How The Amount of Storage Space You Have Can Affect The Value of Your Home
Little or no storage space? Then your house value could be affected. Various factors influence house values, including the amount of storage space you have. More space can increase the value of your home, i.e. add more to the market value. It is amazing how many personal possessions a family can amass over the years, and it can be easy for those possessions to create clutter in a home. Modern families not only require space to live, but they also require storage space to keep the main areas of the home free from clutter. In most cases, houses can never have too much storage space, and properties adapted to make the most out of available space will often attract a premium. Fortunately, there are some innovative ways to create storage areas out of limited space.
More often than not, improvements to create storage space add to the value of a home, but a little imagination and hard work are needed to create effective solutions. A house with loft space will always be attractive to potential buyers, as it not only provides an avenue for future expansion, it offers an immediate solution to storage issues. And the great thing about using a loft for storage space is that it only requires a minimum of work and expense to make it suitable.
If you are lucky enough to have a basement in your home, adapting it for storage could be a wise and cost-effective move adding more to the market value. According to Phil Spencer of Channel 4’s ‘Location, Location,’ it can cost as much as £100 per square foot to fit out a basement for habitation. However, using a basement just for storage requires that it is made damp-proof. But if you decide to make your basement habitable, you can significantly increase the size of your home, which can further improve your next property valuation.
Ninety per cent of garages are estimated to be used for general storage, so homes with an attached garage often benefit from higher sold prices. Property prices where garages connect to the main house can be up to 20 per cent higher than for identical homes without garages, so adding such a facility – if there is space – is often a cost-effective way of increasing house sale prices. Converting a garage to general living space can add precious space to a home, which directly impacts house prices.
There are countless ways to be creative when adding storage space to your home. Some homes – whilst not having complete basements – do have under-floor voids to exploit for storage. There may also be ceiling voids, under-stair spaces and unused wall space to adapt. However, storage mustn’t reduce the overall square footage of your property, as that can have the opposite effect on house values.
It is vital that you at least create the impression of adequate storage in your home when selling. In reality, you may struggle to keep your possessions out of sight; however, a home strewn with boxes, stacks of magazines, books, and general clutter will usually negatively affect a buyer’s attitude. Therefore, when you open your house to viewings, it may be a good idea to hire a self-storage facility. In addition, possessions and inanimate objects lying haphazardly around the home can be a tell-tale sign of storage issues, so removing them could have a positive effect on your next house valuation.
Whilst storage is rarely a priority for house buyers; it could be the issue that tips the balance in favour of your home over others in the area. Homes with excellent storage facilities will usually benefit from quicker house sales than similar properties without adequate storage, which could translate to a higher final sale price.