Every homeowner puts money into renovations at least once every several years. These improvements not only enhance the appearance of a property but also increase its value. However, investing in remodelling will put a dent in your savings if you don’t carefully plan and decide which area to update. Of course, everyone can dream of the most modern innovation and the latest trends in interior design. But, not everyone has the budget for it. Practicality is still essential, especially if you plan to resell your home after a few years.
The importance of home renovations
As a property owner, you need to acknowledge the importance of home improvements. First, it helps enhance the appearance of the house and allows you to personalize your environment. Renovations are also essential as your needs change over the years. Most importantly, improvements increase the value of the property. Anytime you decide to sell or refinance, the appraisal will always take into account the current value, which will be affected by any enhancements or improvements you’ve made.
What is a reasonable amount to spend on home renovations?
Renovations cost big bucks, and the expense quickly goes up without proper planning. Any investment you want to allocate for improving your property should have a purpose. As much as possible, you’ll need to envision the ROI and whether the cost is reasonable. Remember that property values can go up or down because of many factors. And not every improvement can benefit you by the time you decide to put your house on the market.
Your budget should be the first consideration in deciding what to renovate. Your location, cost of labour, and the price of materials are also essential factors. Working with a designer and contractor will also help narrow down your ideas and ensure that you achieve the purpose of the improvement at the most reasonable cost. Also, the most critical aspect of spending money on home improvements is to ensure that the cost of renovation is proportional to the value of the property. For example, you won’t spend £10,000 to remodel a kitchen for a house that only has a market value of £30,000.
In this article, we’ll take a closer look at several ideas for home improvement that are ideal for ensuring that you get the most value out of the investment.
1. Kitchen and bathroom remodel
In every housing market, one of the most popular investments in renovating kitchens and bathrooms. If the houses in a specific neighborhood are in demand, you’re likely to get a 100% return from the expense. Buyers often focus on the kitchen and bathrooms to determine if the seller has spent money to improve the property. Indeed, these areas tend to be the most expensive, especially since the quality of construction materials used is easy to evaluate.
Renovation experts recommend spending money on the essentials such as kitchen cabinetry, high-quality appliances, and countertops. When it comes to bathrooms, don’t spend money on a bathtub. Instead, install a modern walk-in shower with all the bells and whistles. However, if you only have one bathroom, you might want to consider adding another bath instead of blowing your budget for remodeling.
Of course, if you don’t plan to sell or move to a new home anytime soon, consider renovating an area that would help you enjoy your house more. For example, if you want to remodel your kitchen, you need to make sure that you’ll use the improvements for the time being, and not only spend money to make the space look good.
2. Adding more space
Increasing the floor area of your property is always a good idea. An extra room or a bigger living area makes a house more saleable. But if you don’t have the money for an extension, you can always look at more innovative ways to create more space. One example would be installing built-in storage. Check out sites like www.myfittedbedroom.com for their selection of fitted wardrobes that will make any room look more spacious. Built-in closets are an excellent idea if you want to make smaller rooms look bigger.
Another excellent idea would be to opt for a modern open floor plan. You can break down the walls that divide the living room space to create a smoother transition from one room to another. If your property has an attic or basement, you may also want to consider converting it into living space. Homebuyers always appreciate extra space they can use as an office, a bedroom, or a place for pursuing hobbies.
3. Upgrading maintenance and facilities
Before you spend money on a swanky new bathroom or kitchen feature, the first thing you need to look into is the facilities. Do you have any problems with leaks? Or perhaps mold on the walls and in your basement? It’s critical to think about these things when your property is relatively old, or you’ve suffered some flood damage in the past. Think about how a potential buyer would comb through these details when they view your home.
Spending money on upkeep and maintenance will have significant returns in the long run. Small details such as a fresh coat of paint, fixing broken shutters, and replacing broken tiles are all worthy investments if you want your house to look more marketable. The best part is that you don’t need to spend much on these improvements.
4. Enhancing kerb appeal
How your house looks on the outside is another aspect to consider. No matter how beautiful the interior is, a buyer will always decide based on the property’s overall appearance.
Even if your house is located in a hot real estate market, potential buyers may still lose interest if you don’t pay attention to kerb appeal. In addition to spending money renovating your property, you may also want to spare some of your budget to improve the landscape. If your house looks flat on the outside, you may want to consider adding a porch. It’s also vital to keep the lawn and garden well-kept to make the house more inviting.