Upgrade Your Home: Five Renovations With The Highest ROI
Anyone who is selling their home naturally wants to get the highest price for it that they can. Besides choosing a good estate agent (ahem…), renovations are one of the best ways to boost the value of your property and can give you great ROI. Renovations don’t have to cost the earth either. Even small changes can make your property more appealing to today’s buyers. Our advice is to think about the kind of upgrades you would want to live with and then go from there.
1. Modernise the kitchen
We all spend a lot of time in the kitchen, so it makes sense that giving the space a makeover will add value to your home. This doesn’t have to cost the earth – just replacing the cabinet doors or countertops could really transform the space. That being said, if you do have the space and budget to do a full renovation and add a popular feature like a breakfast bar, it could add 5-6% to the value of your home.
2. Create an open-plan living space
Open living is one trend that isn’t going anywhere fast. Open-plan kitchen/diners or kitchen/living rooms are popular across a range of demographics, from families with kids to couples who enjoy entertaining. In some properties, this could be achieved by knocking down a wall, or you may need to extend. Just don’t sacrifice a bedroom to create an open-plan area, as that could reduce your property’s value.
3. Boost kerb appeal
You know what they say: you only get one chance to make a first impression. Making sure that the outside of your property is clean, tidy, and attractive will help win over buyers from the start. Even better, this one has high ROI because a lot of the fixes are quick and cost-effective – giving your front door a fresh coat of paint or weeding flagstones and brickwork, for example. If you’re lucky enough to have a front garden, be sure to keep the lawn and plants in check!
4. Add an extra bathroom
Let’s be honest, most buyers today expect multiple bathrooms, especially if you have two or more bedrooms. Simply adding a downstairs loo (which can often be fitted under the stairs, for example) can appeal to a range of buyers, from older people looking to future-proof their home to families who do a lot of entertaining and don’t want people traipsing upstairs. Like renovating your kitchen, adding an extra bathroom can boost the value of your home by as much as 5%.
5. Cosmetic improvements
If you are planning to put your property on the market, be sure to give any paintwork a refresh first. This costs little but could add thousands of pounds of value. If you can, go for clean, neutral shades that will appeal to a range of buyers. Other cosmetic improvements you can make include replacing internal doors, varnishing hardwood floors, and cleaning up sealant around windows and bathroom fittings.
