If you’ve been dreaming of the perfect home for a while, maybe this is the year to make it a reality. Of course, the preferences of the homeowner come first in any home renovation project—every room of your home need to reflect your happiness. Different types of renovations can give a touch of luxury living to your home while boosting the house’s overall value.
For homeowners, contending offers on the housing market can be less appealing compared to initiating a renovation project. Renovations are also the more alluring option as homeowners don’t have to contend with 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 renovations we love
When it comes to renovations, the most popular rooms of the house that come to mind are kitchens and bathrooms. 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 other hand, a new bathroom seems to bring a sense of peace and relaxation to the house. 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.
A survey by Zopa revealed that 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 are the most popular renovations also the ones that bring more profit?
The required renovations
According to a Research by SafeStore regarding the return on investment for an array of home improvement projects, our hearts and our wallets aren’t always in agreement.
A kitchen renovation added approximately 8.2% to the overall value of a home, while renovating a bathroom added only 4.2% to the property’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 achieving a total value of 10.8% to the home and a gaining a remarkable 70% return on investment, loft conversionshardly make it in the top list of dream renovations. But who doesn’t want another room in their house?
Big return on investment from small-scale renovations
Drastic changes aren’t necessarily the best way to gain a good return on your investment. 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.
Wooden flooring and restored fireplaces are other easy renovation tasks that can help increase the value of your home.
There is an array of opportunities to grow your ROI with both small-scale amends and large-scale renovations. 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.
Whatever renovation you decide to do, keep the environment in mind and research how you’ll do your waste clearance once all the work has been done.
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/
https://www.landlordtoday.co.uk/breaking-news/2019/8/revealed-the-renovations-that-offer-the-best-return-on-investment
