So How Can I Be Clever About Driving Up The Value Of My Home?
New figures have been littering newspapers, magazines and websites recently showing that the house buying market appears to be back on the rise, which is extremely welcome news for many people who have wanted to relocate or move house and been unable in recent months due to the financial crisis.
Many local and national businesses are reporting increases in numbers of house sales, as well as increases in the number of surveyors who are being instructed to conduct surveys for home buyers.
Regulation: You don’t want to be stuck with a ‘Lionel Hutz’ type solicitor, so always hire a solicitor who is regulated by the Solicitors Regulatory Authority (SRA). SRA members will be fully and properly insured so you as a client will be protected if anything slips through the cracks during the legal process. Plus by being regulated through the SRA you have an avenue to take action should your chosen solicitor not act or behave in the proper way during the transaction.
Many lenders however are beginning to accept higher volumes of new mortgages and remortgages once again, which is great news for the hundreds of thousands of people who have been waiting for some time to obtain a better deal on their mortgage. For those who don’t want to sell when their house price is low, they may now be able to remortgage to release funds and do home improvements instead.
Many home improvement projects do not need to be costly, such as updating the kitchen or replacing the bathrooms suite to make the house more marketable. New kitchens and bathrooms can add a decent amount of value to your home, which will be important when you come to sell in years to come.
Depending on the complexity of the deal, legal costs are going to range from a the hundreds to thousands of pounds. Plus you can expect added/separate costs known as disbursements for things such as VAT or Local Authority Searches, so budget accordingly.
Indeed, adding an extra bedroom can often be a way of improving your home’s value – if there is a demand for it. In an area popular with families, converting a garage or loft or building an extension to add an extra bedroom can significantly increase the selling price of your home.
Do make sure that when you are planning your projects that you don’t do anything that would make the property less saleable, such as adding new bedrooms, but leaving the kitchen very small or out of date. Ensure that you address the needs for existing rooms before creating additional bedrooms.
If it’s a medium to large firm of solicitors, make sure you ask who you’ll be dealing with most of the time, will it be the less experienced junior partner or the guy running the show. When you meet the solicitor it could be the head of the firm/department who then will just assign the case out, so double check who you’re actually getting to avoid confusion down the line and that the service arrangements are clear for both parties.
You should also ensure that you take all costs, fees and charges into account when looking for a remortgage. Don’t just compare the interest rates. Make sure you get quotes and also look at the overall cost which is detailed on every mortgage quote.
Timothy Frodsham writes for JustRemortgages.com one of the UK’s top sites for the latest remortgage rates and best remortgage deals.