When you’ve been living in your home for a while, your thoughts inevitably to turn to renovations and improvements: now you know the property and you’ve lived in it, you have the insight you need to make it fit your life better, and express your personality through your property.
There is another important consideration to bear in mind, which is not merely which renovations will suit you the best, but which will add the most value to your home. There are some projects you can take on that can put up to 20% on the value of your house and that could make a huge difference to you, whether you know you’ll be selling your home to move in the future, or if you’ll be living there for the rest of your life – a more valuable home is an asset when it comes to paying for care towards the end of your life and of course serves as an inheritance to pass on.
If you’re buying a property to rent then adding improvements like this are all the more important thought it becomes more vital to budget carefully and not spend more than you can recoup through rent given the norms for the area.
Refitting your bathroom can add definite value to a home and also reassure buyers that the whole property is in good condition. People always check for signs of damp when viewing a property and a recently renovated bathroom will ensure they leave for a good impression.
If your primary concern is value or rent you don’t need to worry about look too much – concentrate on making sure everything is fit for purpose. If you’ll be living in the property for years to come by all means add your dream Edwardian Bathroom accessories, heated towel rails and underfloor heating – but if you’re concentrating on the bottom line research how much a bathroom refit can add onto your property’s value and keep your budget below this figure!
Fix Existing Problems
If there are some niggling little problems with your home that you’ve been meaning to get around to fixing, definitely focus on those before you move on to more grandiose projects – whether that’s replacing a cracked window, or dealing with a creaky floorboard it could mean catching a big problem before it’s too destructive.
When you’re selling or renting a property, what you’re really selling is space. And the best way to up the value of that is to create more space. Converting a loft or garage into more living space is a great way to improve your home for yourself or for future buyers. If you’re planning on renting, an extra bedroom should be your priority, but if you’re just trying to create the idea family home then it might be more useful to convert your spare space into a study or a playroom!