Simple Renovations That Can Add Value to Your Home

property investment

 

One of the main reasons homeowners make renovations is to add value to their property. Even if you don’t plan to put your home on the market any time in the foreseeable future it’s wise to take into account the effect redecorating or remodelling will have on your eventual sale price. Big or small, renovations don’t have to be overly complicated – we are going to look at some simple projects that will inject a new lease of life into your home as well as adding value. Not all renovations have to break the bank, for those who like to get their hands dirty (and save on contractors) there are many DIY project ideas to try as well.  

The basics

Generally potential buyers will immediately look away from a property which is lacking in basic infrastructure. If you have a leaky roof, poor or antiquated electric wiring, useless insulation or other turn-offs such as damp areas, leaking pipes and old plumbing, getting these fixed is a matter of urgency. It doesn’t matter if your home looks like something out of a style guide, these issues will be a burden on the wallet of a buyer. Get all necessary repairs done before you go any further.  

Kitchen remodel

When it comes to adding value to your home, a kitchen remodel should be at the top of the list. Studies show that the kitchen is a major focal point for prospective buyers, and having a modern, functioning and aesthetically pleasing space will boost the sale price. The main reason for this is that kitchen remodelling can be costly, buyers don’t want the added expense on top of the sale price. But depending on your current kitchen a project doesn’t have to be complicated or expensive. Employing some simple touches like putting in a new backsplash, refinishing cabinets, updating light fixtures or adding an island can give the space a whole new lease of life. Even replacing a faucet can make a world of difference. If you do need a big refit, don’t worry, you can expect to recoup from 53% to 72% when you sell your home.  

Bathroom

The other main focal point for buyers is the bathroom, for much the same reason as the kitchen. Again, the size of the project is determined by the current state of the space. You may need new plumbed features – Japanese soaking tubs, known as ofuro, are on-trend right now, and are perfect for a more compact bathroom. But small touches also go a long way. Refreshing paintwork, adding new fixtures such as toilet roll holders or faucets, even simply buying new towels and a bath mat add class and texture to the space. Likewise, upgrading furniture and storage or adding a new vanity countertop work wonders.  

Convert dead space

Having more usable space adds value to your home. Many of us have attics, garages or basements that either don’t get used at all or only to a fraction of their potential. Converting one of these spaces to a functional room, such as a bedroom, playroom, home office or gym is much cheaper than adding more floor space to your home. And renovating rooms doesn’t have to be pricey – more and more people are turning to YouTube for DIY tutorials to save money on expensive contractors, as well as for inspiration and new ideas.  

Outside

Another area that needs its potential maximized is the garden. The key to upgrading your outdoor space is making it functional and accessible. People use the garden for a variety of reasons, but a major selling point is having somewhere to socialize during the summer months. Therefore adding decking or patio space is a common renovation project, and studies show you can recoup 64% or more on your investment when it comes to selling the property. There are plenty of materials you can use to suit your budget and design aesthetic, from natural stone to solid wood, and these are more affordable than ever. If you already have a patio or similar make sure you pressure wash it and keep borders, flower beds or hanging baskets neat, weed-free and tidy.  

Energy efficiency 

Having an energy-efficient home has numerous benefits, and those benefits can be passed on to the people who buy your house (and add value to your home). Using the latest technology such as a smart thermostat, energy-efficient appliances such as dishwashers and washing machines, and modern doors and insulation you can cut down on your bills and increase the asking price of your property. Many energy providers now offer an audit service that identifies weaknesses in your home’s energy consumption and suggests solutions. Simple things you can do, or at least organize, by yourself include replacing old or drafty windows, updating the insulation in your attic and using low-energy lightbulbs throughout.  

When it comes to home improvement, you should renovate your home with your own tastes and comfort in mind. But the resale value of the property is still something to factor in whenever you begin to plan a new project. 

 

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

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