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Increasing your property value depends on many factors. Among them are the community where the property is situated. Demands at a point in time and even the country’s current economic situation.
While homeowners may find it difficult to influence these factors, they can affect their home value (of course, the most crucial factor) by making upgrades worth a high selling price.
Investing in a house is a great asset. It is a financial decision that can bring you value. Whether you wish to sell the property soon or you literally want to grow its value for future possibilities, it is really worth renovating.
There are significant renovations that will increase the ROI of your investment if you want to sell in a quick time; there are also minor renovations that can place your house on high value, even if you are not planning to sell anytime soon.
As a homeowner, the target is to add maximum value to your house, so it generates high ROI whenever it is up for sale. Still, as expected, the key is to spend less on renovation than you earn during resale, making it look attractive to high-paying buyers. That is why it isn’t advisable to do a renovation that will not yield the highest return on investment (ROI). As Cheshire renovation specialists, we’ve outlined some renovation projects that will add excellent value to your home.
There are many ways to increase your property value with the right renovations. If you are looking for which home renovations you should do before selling, below are some of our top suggestions for increasing value:
A bathroom is one of the two rooms that sell a house. You can start with a minor remodel, as giving the bathroom a thoroughly updated look can break your pocket. Replace the rain shower as that is the first feature a homebuyer will appreciate in the bathroom.
Get a unity of vanity and ensure the scenery is beautified with lighting. You can consider a freestanding tub; it has a good resale value, especially for buyers with kids. But if your bathroom isn’t spacious, you can view a walk-in shower.
If you want your bathroom to look beyond ordinary, you must take a step further and conduct a major overhaul. Renovate everything from the shower pan, flooring, and plumbing to luxury lighting.
Of course, a modern-looking and highly equipped kitchen will no doubt increase the value of your property. Also, it is a strong selling point for homeowners willing to sell the house very soon. It is a top priority in every home. In a 2019 report by the National Association of the Remodeling Industry, it is estimated that homeowners can get up to 52% of the cost of a kitchen renovation when put up for sale.
You can conduct a minor remodel on your kitchen, especially if it is not a large space. You can start by replacing the old kitchen appliances with high-quality and modern ones. A new coat of paint will work wonders on the kitchen. Make refacing to the cabinets necessary, and install a new sink or countertop.
Instead of replacing or upgrading some kitchen items, why not boost the ROI with a complete kitchen revamp? Make the kitchen larger by removing the wall that separates the kitchen from the rest of the house. Spacious kitchens are preferred mainly by buyers because they give them more space to cook and host visitors.
While the inner renovation convinces buyers to buy a house, the beauty of the outer part of a house drives the interest of potential buyers to see more. An exterior that is inviting is what realtors term curb appeal. You can make minor exterior changes like the windows, lawn, driveway, and mow.
Hire a landscaping service for your exterior, or you can DIY by trimming the plant and grass so they can beautify the house look. Landscaping can add essential value to your home. Also, replace the front door if they have worn out.
Your front door must look super neat. If you have a garage door, it is likely to take the most significant space in the front of your home; changing it to a modern glass panel door or a wood door will undoubtedly make your house exterior look more appealing.
Generally, any home renovation that improves the exterior look of a house will result in higher interest and, in turn, generates higher ROI. When thinking about what order you should renovate a house in, this is one of the last on the list.
Besides changing a garage door, you can increase your house value by doing a garage conversion. Garage conversions are changing your spacious garage from where you park your car or store old things to an additional living space by decorating it like part of the other room in a house. It is a way of making extra room without extending the house structure.
If your house has a spacious loft and it is established that it is convertible, you can change the loft into an extra bedroom by mounting walls and designing it to meet the standard of a bedroom.
However, before converting a loft, you should consider the ceiling height, planning permission, roof lights, building regulations, and cost-effectiveness. Converting a loft into a bedroom could increase your ROI by 20%.
Smart home technology is increasingly becoming a common feature in the real property market in recent times. Though the installation costs can be relatively outrageous, they add significant sales value to your home. There are varying degrees of smart features for homeowners.
A smart security system keeps homeowners informed about the house situation in real-time. There is also a smart water heater that gives you access to remotely monitor the water heater’s temperature and control it. Unlike the traditional water heater that maintains hot water even when you don’t need it, this new heating system allows homeowners to only turn on the water when they are in need, and it heats faster.
Another smart home tech that can affect your home value is the smart door openers for automatically opening significant doors in the house, the smart lighting for any atmosphere you desire in a home, and the appliances connection devices for integrating home appliances into a connected functionality. You may also want to consider the pros and cons of electric underfloor heating as smart home tech.
Modern and quality lighting is a simple renovation project you can use to increase your home value. It creates a warm and bright scenery that is appealing to everyone. Think of the design and primary function you want each light in every corner of the home to serve and use the one that best fits specific places. These small touches can also be instrumental in adding character to a new build home.
For instance, the LED recessed light, otherwise known as a downlight, is usually over the ceiling and lighting through into the room. It is a light ideal for living rooms and bathrooms. The surface mount is another type of good light you can install on the ceiling by fixing it with a chain or any fixture that can attach it to the ceiling.
There is also wall-mounted lighting that can be fixed to a wall. The track light is an expendable light for decorative purposes, concentrating on any specific objects to beautify such things. There are lots of suitable lighting to brighten your house so it can look attractive to potential buyers.
Beautiful windows make a house look attractive from both inside and outside. Examine the issue with your window to know whether it needs ordinary renovation or outright replacement.
If it has faulty latches or some minor strip, consider fixing it. But if you observe the paint is peeling, rusting, or the wood is seriously damaged, replace it with a window that can add value to the house in the long run. Burglary like drapes, blinds, plantation shutters, etc., is worth your investment. Also, ensure you use energy-efficient windows to reduce the high energy bills you pay because heat can be easily lost or gained through windows.
The heating, ventilation, and air conditioning of a house are the significant elements that make staying in a house conducive. That is why realtors place a high value on houses with good HVAC.
You must maintain or even upgrade to a good standard of HVAC if you are planning to put your home up for sale.
Globally, there is an increase in demand for remote jobs. This is not unconnected to the COVID-19 effect. Many businesses are increasingly switching to remote work, and a home seller that can make a remote working place available will undoubtedly make way for the house value increase.
Consider it if you have a space you can convert to a working station. If you already have a working station, upgrade it with an utmost look of an office or a workstation.
Also, there has been an increase in home library projects in the last couple of years. Whether you already have a traditional reading area made with mullions and cornice or a modern library with exotic lighting and quality shelves, they will add value to your home when putting up a house for sale.
The thought of renovating a house can be overwhelming, especially if you plan to put it up for sale in a short while. You wouldn’t want to do a renovation that will not interest your targeted prospective buyers, nor would you like to spend extravagantly on a property that won’t generate profitable ROI.
Before spending on house renovation, it needs careful evaluation of the market price and an understanding of what to concentrate upon since it may be uneasy about renovating a house wholly at a time. Here are the top tips to consider if you want to renovate for your home’s high-value price.
Irrespective of the building you are renovating, whether a residential or commercial building, don’t limit your goal to the conveniences such renovation might bring; envisage the possible inconveniences it might cause potential users. Think of old adults and children before tiling a bathroom with slippery tiles. Use eyes-friendly light and don’t use bright and bold paint colors because it can be an issue for people with visual problems.
If your property is an office, understand that the renovation will impact the workers’ productivity and engagement level. Surroundings play a vital role in the efficiency of organizations. It is imperative you consider their comfort needs rather than luxury design.
Regardless of what kind of commercial building you’re renovating, you need to consider your employees’, customers’, and clients’ opinions.
Renovation should be like any other serious project. Don’t go into it without planning what to do. Planning the project will give you the right direction and ensure you achieve results in the end. You will also get an idea of how long it may take to renovate a house or any other type of building.
First, be sure of the goal you want to achieve with the renovation. Is it for personal satisfaction or property you will be selling soon? Who is your target market? Is it a large family size, old adults, or young couples with no children? The number of years to get the ROI, the time frame of the project, and the maximum amount to spend on the project. These are some
While a renovation can save cost and make you tweak the project to maximum satisfaction, a DIY job can decrease home value rather than improve it because the workmanship will be shoddy and unsatisfying.
Apply a DIY renovation only if you are sure of your skill in the project. Instead, look for experts (like our Cheshire builders and construction company) that can make your money worth it. But you can ask to be part of the process and learn from them as they carry out the job. Also, in addition to their expertise, make sure you guide them on what you really want to achieve with each renovation.
The local area of any real property influences it. That is why you must be making appropriate improvements for the specific type of local area. If you improve your property above the standard of the environment or buildings in your area, you may sell at a higher value than the neighborhood price.
Still, you will unlikely not get the standard price for the improvement you have made to the building. As leading Cheshire home builders, we can advise on the best improvements in your area.
Understand that not all renovation projects need planning permission. Internal improvements that do not affect a building’s exterior. These building areas are known as Permitted Development (PD) rights.
However, make sure you lawfully obtain a development certificate for exteriors under PD rights. Evidence shows that your project was lawful and that it is exempted from the planning permission, which you will need if you want to sell the property.
While some home improvements are beautiful and can add value to your home, their maintenance can be costly too. An extremely high-end kitchen will, of course, demand constant maintenance, which can be exorbitant. A luxury bathroom renovation taken too far can scare the potential buyer away because it may have been over-personalized.
A swimming pool is another trouble in a house. Though it adds value and is appealing in every home, the build costs more than its potential value. Besides, it requires high maintenance expenses.
Renovation generally is a good investment. It improves the overall quality of your home. A renovation like changing to a new roof will protect you and your family from under the roof. Though some renovation generates a higher return on investment than others. Kitchen and bathroom renovations make for a higher ROI than any other space in a house.
One of the challenges homeowners willing to renovate their house face is the actual price they need to budget for the whole project. It is difficult to calculate because houses and renovation grades differ. However, things like fittings and appliances are easier to calculate because they are typically not custom purchases.
We recommend you consult a renovation expert to get the best possible estimate. A general renovation contractor with extensive years of working experience will likely be acquainted with the pricing standards for varieties of renovation projects.
It depends. The model of kitchen renovations you have in mind determines how long a project will take. For instance, as it is a common trend now if you are willing to remove a wall to create more space for the kitchen, it would take a longer time than merely installing a kitchen with appliances or painting it. Choosing a good and reputable home builder can help as they will be able to advise.
First, You must have a clear idea of the style of bathroom you want to have. If you have none yet, check through some real property magazines, surf through websites, or watch YouTube videos of some kitchen remodeling to get some design ideas for your property.
Renovation can generally increase your property value. But not all renovations are worth your home. Think beyond the value. Be concerned about the maintenance cost, the sales potential, and the property’s general value.
Also, be careful on significantly concentrating on renovating some home parts while leaving some untouched. A buyer will not buy a house worth less than £200,000 at a higher price because the kitchen renovation cost above £100,000.
At Elliott Construction, we provide a vast amount of home construction services and products to the North West. We build new homes in Cheshire, including the following areas:
