Home improvement is a popular investment for many of us. Rather than buying commodities, or shares in a business, you’re buying something that you can actually enjoy on a day-to-day basis. And, with the property market being so buoyant, you can be reasonably sure of enjoying a return on the investment in the long-term.
Why renovate your home to add value?
If you’re planning to sell your home soon, then the right improvements can help to quickly bolster its value ahead of a sale. If, on the other hand, you’re going to be staying in the property for awhile longer, you can take advantage of the improvements for longer.
How should you renovate?
There’s a right way and a wrong way to go about renovating. The most important consideration is undoubtedly your budget. You’ll want to consider how much value you can expect to add with your proposed changes, and then spend your money accordingly.
Of course, the amount of value you’re adding will depend on the existing nature of the property. If you spend thousands on kitchen tiles in an entry-level property, you might find that your potential target market isn’t willing to pay extra. Thus, you won’t see an especially major return on the investment.
Once you’ve got your budget in mind, it’s time to throw together a plan. Get an idea of the timescale, and the costs of both labour and materials. You might be able to cut costs by doing some of the work yourself. If you’ve got a good relationship with a reputable, reliable buildings merchant, then you’ll be able to source your building and landscaping materials in advance, and perhaps even negotiate yourself a tidy discount.
What Home Renovations are Best?
Several types of renovation stand out as especially popular, both for buyers looking for properties and for adding value to your home:
Kitchen
The modern kitchen is arguably the centrepiece of the entire property. It’s a place where food is stored and prepared, but it’s also a social and entertainment hub. If your existing kitchen is looking a little world-weary, then an upgrade might be more than justified.
Extension
If you’re planning on extending the actual footprint of your property, then you might add considerable value – especially if you’re adding extra bedrooms in the process. This is something that might require planning permission. Make sure that you’ve obtained the necessary approval before you get started.
Conversions
It may be that you already have a space in your home that you’d like to do a little more with. This might be a loft or a garage. If you can convert either into a bedroom or a home office, then you might find that the value of your property inflates considerably.
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