Home Renovations and their High Returns
Did you head into 2020 with the motivation to turn your dream home into a reality? Feeling comfortable is extremely important when thinking about renovating your home. If a certain aspect or room is looking a little dull these days, improve it — it will make you much happier! There are many renovations which will make your home look very pleasing to live in, but also ensure that the value of your property goes up.
Renovations help homeowners as it means they don’t have to deal with the difficult and ever-changing 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…
Renovations we love
Kitchens and bathrooms are often the first rooms we think about when we mention improving our homes. Getting a stunning new kitchen can help to make self-promises such as — we’ll actually use more of certain appliances when cooking, right?
We’d all love a new bathroom — they always give off a relaxing oasis, helping to de-stress. 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 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 do our favourite renovations equate to the most profitable projects?
Renovation must haves
Research by SafeStore shows the return on investment for home improvement projects and how reveals their popularity.
Kitchen makeovers give an average 8.2% to the value of a home and for bathrooms only 4.2% of added value. However, the most profitable renovation, which added 10.8% to the value of a property, only scored 2% in popularity among homeowners in Zopa’s study.
Loft renovations add 10.8% to the home’s value and a huge 70% return on investment, yet do not seem popular on the list of dream must-have makeovers.
Small-scale renovations with a large return on investment
Even though many may think you have tear out a whole room and rebuild it from scratch to boost your home’s value and get a good return on your investment, this is false. According to Pettyson, even little improvements such as changing the carpets of your home can bring in over 50% ROI for homeowners. You could either replace them entirely, or simply get your old carpets professionally cleaned to see that little monetary lift.
Did you know that other easy renovation tasks such as wooden flooring and also the reopening of fireplaces can help give your home a value boost.
If you’re thinking about wanting to increase ROI, you can do this when turning your home into glorious surroundings. Whether it’s a large-scale renovation or a small-scale update, 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. Find out more about the skip hire costs to help deal with all the debris, and you’re all set to breathe a new lease of life into your home!
