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. Property values can be influenced by a variety of factors, 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 quite amazing just 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, they require storage space in order to keep the main areas of the home free from clutter. In most cases, houses can never have too much storage space, and properties that have been adapted to make the most out of available space will often attract a premium. Fortunately, there are a number of innovative ways to create storage areas out of limited space.
Homeowners who make improvements to create storage space are often rewarded with higher house values, but a little imagination and hard work is often needed to create effective solutions. A house with a loft space will always be attractive to potential buyers, as it not only provides an avenue for future expansion, it provides an immediate solution to storage issues. And the great thing about using a loft for storage space is that it only requires the minimum of work and expense in order to make it suitable.
If you are lucky enough to have a basement in your home, adapting it for storage could be a shrewd and cost-effective move adding more to the market value. According to Phil Spencer of Channel 4’s ‘Location, 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 simply requires that it is made damp-proof. But if you do decide to make your basement habitable, you can significantly increase the size of your home, and that can further increase your next property valuation.
It is estimated that 90 percent of garages are used for general storage, so homes with an attached garage often benefit from higher sold prices. Property prices where garages are attached to the main home can be up to 20 percent 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, and that is something that 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 that can be exploited for storage. There may also be ceiling voids, under-stair spaces and unused wall space that can be adapted. However, it is important that storage doesn’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 that is strewn with boxes, stacks of magazines, books and general clutter will usually have a negative effect on a buyer’s attitude. When you are opening up your house to viewings, it may be a good idea to hire a self-storage facility. 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, and that could translate to a higher final sale price.
If you find yourself asking ‘how do I value my house before I spend money on creating extra storage space?’ Do this by researching local sold house prices and what’s selling on Rightmove or Zoopla similar to your home. Also check out Flying Homes’ free property valuation tool, this will give tyou an estimate as to how much your house is worth, saving you time and money. Blog brought to you by Flying Homes, we buy any house, for reviews see us on reviews.co.uk. Call now on 0800 669 6784 to find out if we can sell your home quickly and with the minimum of fuss.