Thursday, June 22, 2017

Home Truths: Building Up Your Property For Profit

property profit
Our homes are veritable goldmines in many ways, but it’s not like we’d want to sell it right now and potentially shake up our lives. But as a way to get some extra money, selling your home has its plus points, especially if you require a quick windfall of cash. But if you are that desperate for money, you could be selling yourself short, which is why it begs the question, is it worth it to plow a lot of money into a home that you're going to sell on anyway? There are two schools of thought on the matter:

One: you could spend decades building up your home into a mini palace and sell it on, only for there to be a dip in house prices, and you are barely getting more than the asking price, which just about covers the cost of renovation.

Two: you don’t change a thing and get a decent price, but it can take a while to get there, by which time you could have done up a few houses and sold on.

The time versus money factor is the big thing to be aware of. And if you are looking to sell your home on years down the line, then you may as well make it livable for you and not think about anything else. But as houses are appearing to get smaller, the one thing you can do for future buyers is to make more space. Building an extension is the one thing that can add value to your property, but if you don’t have the finances and the planning permission ready, it can be a long time coming. But another way around this, which is cheaper and would add value to your property is to erect a steel building on the grounds of the property. Not to be confused with an outhouse or a shed, steel building suppliers like Armstrong Steel have touted the benefits of these for some time. As a way to add some value and bypass lots of red tape, this could be a solution that strikes a balance. It also cuts down on construction costs when you compare it to a new build.

Everything can add value to your home, but the key thing to think about when aiming to sell your home in the future is the taste of the average house buyer. For this, you need to think about your location, buying trends, and the style of your property. Having the right strategy will help in this instance. So if you are in an urban area, an additional steel building could be an advantage because of the lack of space in built-up places. But if you're out of the way, in a quiet area, expect more space for your money. It’s a delicate balance.

When aiming to sell your home, if you have time, then you can focus on picking the right elements to renovate. But as time goes on, you can end up putting more money into it than planned, and does this mean you'll actually make a good profit by the end of it?

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