Home Renovations and their High Returns
by Natasha Christou Digital Marketing ConsultantDid you head into 2020 with the
motivation to turn your dream home into a reality? Feeling comfortable is
extremely important when thinking about renovating your home. If a certain
aspect or room is looking a little dull these days, improve it — it will make
you much happier! There are many renovations which will make your home look very
pleasing to live in, but also ensure that the value of your property goes up.
Renovations help homeowners as it
means they don’t have to deal with the difficult and ever-changing 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…
Renovations we love
Kitchens and bathrooms are often
the first rooms we think about when we mention improving our homes. Getting a
stunning new kitchen can help to make self-promises such as — we’ll actually
use more of certain appliances when cooking, right?
We’d all love a new bathroom — they
always give off a relaxing oasis, helping to de-stress. 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.
According to a survey
by Zopa, these two rooms are some of the most popular renovations among
homeowners:
·
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 do our favourite renovations
equate to the most profitable projects?
Renovation must haves
Research by
SafeStore shows the return on investment for home improvement projects and
how reveals their popularity.
Kitchen makeovers give an average
8.2% to the value of a home and for bathrooms only 4.2% of added value. However,
the most profitable renovation, which added 10.8% to the value of a property,
only scored 2% in popularity among homeowners in Zopa’s study.
Loft renovations add 10.8% to the
home’s value and a huge 70% return on investment, yet do not seem popular on
the list of dream must-have makeovers.
Small-scale renovations with a large return on
investment
Even though many may think you have
tear out a whole room and rebuild it from scratch to boost your home’s value
and get a good return on your investment, this is false. According
to Pettyson, even little improvements such as changing the carpets of your
home can bring in over 50% ROI for homeowners. You could either replace them
entirely, or simply get your old carpets professionally cleaned to see that
little monetary lift.
Did you know that other easy
renovation tasks such as wooden flooring and also the reopening of
fireplaces can help give your home a value boost.
If you’re thinking about wanting to
increase ROI, you can do this when turning your home into glorious surroundings.
Whether it’s a large-scale renovation or a small-scale update, 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. Find
out more about the skip hire costs to help deal with all the debris, and you’re all
set to breathe a new lease of life into your home!
Sources:
https://www.safestore.co.uk/blog/2019/05/improve-or-move/
https://blog.zopa.com/2017/07/18/improvements-that-add-value-to-your-house/
https://www.homebuilding.co.uk/20-sure-ways-to-add-value-to-your-home/
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Created on Mar 24th 2020 05:43. Viewed 489 times.