When a person is thinking of improving their home, it is helpful to consider whether or not renovations will affect the value of the home. Some renovations can cost a lot without appealing to future buyers, while others are affordable and make a property far more marketable. Here are a few key upgrades that help to improve the value of any property.
Having an on-trend kitchen is one of the biggest selling points for homes. HGTV finds that homeowners can recoup up to 120 percent of their investment in a kitchen remodel. Simple renovations like fresh paint, new cabinets, stylish fixtures, and energy efficient appliances are some of the best options for kitchen add-ons. Skip high-end restaurant grade appliances because most buyers do not care enough to pay extra for them.
Converted loft space
When looking to increase property value, consider your attic or loft space. In many properties, this is an empty, wasted area that does not get used, but turning it into a functional room can add £24,255 in value to a property. A few popular things to consider is turning it into a guest bedroom, home office, or basic storage space. Just adding basic walls, flooring, and lighting can be enough to make a loft space more buyer-friendly.
Open floor plans
The modern buyer usually prefers a more open floor plan. Instead of having a tiny living room, dining room, parlour, and kitchen, most people want a larger space that functions as a multi-use entertainment and lifestyle area. Creating an open floor plan is often as simple as taking down walls and installing new flooring, so it is a cost-effective way to increase property value. The big challenge is just making sure that walls are not load-bearing before they are removed.
Anything that increases the square footage of a property helps to boost the value. However, keep in mind that the hassle of building a whole new extension can cut into profits, so doing things like adding on a family room or office usually only result in about a 60 percent return on investment. Better options for extensions include turning a porch into a conservatory or adding an extra bedroom to a property, because these are quite desirable to buyers.