Home Property Renovation To Improve Home Value
There are some really great ways we can improve the value of our home. Some are more expensive than others, whilst some offer better returns on outlay. Today I will be discussing a whole host of options and potential benefits as well as pitfalls of home property renovation.
One of the best things we can do to make our home more presentable is cosmetic touch ups. If the sash windows need painting and a bit of repairing then it’s an easy and relatively cheap fix. Having a sash window restored and decorated costs around £400 pounds per window and is worthwhile as will certainly be flagged on a survey and the costs requested will certainly outweigh this figure.
Bathroom renovation can set you in from a budget £1500 to £Unlimited. Quality bathrooms as per the picture attached will cost around £8000 and will certainly be reflected in the value of your home and a great tip to improve home value. It’s quite common that a home well renovated with high end bathrooms can expect a 5-10% premium on the selling price simply for the ease of the new owner, and the move in with absolutely nothing to do but admire. This is quite an interest point because it also depends on your market. Many properties in need of renovation are also now fetching premiums as wealthy individuals wish to put their own style into a home. If they have the finance power to run two London homes at the same time then this is favorable for them. They will also gain from increased equity value in the home directly themselves.
Kitchens can make and break a home. Recently I saw a home renovated with new kitchen that cost in excess of £40,000 just for the units alone and a complete price including extension if £100,000. This prices was certainly worthwhile if a property developer because the new valuation was circa £200,000 higher. This kind of upgrade can be a jackpot if you get the space right. One extra room in London can set a property price right up the ladder. Granted this was a discussion about kitchens but I thought worth mentioning since most extension opportunities will be found at the rear of the property with the kitchen, and potentially an extra bedroom above.
A crazy new trend is eco friendly home upgrades. If your property is benefitting from features such as under floor heating or even solar power then you can at a minimum, expect an easy sale with multiple interested parties. The idea of no electricity bill with a reduced heating burden is so attractive in the current London situation. It seems everywhere we turn we are taxed. Money back directly on what are considered given costs is a big plus.
Don’t skimp with flooring. A quality hardwood floor can set a property alight. The cost can be prohibitive initially, but when considering the lifespan as well as the durability it would be a crime not to take the long term stance on this one. The only problem you might face is scratches, which are easily solved with sanding and refinishing, certainly a lot cheaper than carpet over 40 years.
If you need any further home renovation advice then feel free to message me and I’ll get back to you just as soon as I can.