Preserving Wealth With Home Improvements
Whilst the UK property market may be booming, inflation and the cost of living are also on the rise, leaving homeowners not only having to focus on the immediate resale value of their homes but also on having to protect and preserve wealth over for the long term.
Que an interesting strategy; home improvements.
From energy-saving updates and structural improvements to smart security systems and elegant room design, certain home improvements not only significantly improve the property’s living conditions but can also safeguard its value through an uncertain economy.
In this blog post, we’ll examine some of the best home improvement upgrades for promoting and maintaining long-term wealth and what homeowners should consider to protect their property investments.
Why Wealth Preservation Matters
For most homeowners, their property is more than simply where they live, it’s also their most important assets, regardless of whether your property is a 2 bed semi in the suburbs or it’s an apartment abroad at The Orie, homeownership is the foundation of personal wealth.
When compared to other types of investments like equities and stocks, real estate tends to be more stable, making it a reliable asset to invest in. Unlike stocks and shares however, properties still need careful maintenance and strategic improvements to ensure their value grows, especially in the midst of rising costs of living and inflation as inflation can significantly erode savings and affect the buying power of potential homeowners.
Some homeowners might aim for quick profits through renovating the property and selling it, otherwise known as “flipping” the house. However, wealth preservation is more about enhancing and sustaining value over time providing long-term benefits and increasing wealth.
Home Improvement Ideas for Preserving Wealth
Ready to do some upgrades? Here are a few ideas to get you started!
Energy Efficiency Improvements
With the rising awareness of climate change, the increasing need to be more sustainable and government legislation shifting, properties with energy-saving features and appliances are now more sought after than ever. Buyers and renters alike often prioritise eco-friendly homes that have lower energy consumption and energy bills.
Previously, the UK’s Green Deal scheme helped homeowners make certain improvements and assisted them in finding the best way to pay for them. Some of these eligible improvements included:
- Replacing windows and doors
- Installing double glazing
- Using energy-efficient lighting
- Insulating the loft or walls
- Adding draught proofing
- Upgrading central heating systems
- Upgrading to water-efficient taps and showers
- Installing solar panels for renewable energy
Kitchens and Bathrooms
Kitchens and bathrooms are key to a property’s aesthetics and value and are often the rooms that sell homes – modernising these crucial spaces significantly affects the property’s appeal. There’s nothing like a well-designed, functional kitchen or a sleek and elegant bathroom.
Simple updates to these rooms can go a long way, with smart home systems, new appliances, updated fixtures, or simply switching to water-saving, energy-efficient showers and taps being just a few to note.
Roof and Structural Upgrades
Anyone who has had a leaky, poorly-maintained roof in winter can attest to how much of a nightmare this can cause. Neglecting things like roof maintenance and structural issues with the building’s foundations can lead to costly damage, increased risks to your health, heat loss and water damage, greatly reducing a properties sale value.
When coupled with the unpredictable weather in the UK, these areas of the home means it’s even more crucial to conduct regular checks and repair any damage immediately to avoid major issues down the line. Whilst these types of home improvements aren’t sexy, they are paramount to protecting the property from depreciation and costly emergency repairs.
Smart Home Technology
Smart Homes are all the rage these days, and potential buyers are often attracted to properties that come with modern, convenient technology features. For instance, installing a smart home hub allows homeowners to be able to remotely control many aspects of the property, from the temperature to the lights meaning you don’t have to return home to a dark or cold house ever again.
In addition, security systems like CCTV, video doorbells, motion sensors, and digital locks can also be integrated into your smart home, raising the property’s security and perceived value.
Final Thoughts
In the UK’s turbulent economic climate, homeowners have the unique opportunity to preserve and enhance their wealth through strategic home improvements. These investments not only make daily life more convenient for those living in the property, but they can also add to the property’s value – helping ensure the property remains competitive and relevant in a fast-paced housing market.
