Renovation is a practically-unavoidable step in home-ownership, whether you are modernising a recent purchase to suit your needs or bringing it up to scratch before you sell it.
There are many basic ways you can freshen up a home, but these don’t do much for the value of your investment in your home; meanwhile, larger works can have dramatic impacts on property value.
This could give you more equity to wield later in life, or make an upcoming sale that bit more lucrative for you.
With the financial strength of a secured loan under your belt, you could have a major opportunity to invest in your home and increase its value – whether for you, or for the property market. What are some impactful renovations for the value of your home?
Kitchen Renovation
The kitchen is one of the more important rooms in the home – at least, when it comes to selling property.
Impressive aesthetic decisions and in-built modern conveniences can make a major impression, to say nothing of how important usable kitchen space can be to certain buyers.
These factors together make kitchen renovation a highly valuable investment in terms of increasing property value, with the secondary impact of potentially reducing the time your house spends on the market.
Bathroom Remodel
Similarly, remodelling your bathroom can add value to your home. Many bathroom designs date quickly, making renovation a comprehensive route to modernising your house.
There’s a psychological element to remodelling too, where a new bathroom feels cleaner to buyers – and leaves a better impression as a result.
Depending on the scope of your renovation plans, bathroom remodels can be considerably cheaper than other renovations, meaning a better return on investment.
Loft Conversion
Extensions are often vaunted as an ideal solution for adding value to your property; after all, they add square footage to your home, and in the case of new bedrooms or bathrooms, make it more viable for larger families when it comes time to sell.
However, conventional extensions are expensive undertakings, and the costs involved can eat into the value you create.
However, there is a way to increase the liveable space in your home without incurring prohibitive costs: loft conversion.
Loft conversions – providing they are completed within certain parameters – escape the restrictive planning permission process, and are also much quicker to complete. The reward is a property value increase of up to 20%.
Open Plan Living Space
Open-plan spaces have been in vogue for generations now, and there seems to be no assailing the demand for breathable living space. As such, homes with smaller rooms can benefit from the relatively simple undertaking of knocking through a wall or two.
Despite the relative simplicity of making a living space open-plan, it is not an undertaking to be skimped on; some internal walls can be load-bearing, and their careless demolition could downvalue a property instead of upvalue it.
Done right, an open-plan living and dining space could add as much as 5% to your property, against a relatively small renovation cost.
