Once upon a time, investing in property was a sure-fire way to make



money, but as the property market has slowed down over recent years,

homeowners need to be wise about how they maintain and improve their

property in order to make money from it as buyers are becoming more

demanding. There's a wide range of upgrades that can be made, from

large-scale property development to a spot of DIY. A great deal of

capital will be required for the former and isn't a realistic option

for many people, but self improvements needn't cost the earth and if

done well can make a big difference to property value.

A word of warning though: you won't always get back what you put into a

property ? you'll need to spend your money wisely in order to make a

profit. The biggest mistake that most people make is to focus too much

on cosmetic improvements without making a real difference to the key

features of the property. What homebuyers always want is space, so

whatever improvements you make, you should aim to create more space (or

ensure that whatever changes you make aren't at the cost of space). As

a general rule, the more bedrooms the better ? this is what sells a

house (although only if they are all a reasonable size).

There are numerous ways in which to increase the space in your

house ? converting a loft or cellar, adding a garage, building an

extension or conservatory, redesigning the garden or moving interior

walls.

Loft conversions are a specialist job and should be done by an expert.

There are various building regulations that must be adhered to. For a

start, most lofts aren't designed to cope with the loads that domestic

use would entail ? in many houses even the cold water tank is mounted

between the roof rafters as the loft floor isn't load-bearing. The

ceiling and floor will therefore have to be strengthened, and the roof

may also have to be altered to ensure that it can support the windows

that will be fitted. Fire safety is another aspect that must be

considered ? materials must be fire-resistant and the space must be

designed so that there is a suitable escape route. This will affect the

design of the staircase, doors and windows. To be on the safe side,

it's best to employ the services of an architect or structural engineer.

If you have a cellar in your home, you may be able to convert it into a

utility room, a playroom, a gym or even a home cinema! Bedrooms, living

rooms, dining rooms and kitchens in a basement space aren't a good idea

unless you're able to fit windows, as they can be dark and need

constant artificial light. Cellar conversions are also best done by an

expert, as they are also subject to building regulations. You'll need

to waterproof and insulate the floor and walls to make the space warm

and dry. This will involve coating the walls and floor in a damp-proof

membrane and installing drainage and a sump for channelling any water

or moisture. Fans and/or humidity controls may also need to be fitted

to ensure adequate airflow.

Building an extension is a major undertaking. You'll need to employ an

architect or a surveyor to draw up plans to submit for planning

permission and building regulation approval by the local council before

you start building work. Once you've got a clear idea of what you want

done, the next step is to work out the costs involved in the building

work and draw up a clear financial plan. Costs often spiral out of

control once the work is underway and it can be difficult to keep

within budget. Factor a contingency fund into your plans when working

out how to finance the project to cover unexpected expenditure. The

most common methods of paying for extensions are by remortgaging or

taking out a personal loan. Speak to your mortgage provider and

various banks to work out the best deal for you.

Think about how the extension will affect the existing space before

making any decisions. If the garden is very small, the finished house

will be completely out of proportion to the plot and may reduce its

marketability. Garages are valuable storage places, so think carefully

before knocking down a garage to make space for an extension as it

could end up backfiring ? a large house with no garage and no car space

may be very difficult to sell. Instead, consider extending over the

garage if it is attached to the house, or knocking down a detached

garage and building a new one adjoining the house so that you can

create living space above it. If getting rid of the garage is the only

feasible option, try to redesign the garden to allow plenty of driveway

space as it can be very difficult to find street parking in many urban

areas.

A much simpler option for increasing living space is to get a

conservatory.

Compared to extensions they can be much cheaper and they don't always

require planning permission ? although you should always check before

undertaking any work. It depends on the size and type of the existing

property (detached, semi-detached, terraced, flat), whether it has been

extended before, the size of the planned conservatory, the amount of

space in the garden, and whether the property is in a conservation area

or is a listed building. Speak to your local council for advice. The

cost of building a conservatory can vary dramatically ? a conservatory

kit from a DIY store is the cheapest option, but even between

professional companies there can be a big difference in prices. Get

plenty of quotes before making any decisions.

If you're daunted by the prospect of having major building work done,

you may want to think about redesigning the existing interior space in

your home. It's easy to knock down old partitions and put up new ones,

but of course you'll need to check whether any of the walls are

load-bearing and it's best to speak to an expert before you begin. One

large bedroom could be divided into two, or an ensuite toilet could be

added. Make sure that you don't end up decreasing the actual living

space though. Dividing an existing bedroom in order to create an

additional one will not add any value if the two new rooms are too

small ? in fact, it could end up decreasing the value of the property.

Alternatively, you may simply want to move a wall to increase the size

of a key room such as your living room at the expense of an adjoining

room, as long as the adjoining room will still end up a reasonable size.

Even redesigning your garden can make an enormous difference. Think of

your garden as outdoor living space ? a deck, terrace or patio can make

a garden much more useable. Car space is also an important feature for

homebuyers nowadays. If you don't currently have any off-street

parking, think about building a carport or driveway.

Whatever you decide to do to your home to increase its value,

bear in mind these useful tips:

Do your research ? find out whether the work will be worth the

expenditure.

Always check whether you need planning permission.

Speak to an expert for advice ? there may be many potential snags

and pitfalls that you're not aware of.

Work out a budget in advance.

Only do what you can afford ? don't overstretch your finances.