Renovation and Profit
Want to increase the market value of your home? Did you know that by renovating it, you can add incredible value?
The trick to improving its value is to make sure you are renovating your property the right way and without making costly mistakes.
We have outlined some of the best home renovation tips to ensure you maximise it’s value.
- Avoid over-capitalising with your renovation
This is a common mistake where homeowners spend too much on the renovation, and can’t recover that cost when they sell.
Be realistic about the market price of your property before and after the renovation.
If you are looking at bigger projects like a kitchen renovation or landscape changes then think of the impact these will have on your overall home. These can be expensive projects so you want to ensure the return on investment is there.
If you want to tidy up the outside, then choose low-maintenance and more affordable plants than expensive and hard to sustain ones.
Weigh in if you should overhaul your kitchen entirely or just go for a new paint job. This can be less costly with the same aesthetic and refreshing effect.
2. Prioritise which rooms to renovate
Some of the best projects to increase your home’s value include kitchen and bathroom renovations. An outdated bathroom or kitchen can affect the overall feel of the house. An expert interior designer and builder will tell you that spending on your bathroom and kitchen can add substantial value.
They can also be the most expensive rooms to renovate.
Be prepared to spend more on fixtures in these areas but be careful not to overspend.
- First impressions are everything
Your home’s first impression often affects its home value or at least perceived home value.
Remember that even if your bathroom and kitchen looks gorgeous, this won’t matter unless you have a garden or front yard that matches.
Paint your front door, fix your fence and add some warmth to your exterior. This can increase your home value by folds without spending as much.
Renovating your home with the value in mind will allow you not just to improve its appeal on the market but also its function, and, best of all, allow you to bank a nice profit.