As we’ll see, there are many home renovation projects that have been proven to boost resale value and property prices, but it’s important to take individual circumstances into consideration. Property valuation methods dictate that the homeowner must look at the local and wider market before planning a renovation project.
Locally, estate agents will assess how nearby properties are valued (the ceiling price), what buyers are looking for and, in a wider context, how the economy is impacting house prices. With these factors in mind, let’s take a look at which home renovation projects will give your property’s valuation that much-needed boost.
Kitchens have become like a second living room for most homeowners these days – a place where cooking, conversation, and entertainment now go hand-in-hand. Naturally, therefore, a property’s kitchen will be high on the agenda in the buyer’s market, so sprucing up or remodeling this space is a sound investment.
This may be in the form of a new marble countertop, updated appliances, the latest kitchen technology or a complete remodel to make the most of this space. Whatever you do, the more you put in, the more you will get out in resale value.
Adding an Extension to Your House
Adding an extension to your house is likely to increase its resale value, although recouping the costs is not always guaranteed due to the complexity of such a project.
You may need to work on sloping ground, for instance, which will bump-up building costs with custom home builders. For kitchen and bathroom extensions, you’ll also likely be impacted on costs.
On the other hand, working with what you already have, like a basement, garage or loft, will help to reduce costs and therefore increase sell-on profit, whether you’re converting these spaces into bedrooms or games rooms.
Like the kitchen, the bathroom has gone up in people’s estimations in today’s real estate market. While it was once a purely functional room with no frills, it now serves as a room of luxury that buyers will make a beeline for on first viewing.
Increasing the size of your bathroom would certainly be on-trend, allowing for impressive features like his-and-her showers and whirlpool tubs, while mod cons such as heated floors will bring a once outdated space into the 21st Century.
Solving Structural Issues
Structural issues can be a nightmare to sort out, but solving such problems will have a long-term positive effect on the value of your property.
While kitchen renovations and decorative embellishments are worthwhile, their effect on price won’t last as technology becomes outdated and kitchen worktops wear and lose their shine, but something like a solid foundation will last for many years.
However, be sure to consult your local authority before contracting custom home builders to carry out a structural overhaul, whether that’s for reinforcing the foundations or knocking through a wall. Also, hiring an expert to assess the property beforehand will help you to avoid any complications further down the line, especially with older properties.
Renovating Property for Profit
No matter what you do with your house renovation, it’s important to consider the local market and property valuation methods. Is there potential or will a costly new kitchen give you no return on your investment? Either way, these handy suggestions will certainly increase the resale value of your property, provided you have a proper plan in place to avoid the pitfalls of renovating a property for profit.
This article has been contributed by Maryn Mcdonnel.