value to your home and can cost as little as £20,000. So if your home is worth £180,000 prior to a loft conversion and over £200,000 with a loft conversion, then it is worthwhile carrying
out the loft conversion. However, this will depend entirely on the specific project, so you need to price it up for your property to make sure.
QÊ A
ShouldÊIÊreplaceÊtheÊboilerÊandÊ whatÊshouldÊIÊconsider?
There are a few signs that your boiler is ready to be replaced. If it is no longer cost efficient to repair, or if it gives you very little control over timing and temperatures, or if it is G Rated, then it is likely to be the time to consider replacing it. If you are ready to invest, start with the fuel. The vast majority of systems use gas, but if you are not on the network, there are alternatives, from oil to a wood-burning stove with a back boiler. Next, consider if you want a combination boiler (which heats water on demand as well as running the central heating) or just one for the heating (which may suit you better if you have a very large household). With the big decisions made, it is often a question of weighing up cost against efficiency. It is worth going for the most efficient boiler you can afford, as this will save you more over the long term. Finally, pay attention to how much control you have over heating timings and temperatures, as the more control you have, the less you are likely to waste.
QÊ A
HowÊcanÊIÊimproveÊtheÊ presentationÊofÊmyÊhouseÊpriorÊ toÊmarketing,ÊwithoutÊspendingÊ tooÊmuchÊmoneyÊandÊmakingÊtooÊmuchÊ mess?
Your priority should be to fix serious problems, rather than try to upgrade your house. Fixing things such as
damp, replacing dated bathroom fixtures and painting over tired and marked walls, are all worth considering.
By contrast, it is not worth installing a high end kitchen, or embarking on an expensive makeover, because it’s unlikely you will have your money back and there is no guarantee you will have the same taste as a potential buyer. Before you consider painting interiors, you can make an enormous difference by de- cluttering and giving your home a deep clean, including perhaps renewing worn out and marked carpets.
www.propertymail.co.ukÊ37
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