With the start of the new decade this year, many people would have already started to think about turning their dreams of owning a house into reality. On the other side, there might be many people who would also like to renovate their existing home, bringing in the comfort and happiness of owning a new home. One can utilize various renovation techniques that can not only make their home look more stunning, but at the same time can also provide a boost to the overall value of their property.
A renovation is a feasible option for many house owners, who don’t have to struggle with the difficulties that people do usually face in the housing markets. They can simply be where they are and improve their own surroundings. In a general survey, it has been found that 15{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} of homeowners have highlighted their intentions of staying in the same home and renovating it, instead of moving to a new home. Hence, let’s find out which of the home renovation techniques can bring in the highest returns as follows:
Renovations that are most popular
The first rooms that we think about when we mention about home renovations are the Kitchens and the Bathrooms. A fully modified new kitchen can bring along with it many self-promises like the more use of certain appliances, especially the cooker, right?
Similarly, the newly modified bathrooms can also provide a tranquil oasis, helping to take away the everyday stresses. There’s always an amount universal appeal about a room meant to be a relaxation space within our homes, which an old, mouldy bathroom just won’t deliver.
According to a survey by Zopa, the kitchens and the bathrooms are the tow rooms that are most popular for renovations among the house owners. The statistics are as below:
- Kitchen renovations were popular among 25{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} of homeowners
- Decorating renovations were popular among 22{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} of homeowners
- Bathroom renovations were popular among 12{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} of homeowners
- Garden renovations were popular among 10{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} of homeowners
However, we need to find out whether our favorite renovations also result in the most profitable projects.
Renovations we need
The Research by SafeStore gives us an insight investment returns made in the home renovation projects and also how popular they are.
The renovations done in the Kitchen provided an average of 8.2{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} in addition to the value of the home. While the bathroom renovations added to a worse of only 4.2{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} of the value. However, the most profitable renovation project added to 10.8{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} to the home value, but it scored only 2{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} popularity among the house owners according to Zopa’s study.
So, what’s the most profitable renovation project that contributes to 10.8{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} value. It is the loft conversions that even though it provides a whopping 70{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa} ROI doesn’t feature high on the list of dream renovations. Simply put, who would not like to have another room in their house, if provided with extra space?
Small-scale renovations with high investment returns
In order to have a good return on your investment, one doesn’t have to bring down the whole room and build everything from scratch. According to Pettyson, some of the simple techniques like renovating the house carpets can bring in a profitable ROI of up to 50{e8320b3a48b868d914fa32d2d6dd13b99d3fcdd8bc3f2724f7c5e8c2702076aa}. One can either replace them completely or can simply get their old carpets cleaned up professionally to achieve that little monetary benefits.
Some of the other easy renovation tasks, that can help to increase the value of a property can include the addition of wooden flooring or even reopening of the fireplaces.
So, do you want to increase your return on the investment? You can achieve so while renovating even if it’s a large-scale or a small-scale renovation. A good place to start would be to do as many tasks as possible by yourself. Other than that, one can also look for shopping old findings instead of going for brand-new fittings or fixtures for your rooms. You can find more about the costs related to the waste removal, that can help you to deal with all sorts of debris, and thus helping you to increase the value or ROI for your homes.