Increasing the value of your home may be easier than you think. In the age of DIY, it’s no surprise that more and more people are using home renovations to add value to their home.
Whilst the idea is simple, its important that you do proper research before making any rash decisions.
Renovations cost time and money, so make sure you plan your time and budget wisely. Any home renovation can come with unexpected difficulties, so ensure you have extra time and budget plotted into your plan for those surprises.
Renovations that will add significant value to your home.
Never underestimate the value of adding extra square footage through renovations like finishing a basement, converting a garage or creating extra storage space by creating under stairs storage.
Something that could set your property out from the rest is additional living space. Buyers will want to get value for their money, and having additional living spaces such as home offices, guest suites, or entertainment rooms is a great way of showcasing this.
Also, consider investing in features like residential elevators, which can add convenience and appeal to a broader range of potential buyers, especially if they have an elderly in their family.
Kitchens are known to be the heart of the home, making kitchens the place to start if you’re looking to increase significant value to your home.
This doesn’t mean ripping out a whole kitchen and starting from scratch, however. Small details can make a huge different such as updating countertops, freshening up paint colours on cabinets, infesting in modern integrated appliances all can have a substantial impact on a home’s value.
If you’re planning to sell your home, it’s advised you pick timeless designs, colours and materials that are more likely to appeal to a broad range of buyers.
Neutral colours such as beige and white are safe both options for kitchen cabinets. For your countertops, wood counters are timeless. The aim is to make the kitchen easily customisable for the buyer.
Curb Appeal Enhancements:
Something that can often be overlooked is the typical curb appeal enhancements.
Buyers will be enticed by a well-maintained exterior, including landscaping, fresh paint, and an inviting entrance.
Your front yard will be the first impression of a property, make it a good one! According to Stuart and Parker, “A well-maintained garden can add a hefty 20 per cent to the value of your home”.
To do this, ensure that any broken fencing or gates are fixed, grass and hedges are freshly cut and plant a variety of seasonal, colourful flowers.
Additional extras that will be impressive to prospective buyers is creating an alfresco dining area, complete with a firepit or outdoor lighting.
Budgeting and ROI Considerations:
Its important to be realistic about your budget and goals for the renovations. Speak to your preferred contractors about how much they believe the renovation will cost, then speak to at least two more contractors, as it’s important to scope out general prices for the project.
Unfortunately, not every renovation will add value to your home. Something to be aware of is the ‘ceiling price’ of your properly. A ceiling price is the maximum price your property can reach for its area, despite all the renovations. If you’re already at your ceiling price, your price won’t stretch much further.
Before completing any work, determine how the project will create a return on investment (ROI). According to Scofield’s, the top four renovations that will bring you the most value are kitchen renovations (12%), bathroom remodel (11%), smart home tech (10%) and landscaping/ outdoor maintenance (8%).