Does 2020 look like the year to make your dream home a reality? No matter when renovations are planned, they should always be done with the comfort of the homeowner being considered. If your kitchen is looking awful, then why not give it an overhaul for your own happiness? There are a range of different home renovations to consider, and not only do these improve your living space, they can also boost the overall value of your property.
Home renovations are also a more appealing option for homeowners who want to avoid struggling with the difficult housing market. Instead, homeowners can stay put and improve their surroundings. In fact, 15% of homeowners have stated that they intend to renovate their homes instead of moving to a new house. With that in mind, which home renovations will bring you the highest return? Let’s find out…
Our favourite renovations
When we think of renovations, kitchens and bathrooms are usually the first to spring to mind. A new kitchen can offer a whole host of exciting promises: with a new kitchen, we’ll actually use the cooker more, right?
On the other hand, a new bathroom has the potential to provide a new tranquil oasis away from the hustle and bustle of everyday life. 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 the most popular renovation choices for homeowners. In addition, the research found that:
- 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
However, are our favourite renovations the most profitable?
The more needed renovations
Safe Store recently conducted research into return on investment for various home improvement projects, which concluded that out hearts and wallets aren’t linked.
Renovating a kitchen adds an average of 8.2% to the overall value of a home, where renovating a bathroom faired even worse with only 4.2% added to the home’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.
Not only do loft conversions add 10.8% to the home’s value, they also produce a whopping 70% return on investment. However, they don’t feature high on the list of dream renovations. But who doesn’t want another room in their house?
Small
renovations that bring big return on investment
It’s
not just big conversions that can add value to your home and bring
great ROI. 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.
There are plenty of easy renovation tasks that can help elevate the value of your home, such as adding wooden flooring and reopening fireplaces.
Being thrifty with your home renovations and choosing projects carefully will help you get the maximum return on investment. Doing as many tasks as you can 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. Get yourself a skip hire to deal with all the debris, and you’re all set to breathe a new lease of life into your home!
