Adding Value to Your Home: Top 5 Money Traps

The housing market might not share your enthusiasm for what seems like a worthwhile home improvement. Think carefully about how you increase the value of your property, with our guide to adding value to your home: top 5 money traps.

1. A swimming pool

It might seem like a good idea at the height of a sweltering summer. But unless you're in the top property price bracket where huge installation costs, water restrictions and regular maintenance bills aren't an issue, installing one isn't going to add value to your home.

2. Loft conversions

Done properly, a loft conversion can transform a property, but all too often homeowners pay thousands of dollars for minimal extra space that's hard to stand up in and adds significantly to the heating costs of the home. Unless it's a significant space that you can afford to transform into more than an attic with a window and a carpet, think again.

3. Outlandish décor

In your eyes, a water feature in the hallway, or intricate gold-leaf ceiling mouldings might spice your home, but they won't add to its value. Quirky they may be, but almost invariably, a prospective buyer or agent would simply wonder 'how much will this cost to put right'?

4. Sports facilities

Gyms, tennis courts, pool rooms and the like. They simply reduce the number of people your home would appeal to, so they don't make it worth any more overall. The cost of removing facilities like this, simply due to personal preference, simply brings the property value down again, despite what you've paid to install them.

5. Stone cladding

This was briefly considered to bring a more 'rural aesthetic'to traditional brickwork houses. But it didn't fool anyone for long, and still doesn't. Sadly, stone cladding has often been used to hide structural problems or cracks, and is often associated with damp. Removing stone cladding can cost thousands to remove, often damaging the original brickwork in the process. A bit like really expensive wood-chip wallpaper, hung with superglue.

With all major home improvements, especially things like swimming pools, saunas, extensions and conversions, and any structural alterations, look into how it might affect your home insurance premiums.