DIY is a popular pastime for many people. It allows people to feel more in control of their surroundings and gives them the satisfaction of completing a project from start to finish on their own. Nowadays, it can be seen that more and more homeowners are beginning home renovation projects. In turn, these projects can be completed more efficiently and at a lower cost. The financial benefits of home renovations are not limited only to the actual construction of the project—it is also necessary to consider the changing value of a house, especially in its resale price.
There are many ways to approach home renovations, but each one has its own benefits and drawbacks. Depending on how much time you have, your budget, and the effect you want to achieve with your property, choosing the best renovation project to carry out is essential. It is a good idea to think about your options and choose what you want from your property, as this will influence the investment return for each project.
Here are the most profitable home renovation projects:
Adding a Conservatory to the House
This is one of the most popular and profitable home renovation projects. It often enhances the value of the property by up to 5%. The cost for this project varies depending on the size, style, and quality of materials used as well as whether it needs planning permission or not. There are a lot of choices when it comes to the material used for this project. Hire a residential roofing contractor to install a roof made of the best material that can insulate your conservatory.
It is important to consider the practical aspects and how it will look. After all, the conservatory will be an integral part of your house and can drastically change its appearance. It can be a place to relax or spend time with friends and family on sunny days.
Making Extra Bedrooms or En-suites
This can lead to an increase in the value of a property by up to 10%. It is estimated that a guest bedroom increases a property’s value by 2%, and a master en-suite can add 3% to its overall price. As bedrooms are essential features in any house, they need to be large and bright enough to be comfortable. In addition, a small en-suite can add value to a property as well.
Converting the Loft
Loft conversions are the third most popular renovation project and often lead to an increase of up to 4% in a house’s resale price. Many people consider their loft space wasted and would like to make use of it. A loft conversion can include a bedroom, bathroom, or even a new living area. Again, the choice of materials is crucial. It has to be functional but also aesthetically pleasing to increase the value of your property.
Redesigning the Kitchen and Bathroom
These are often on the top of people’s priority lists when it comes to home improvement. Kitchen redecoration is said to increase the value of a property by up to 15% while upgrading bathrooms can add up to 11%. It is also crucial that they are functional for everyday use.
A vital factor to consider is that renovations include construction work on the existing structure and modernizing older appliances. It is estimated that upgrading kitchen appliances gives an increase in value of up to 6% while upgrading bathrooms can raise resale prices by 2%. However, if the project includes both renovating and redecorating, the return of investment is higher. It is important to consider every aspect of a renovation project and especially its planning stages. To ensure that you can recoup your initial investment and create a long-term benefit from your property, you must work with experienced professionals who can guide you through each stage of the renovation process.
Changing the Layout of the Property
Renovating your property’s layout can be another way to increase its resale value, but only if done properly and with lots of planning and time put into it. It includes moving around doors, windows, and walls and ensuring that there is enough space for the furniture to be functional. If you take into consideration each small detail, you will be able to enjoy your home for many years without having to move again.
Upgrading the Garage
The last renovation project that can increase the value of your property is adding an extension or converting a garage into a living space. This type of renovation adds up to 4% to the overall price of the home, but it also depends on how big and functional you would like it to be. This area needs to be properly planned and designed with much consideration, especially in terms of lighting and ventilation. Having a garage can be very useful for many people.
It is an excellent place to store your cars and any other equipment you don’t want inside your home. However, if you decide to convert it into a living space, ensure that the rest of the house has enough storage areas for winter clothes and tools. It all depends on how much maintenance work you would like future buyers to take care of, but it is important to consider every option.
Completing home renovations can be a rewarding and exciting experience. While still ensuring financial stability, it can also contribute to the overall value of your property. Homeowners should carefully consider which projects will best suit their needs and where to find expert advice when necessary.