Considering a renovation to update your home and increase its value? We take a look at the best renovations that offer more value for your investment.
Homeowners across the world consider renovations for many different reasons. For some, it’s creating a new functional space, while others are looking to update for resale.
When considering the best renovation for your home, it’s important to consider what can offer the best return for your investment.
The first step is to set a clear budget and ask yourself what desperately needs updating. Sitting down and noting the exact things you want to be changed is important to ensure your budget doesn’t end up becoming a financial nightmare, with a half-finished job.
Consider the following:
What do you like about the current space? What do you most dislike about the current area?
How flexible are you with deadlines? Can it be done in stages or one big project?
How much can you feasible do yourself?
What is your realistic budget?
It’s important with all budgets to have some ‘wriggle room’. With most renovations, things pop up mid-project that you want to adjust or change. Having a higher budget can help ensure all of these possible unforeseen costs are covered and, you’re not left scrambling back to the bank when you decided to change or add another feature.
It’s also a good idea to draw up your plans alongside a professional and get all the quotes for how much the renovation will cost. Speaking to a home appraisal expert can help gauge how much the renovation will add to the value of your home. Spending thousands on a renovation that doesn’t have a good return for your resale value may need further investigation and adjustments to your plans.
When considering your renovation, also think about the types of people looking to buy in your area. If it is a family area, larger bathrooms and open plan kitchens are ideal. Adding another bedroom can also gain a lot of return on your property, particularly for value.
As bedrooms don’t tend to have plumbing and other costs, adding another can increase the valuation without the massive costs. Turning a two-bedroom into a three, or a three-bedroom into a four-bedroom, will pull more buyers and certainly increase the appeal of your home and worth.
Getting a good grasp on the types of possible buyers will allow for a carefully planned project with the best possible outcome.
When most people look to invest in a new home or investment property, the feel and flow of the entire space are of high consideration. Plus; what fits their needs.
Updating bathrooms and kitchens can be costly, however many make-or-break sales can falter if these are not up to scratch. If this is not in your budget consider a cheaper revamp, new appliances, and updating the space.
TOP TIP:
Fixtures and fittings are vital. But stick with the more traditional look and feel. Ultra chich and modern can put buyers off. Staying sleek yet timeless is important. Not only will they stand the test of time, but you are much more likely to appeal to everyone’s tastes. When renovating for resale it’s a good idea to keep this in mind.
Other considerations that can add value include:
Update garage doors and garages – good storage and even modernising the space to act as another room or games room can add value.
Consider adding some decking around the home – don’t forget how important street appeal is.
Painting the exterior and cleaning up around the outside of your home. Landscaping and good gardens are also essential.