When it comes to finding that dream property in the most beautiful setting, costs play a major factor and making that dream a reality might not be an option. If you are considering upgrading your home – and taking out finance to do it – then it is worth finding out which renovations offer a decent return because there are some that might not offer you any return whatsoever. It is all a learning curve but once you understand the basic principles, then you will be in a better position to determine when to spend money on your home and when not to.
Upgrading The Basement – Worth It
If you’ve got a basement that’s currently going to waste, then it can pay to upgrade it. People want extra usable space in the homes that they buy, so if you ever come to sell, a basement that serves as an extra room – like a games room – can add substantial value to your property.
Upgrading a basement doesn’t come cheap with prices averaging around £7,000 for a full conversion. But if you have the spare cash, then it can lead to a substantial increase in the sale price of your home while at the same time giving you extra living space as and when you need it.
Just be careful when converting a basement: you can run into structural problems. Always consult with an architect and a foundations expert before allowing any work to begin. You don’t want to be saddled with extra repair costs if builders discover a problem part way through the project.
Adding Extra Lighting – Worth It
When it comes to selling a home, all estate agents will tell you that lighting is essential — the more light you have in a home, the better.
What’s great about lighting is that it offers the best bang-for-your-buck of practically any upgrade you can make to your home. Lighting is cheap. And so adding extra light in any form is likely to end up making you money in the long term.
Buyers love homes, for instance, that have recessed lighting and backlighting in the main reception rooms. They also love spotlights in the kitchen and bathroom. These can make a big difference to the overall feel of your home, encouraging buyers to part with more cash.
Extend Your Garage – Worth It
Many people take out finance to make their homes larger before selling them on. What’s more, if you consider using a guarantor if you have bad credit, then you can often get hold of loans for worthwhile building projects, such as extending a garage. Why is a bigger garage so valuable? It comes down to several factors. For starters, people want to be able to use their garages for multiple purposes. Not only do they need space for their cars, but they also want to be able to do DIY or have a workshop for their mountain bikes. Bigger garages also provide owners with the ability to free up the shed and keep things in a safer building. Sheds can be broken into easily – garages are a little trickier.
Plusher Carpets – Totally Worth It
When people come to visit your home, they want to feel cosy and welcoming. One of the best ways to do this is to use something called “carpet padding.” Essentially, it’s cheap underlay that goes underneath your existing carpet, helping it to feel bouncier and plusher. There’s no need to install expensive new carpets to get that fresh carpet feeling: all you need to do is hire the labour for the day and buy cheap padding material. It’s low cost but adds an enormous amount of value to your home.
Emphasizing Storage – Totally Worth It
One of the main reasons people move is so that they can get more space. So any home that appears to offer a plethora of storage options is immediately at an advantage over one that doesn’t.
Something as simple as integrated wardrobes can make people feel like your home offers them all the space that they could ever possibly want. Don’t forget to focus on storage in the bathroom too. Large families want bathrooms that give each member of their household a space in which they can keep their possessions.
Now that we’ve discussed some of the upgrades that are worth it according to renovation experts, it’s time to briefly exploring those which are not.
Top of the list is wood flooring. Wood floors are expensive, especially if you go for hardwood. But worse than that, they’re prone to depreciation. Wooden floors don’t have the longevity of many other flooring materials, including tiles, meaning that you’ll have to spend a lot of money maintaining them throughout their lives. Laminate flooring is not an alternative. People can immediately tell that flooring is laminate, and it does little to add value to a home. What’s more, laminate also scratches easily, again reducing your floor’s lifespan.
It’s also a bad idea to extend the master bedroom. While it might seem like a good idea to add a little extra square footage to the primary bedroom in the house, on a cost-benefit scale, it’s rarely worth it. The reason for this is the sheer expense of changing the location of walls and redecorating. It’s true that homes with larger master bedrooms tend to sell for more money, but the costs of creating that extra space ofter vastly exceed the additional sale value.
The trick, therefore, to spending money on home improvements is to find low-cost ways of boosting the price at which the house will sell. Things like changing the lighting is a prime example of how a small expense can have a profound impact on the amount that people are willing to pay. Extravagant features, like wood flooring, don’t make as much economic sense.