If you have recently moved house and taken advantage of the Stamp Duty holiday or are planning to move soon and enjoy the continued reductions you could benefit from a significant yield on your investment if you use your savings to make improvements to your home.
Even if your new property ticked all the boxes when you purchased it, think about how you can make improvements that will increase the value of your home for the long term such as an extension or loft conversion. If you were planning on replacing your bathroom suite anyway, why not think outside the box as to whether a change of layout or maybe even moving the bathroom’s location entirely may make your property more family friendly or aesthetically pleasing to potential purchasers at a later date. Hate the kitchen you inherited on purchase? Maybe removing a wall to make it open plan or incorporating an extension could bring some wow factor as well as extra value!
As well as tax breaks the pandemic changed the way we work, and it is expected that many industry sectors will adopt hybrid working moving forward. According to an Independent article “the pandemic has shown that many office jobs don’t require the whole company to be lumped in to one cramped office”. Working at the kitchen table was okay for a short while but incorporating a dedicated home office or at the very least home working space to your house will be an attractive selling point. Even if you don’t use it as a workspace, everyone loves a hobby room! Don’t let your imagination be stifled by the physical boundaries of your four walls, a home office is just as well suited (some would argue more so) to being in the garden.
Talking of outside space, landscaping your garden will enhance your home’s value and boost your enjoyment of the outside space whilst you live there. Pay as much attention to the design of your garden as you do your home’s interior so you can use it to its maximum potential and enjoy seeing it from your house. Which leads us to investing in glazing. Whether it’s energy efficient windows, large bi-fold doors that blend the boundary between indoors and out or extra space created by a conservatory, glazing can save you money on heating and lighting as well as providing another design feature that adds value.
If any of our ideas have inspired you to invest your stamp duty savings on home improvements then please get in touch to discuss your options.