Home renovations can be a tool used by homeowners and investors when adding value to their property to increase their potential on the return of investment or to improve their standard of living.
It’s not always the luxury features that will impress buyers. It’s often the simplest facelifts that can give you the most bang for your buck.
That’s why at Abacus Finance, we’ve come up with 8 cost-effective tips that can help to add value to your property without putting a hole in your wallet.
Table of Contents
Tip 1: New Paint Job
The most simple but effective way to bring value to your property is to add a little colour. Your home is more likely to sell with a fresh coat of paint.
“They don’t want to come into a house that looks like it’s been worn down and in a poor condition”- Jennie Norris, Chairwoman of the International Association of Home Staging Professionals
Neutral colours are your best friend when it comes to a new paint job. These colours essentially go with anything. It helps potential buyers imagine what it would be like to live in that home.
Top tip: Renovating your kitchen can be pricey, but they are one of the key room’s buyers inspect the most. So, if your kitchen is looking a little rundown, repainting and installing a new kitchen title can give your kitchen a serious facelift. You can also finish the look with new knobs or handles to give your property that extra value.
Tip 2: Upgrade Your Door/Windows
You would be surprised what a new door or window could do for your home. Aside from looking stylish, new windows can help you save money. New windows usually create an airtight seal so that air does not leak in or out, helping you cut back on your energy bills.
If you hope to make an everlasting impression on your buyers, the colour and style of your door should complement the overall architecture and theme of your house.
Since the front door is the first thing people look at when entering your home it makes a big impact on your visitors and buyers first impression when they step up to the house.
Tip 3: Landscaping Your Gardens
Improving the value of your property isn’t just limited to the interior of your home. Sprucing up your garden can also increase the value of your property price.
It’s a good idea to add some colour to your back yard. Even buying cheap flowers from your local garden centres and can help transform your backyard from a bleak dirt patch to an inviting oasis.
Tip 4: Roofing
Most buyers will investigate the overall quality of the roof during the property inspection.
“A leaky roof costs a lot to fix” – is what potential buyers might be thinking.
Painting your roof and replacing any broken tiles with new ones can help make it look almost brand new. This will help minimise the number of potential buyers from decreasing the value of your property.
Tip 5: Polished Floors or New Carpets
You would be surprised by how an old, dirty floorboard has on the buyer’s perception of your property. A freshly polished floor helps put buyers in the right mindset that the property has been well looked after.
If you have carpets instead of floorboards or tiles you may want to think about getting it professionally cleaned or replacing it with an entirely new floor covering if there are any permanent stains.
Tip 6: Décor and Interior Design
Simple additions such as cushions, rugs and new pillows can make a big difference to the look and feel of your home. It helps potential buyers see the living space as a cosy and comfortable space to live in.
Tip 7: Bathroom Upgrades
A new bathroom can increase the value of your property – but it can be an expensive investment. Luckily, it’s possible to make changes to your existing bathroom with a smaller budget and still enjoy the great returns from your investment.
A key change that you can make towards your bathroom is to upgrade your shower or tub. Simple changes to the showerhead can improve the overall aesthetic of the bathroom.
No matter your bathroom’s size, you can create the illusion of a bigger room by simply adding storage blocks and mirrors. Also, ensure that there is ample lighting to keep the room feeling bright and airy.
Small repairs like painting the walls and replacing tile grout can work wonders in improving the overall cleanliness of the bathroom
Tip 8: Small Patio Installation
If you’re looking for a pricier upgrade to your property but looking for something with a great return on investment, then a small patio is an ideal upgrade to your property. Depending on the size and materials used to build it. In addition, if you add the right lighting to your patio, it can significantly improve the evening ambience, of the outdoor space.
Other factors that can affect resale value
It’s important to be aware of other factors that come into play with your return on investment of a property. One key factor to take into consideration is location. Being close to shops, schools, transport, and population growth etc can affect the property value in the future. Keep an eye on the real estate market trends before investing in major renovations for your house.
Before starting any project, always do your research! Knowing the values of homes around you, and what’s available for your budget will be the best way for you to maximise your ROI and the value of your home for years to come!
The information in this post is general in nature and should not be considered personal or financial advice. You should always seek professional advice or assistance before making any financial decisions.