04 Feb 2020

Increasing the value of your home with renovations

Is 2020 the year you finally renovate your home into your dream? If there’s a particular room in your house that has so much more potential, why not? There are several renovations you can perform, which will not only make your house more luxurious but also boost its value.

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Renovations are particularly attractive to avoid embarking on the difficult housing market. They can simply stay put and improve their own surroundings. In fact, 15% of homeowners have stated their intention to renovate instead of moving to a new house. So, which home renovations will bring you the highest returns? Let’s find out…

The most popular renovations

Often, the main rooms that are renovated are bathrooms and kitchens. A whole new kitchen can bring in so many self-promises: with a new kitchen, we’ll actually use the cooker more, right? On the flip side, a new bathroom promises a tranquil oasis away from the hustle and bustle of day-to-day life. There’s something universally appealing about a room designated as a relaxation space within our homes, and an old, mouldy bathroom just won’t cut it.

Research by Zopa found that these are the most popular rooms for renovations:

  •  •  Kitchen renovations were popular among 25% of homeowners
  •  •  Decorating renovations were popular among 22% of homeowners
  •  •  Bathroom renovations were popular among 12% of homeowners
  •  •  Garden renovations were popular among 10% of homeowners.

But are the most popular renovations the most profitable?

The most-needed renovations

According to SafeStore, what we love might not yield us the most return. Renovating the kitchen added an average 8.2% to the overall value of a home, where renovating a bathroom faired even worse with only 4.2% added to the home’s value. In fact, the most profitable home renovation project, adding 10.8% to a home’s value, only scored 2% in popularity among homeowners in Zopa’s study.

Despite adding 10.8% to the home’s value and a whopping 70% return on investment, loft conversions don’t feature high on the list of dream renovations. But who doesn’t want another room in their house?

Small-scale with big returns

Renovations don’t always mean tearing an entire room out and rebuilding it all over again to the boost the value of your house. According to Pettyson, simply revamping the carpets of your home can bring in a profitable 50% ROI for homeowners. You could either replace them entirely or simply get your old carpets professionally cleaned to see that little monetary lift.

There are a number of other easy renovation tasks that can help, including adding wooden flooring and reopening fireplaces.

Being thrifty has its benefits too. Doing as many tasks yourself is certainly a good place to start. So too is shopping for vintage finds instead of brand-new fittings and fixtures for your rooms. Hire yourself a rubbish removal expert to deal with all the debris, and you’re all set to breathe a new lease of life into your home! Being thrifty has its benefits too. Doing as many tasks yourself is certainly a good place to start. So too is shopping for vintage finds instead of brand-new fittings and fixtures for your rooms. Get yourself a cheap skip hire to deal with all the debris, and you’re all set to breathe a new lease of life into your home!

Sources:
www.safestore.co.uk
www.zopa.com
www.homebuilding.co.uk
www.landlordtoday.co.uk

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