Though the property market is showing some signs of recovery, for many people, it still pays to be cautious.

Home owners have got used to dipping a tentative toe into the housing market water only to run, shivering, back up the beach to safety when they feel just how cold it is in there.

But that doesn't mean you need to abandon all hope of change. There's nothing like a design rethink - even a mini-makeover - to cheer up both you and your home!

And now is the perfect time to do it. 

If space is at a premium you need to get the most you can out of what you've got. The three most common ways of making your home bigger is to go UP into the loft, OUT into an extension, or DOWN into the basement.

Modern building techniques and new materials give you more choices, whether the conversion is to serve as a bedroom, bathroom, home office or a playroom for the kids.

Planning permission isn't always required for loft conversions and they can add real value. Even if your roof space isn't very big, you may still be able to convert with a dormer window.

Making use of attic space can be liberating, and of course it will add value to your home as long as it is done correctly. It can be transformed into almost anything...

Imagine now, if you will, a dream sequence in which your loft space transforms before your very eyes into a slide show of possible alternatives:

a luxury master suite; a walk-in wardrobe / dressing room; a children’s play room; a home office; a library; a guest bedroom; a cinema / TV room; a games room.

Deciding what to use your loft space for is easy, but choosing and fitting the correct furniture that will be fit for purpose can be a headache.

Storage in an attic is usually the hardest part to get right as awkward A-frame ceilings and limited wall space don’t lend themselves to off-the-shelf furniture solutions. There’s probably limited light available, unless you’ve opted for Velux windows so well fitted light or neutral shades of furniture are best suited as are mirrored wardrobes and units to reflect as much light around the room as possible.

Whether you've got designs on an extra bedroom or a bigger kitchen, the most common type of home improvement is a rear or side extension. And it will bring the most added value too.

If there's room - and the finance available to do it - extending the overall footprint of your house is the often the simplest way of extending.

Getting planning approval for an extension is pretty straightforward, as long as your plans are in keeping with the style of your property and your neighbours don't object.

But always check with your local authority first.

Going down... there's been a surge in popularity in converting basements and cellars in recent years.

A stylish basement adds a real 'wow' factor to any home and can significantly increase the value too.

In Victorian or terraced properties which already have basement space it makes a lot of sense but it's usually the most expensive option and there could be a risk of flooding. So you'll need serious professional help to sort out structural issues, avoid damp and to resolve party wall problems.

If you don't have any extra room to add an extension or do a conversion, you might consider changing the layout of your home to create an open-plan living space; invest in a sparkling new kitchen, introduce some atmospheric new lighting or just spruce up those tired old furnishings.

The key to being more daring is to concentrate on the accents. It's easy enough to change a feature wall or a set of cushions if you tire of the colour, but make sure your basics are classic. Grey, apparently, is the new magnolia. Look for a warm shade of grey which works well on walls and can be teamed with brighter, more adventurous accent colours such as maroon which works particularly well in dining rooms.

The colour purple is coming through strongly this season. Red makes a bold statement and is, incidentally, the colour most chosen by extroverts!

In feng shui decorating, red is associated with power, love, inspiration and pleasure. But employ the vibrancy of dramatic touches in moderation: the more intense the colour, the less of it is needed for it to be effective.

Another trend is towards a more beachy, relaxed feel, where coral will be a strong colour. Indigo, sandy colours and mother of pearl are all strong looks teamed with natural woods. All of these work well with a neutral grey background and you can mix it with petrol and coffee colours.

All in all, whatever you decide to do to improve your home the upside is that not only do you get to enjoy a re-invigorated living space but you're bound to recoup your investment if you come to sell later on.