added value to property

Lolliloo

We bought our house for £6k under the asking price in October just before the start of the credit crunch but now our house has lost value. So its probably now worth what we actually paid for it.

We are looking at ways in which we can add value to the house as there is lots of potential out there (a reason why we went for the house)

First off we are thinking of dropping the kurb at the front of the house (planning permission permitting) and knocking the front garden wall down to make way for off road parking.

Does anyone know how much this might cost us and how much value it might add to the property. There is room for two cars parked side by side on what is now a small front garden laid to lawn

Generali

Lolliloo wrote: »

We bought our house for £6k under the asking price in October just before the start of the credit crunch but now our house has lost value. So its probably now worth what we actually paid for it.

We are looking at ways in which we can add value to the house as there is lots of potential out there (a reason why we went for the house)

First off we are thinking of dropping the kurb at the front of the house (planning permission permitting) and knocking the front garden wall down to make way for off road parking.

Does anyone know how much this might cost us and how much value it might add to the property. There is room for two cars parked side by side on what is now a small front garden laid to lawn

You'll have to use council approved contractors to drop the kerb and the cost seems to vary massively from council-to-council. There was a thread on it a while back.

JonnyBravo

Lolliloo wrote: »

We bought our house for £6k under the asking price in October just before the start of the credit crunch but now our house has lost value. So its probably now worth what we actually paid for it.

We are looking at ways in which we can add value to the house as there is lots of potential out there (a reason why we went for the house)

First off we are thinking of dropping the kurb at the front of the house (planning permission permitting) and knocking the front garden wall down to make way for off road parking.

Does anyone know how much this might cost us and how much value it might add to the property. There is room for two cars parked side by side on what is now a small front garden laid to lawn

Anywhere from £300 to £1000 going by some responses IIRC.
Ours was £400ish about 3 years ago.


How much would it add? Impossible to say. Depends on your location, how hard it is to park otherwise, your house value initially etc etc

johnny_storm

Lolliloo wrote: »

We bought our house for £6k under the asking price in October just before the start of the credit crunch but now our house has lost value. So its probably now worth what we actually paid for it.

Well it could be argued that it was worth what you paid for it when you bought it, otherwise if it was worth more they would have sold it for that?

Can I ask why you are trying to make it worth more? Did you get a 125% mortgage?

PasturesNew

Whatever value you add, is most likely to be wiped out in the coming months.

So it depends how much value you're trying to add and why.

You can't make a house worth more just by doing stuff to it. Sometimes you can spend money on it that loses it value.

johnny_storm

I think an awful lot of people need to get back into the mindset of a house being somewhere to live, a home, and not a cash machine.

Chances are a lot of people wouldnt be in the doo doo now if they had realised this a few years back.

poppysarah

Lolliloo wrote: »

... our house has lost value. So its probably now worth what we actually paid for it.

Some people might think you paid what it was worth then.
By paying under the asking price you devalued your own home.

JonnyBravo

PasturesNew wrote: »

You can't make a house worth more just by doing stuff to it.

Errr...... yes you can.

m00m00

the issue is whether you can add value over and above the cost of actually making the improvements.

Ie, a conservatory might add 10k to the value of a property, but that's no good if it costs 15k to install

WTF?_2

m00m00 wrote: »

the issue is whether you can add value over and above the cost of actually making the improvements.

Ie, a conservatory might add 10k to the value of a property, but that's no good if it costs 15k to install

But it's better than going out and buying a big 4x4 and then taking a holiday to Bali with the MEWed cash instead

I think stuff like extra rooms and square footage can actually show a real profit for your investment.

(And let's not forget the House Doctor approach where a seagrass carpet and magnolia paint not only makes an unsaleable house a hot property but adds about 5k to the price! Those property !!!!!! programmes are going to be pure comedy gold in about 2 years time).

brit1234

Don't forget that £200 of MFI laminate wood flooring adds £15,000 to a property.:D