People are always told that property is an asset; like any asset, it can appreciate or depreciate. So to truly benefit from property investments, owners should get more money for it than spent when buying and renovating it. There are various ways to increase the value of any home, and even if it isn’t put on the market, properties must contribute positively to the value of the neighbourhood. Homeowners don’t want to be the worst-looking house in the best area.
We explore a few renovation ideas to increase the value of homes and make any house more enjoyable. It can be something significant such as remodelling a kitchen, something as simple as changing the floors from carpet to laminate or vinyl or adding wooden wall panels to the colder rooms in the house. Before embarking on any remodelling project, always weigh the cost of time and money against the perceived benefit. Be sure that cosmetic updates add to the value of one’s home.
Add an extension
An extension can be a valuable addition to a home, providing additional space and functionality. It can be anything from a patio to a new bathroom or even an extra bedroom, and it increases the square footage, which in turn can increase the house’s value. However, it’s essential to obtain all the necessary approvals and permits are obtained from local authorities before starting the project. This will help avoid any potential legal or financial issues down the line.
Keep HVAC (heating, ventilation, and air conditioning) updated
Heating and cooling costs add up over time and can become exorbitant. Still, good ventilation is critical in any home, especially if it’s in an area that experiences extreme weather conditions. HVAC is one of the key factors potential buyers look for in a home. If it is updated, it means they won’t have to spend more money on it, earning more value.
Remodel the kitchen
According to realtors and remodelling, firm homeowners can recover between 60% and 120% of their investment in a kitchen renovation. This doesn’t mean to start pulling out countertops and replacing all the cabinets; small changes can have a significant impact. Changing the colour of the cabinets or adding extra shelves will go a long way in changing a kitchen. Another good idea is to upgrade appliances to more energy-saving and environmentally friendly options.
Don’t neglect the outside
To create a positive first impression for visitors and potential buyers, it’s essential to maintain the exterior of a house as well. Keep driveways well-paved and clean with no loose stones. If properties have a garden, ensure it is well-maintained according to the seasons. Changing the front door, a new coat of paint or new windows can significantly improve the property’s appeal.
Not only the big budget time-consuming activities can help increase a house’s value. Simple things like door handles and beautiful flowers in the garden can help. When deciding on which rooms to remodel, look at high-traffic rooms such as bathrooms, kitchens, and living spaces. These rooms also have a higher return on investment when done correctly.