STAMP Duty – or, to give it its proper name, the Land and Buildings Property Tax (LBTT) – is changing again next month.
Explains a spokesperson: “From 1 April 2016, a three per cent LBTT surcharge will apply to all transactions involving the purchase of additional properties in Scotland, including buy-to-let investments and second homes.
“That means if you plan to invest £100,000 in a buy to let property you will be required to pay an additional £3,000 in LBTT.”
According to the Jason Orme – one of the experts giving free advice at the Scottish Homebuilding & Renovating Show, when it returns to the SECC 21-22 May – this could see many people with spare cash from their pension pot or savings – opting to improve their own home rather than investing in a buy-to-let
Spending time and money on home improvements makes sense – not only will they make your home a more enjoyable place to live, they will, if done right, boost its value.
Here are Jason’s thoughts on the most investment-savvy home improvements:
- An extension. An extension is a big undertaking but can result in adding an extra room or two. Our advice – keep it simple and get professional advice.
- A conservatory. Unlike an extension you won’t need planning permission. A good conservatory can look amazing and will give you extra space, bring the outdoors in and value to your home. On the down side, you will lose a bit of the garden.
- Look after your garden. Making your garden look fabulous is a great way to add vaue to you home. Plant some new trees, sort out the paving and consider adding outdoor lighting: It needn’t be expensive and can really add the wow factor to your home. Just make sure it’s on a timer.
- Add Creative Storage. Space under the stairs? Transform it into a storage cupboard, home office or downstairs loo.
- Carpets. Shoddy, worn carpets look awful and will detract from the value of your home. Ideally renew carpets every five years
- Convert the loft. It is estimated that you can add 20 per cent to your home value with a well done loft conversion. Create extra space – ideal for teenagers or a master suite – without the hassle and cost of moving.
- Kitchen and bathroom. It’s always worth updating tired kitchen and bathroom. Not only will it make improve your home but, when it comes time to sell, a clean, smart kitchen and bathroom will help attract great offers.
Get more free advice from Jason and other experts at The Scottish Homebuilding & Renovating Show.
It’s an one-stop shop for all your needs, whether extending, undertaking a conversion, renovation or building your home from scratch and will feature over 140 exhibitors presenting their latest products and services on everything from architectural design, furnishing, lighting to insulation and loft conversions.
You can swap months of scouring the internet for face-to-face consultations, expert advice and hundreds of products – all under one roof.
For more information, call 0844 858 6754 or visit www.homebuildingshow.co.uk/glasgow
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