It’s a well-known fact that right now, the economy is such that 80% of all new small businesses fail within their first year of operation. If you’re looking to generate wealth on top of your job – the best way to do it isn’t necessarily to go out and start a second business.
So what is a way to make extra money without having to work a second job? The answer is to invest in property. Specifically, your own property. Although many would suggest that if you want to make some money on the side, you become a buy to let landlord, there’s a very real chance that the buy to let property market is about to collapse in on itself. However, this doesn’t mean you shouldn’t make improvements to your own home to increase its value. If you have the funds to pay it off, a secured loan like the ones offered by Nemo Loans could help you on your way to paying for any of the following worthwhile investments.
1 – Loft Conversion
If you really want to add value to your home, you could consider increasing the number of rooms the home has. Creating another bedroom is one thing that you can do, and through a loft conversion this is 100% achievable. You’ll need to ensure there’s space on the landing for a staircase leading to the loft, but once you’ve checked this, there’s no reason (other than financial) to not add another bedroom to your home. You should always be mindful of balancing the number of bedrooms with the living space.
2 – Garden Landscaping
If you come to sell your home, your garden is a major selling point. Nowadays, many people don’t have the time to start landscaping their gardens from scratch, so the traditional idea of keeping the space neat but featureless isn’t as applicable today as it was ten years ago. This means spending the money to get your garden landscaped, making the most of it, will create a great first impression.
3 – Annex
Finally, if your garden is large enough, creating a small, separate outhouse or an annex to your home is another way to add value to your overall property. You could allow relatives to use it when they visit, and at all other times you could rent out the space to lodgers as long as you equip it with the necessary equipment. Your project would need to factor in time and finances to cover off building regulations and planning permission.
So there you have it – some of the main ways you could alter your property to increase its overall value. If you were to consider a secured loan from Nemo, be aware that a Nemo loan is secured on your home.