Owning a property is probably one of the best investments you’ll make. Not only does it fulfil an essential need for accommodation, when it’s time to sell the Government won’t hit you with alarge tax bill. Therefore any money you ‘invest’ inupdatingyour home not only improves lifestyle, italso ‘adds value’ to borrow againstat alater date or reap the rewards when you sell. If you’ve managed to save a small amount of money, instead of treating yourself to a holiday, or new TV this Christmas, consider these options instead;
- Give yourself space..
The most obvious way to add value is to increase accommodation or storage space. If you’ve got a 2 bedroom house, making room for another person potentially converts the property from ‘couple size’, to ‘family size’. This doesn’t mean you have to add an expensive extension, something as simple as converting a loft, or renovating an old workshop or shed in the back yard could be an effective solution. Other options could include converting the carport into a lock up garage.