Phil Spencer on Adding Value to Your Home

This is my first Rated People blog post, so I want to kick things off by setting out what adding value means to me…adding value to your home

It’s about making your home a better place to live. It is about enhancing your property so it is a place to take pleasure from; it is not simply about turning a fast buck.

The primary reason you chose a property should be to shelter your family. My constant advice has been to buy for the long term and to select somewhere that can be adapted to suit your needs as they evolve. If you are planning to spend a certain sum on improving your home, you might as well get the benefit – and pleasure – out of it yourself, rather than doing it as a last ditch attempt to get as much money as you can when you finally put up the ‘for sale’ sign.

property values

There are lots of ways to add value – it can mean anything from simple DIY projects or insulating the loft, to extending it and creating a brand new space.

While many home improvements add to the saleability of a property, the cost of the project does not necessarily add an equal amount to the value. Fortunately, it’s what you do with the money you have that makes a bigger difference than having lots of money to start with!

There are a few golden rules to adding value to your home

1. The price bracket of any fixtures and fittings needs to match the price bracket of the property. Don’t go putting a cheap floor in an expensive house and conversely don’t spend a fortune on a swanky kitchen in a tiny flat. Every property has a ceiling price – over which people will not pay, regardless of what you do to it – know what yours is.

2. Do not overdevelop. Carrying out a major basement dig out on a small house with only a couple of bedrooms would make it bottom heavy. A house has always got to remain balanced and the rooms in proportion to one another.

Over the next few months I will be writing more blog posts for Rated People, with insider tips and lots of ideas and suggestions about what to do, what not to do and how much to pay for it!

Best wishes PHIL

Looking for tradespeople you can trust to complete a project to add value to your home? Post your job on Rated People and up to three tradespeople will get in touch to quote on your job. You’ll be able to view their individual profiles, complete with previous customer recommendations, to help you decide who to hire.

SHARE THIS ARTICLE

1 comment

  1. Good advice Phil.

    My wife is developing a one bedroomed ground floor flat in London within 50 yards of a suburban railway station with trains into Central London every 15 minutes (i.e. a journey time of half a hour to most places in Central London, door to door). The key features she has put into the flat are therefore domestic technology and sound proofing – e.g. a 46 inch flat screen television in the living room with high capacity broadband, fully fitted bedroom with excellent lighting and sound proofing, a large kitchen/diner with dishwasher and washer/dryer and a bathroom with a whirlpool disabled bath.

    Because the flat is very near a good railway station and on two bus routes it does not need to consider people with cars – the tenants simply will not bother to have one (or will use Zipcar etc). Heavy groceries can be ordered and delivered over the internet. The important consideration are location and lifestyle – is the location good for life in London (yes) and can people immediately see themselves enjoying living in this environment the moment that they walk in the door.

    To do this you don’t need premium brand technology all the time. You don’t need B&O or Loewe televisions. But you do need up-to-date, energy efficient technology which works and which have good consumer warranties.

    Being able to check on the latest train or bus departures via an iPhone App or on broadband in the kitchen and living room makes life a doddle for getting around – far quicker than getting a car out !

    regards

    AK

Comments are closed.