In case you’re considering a particular home renovation project, few questions are probably on your mind right now, including how much you should spend on the project and if your renovation project is worth the effort. Well, the answer to both of those questions is, it depends.
If you intend to stay in your home for five or more years, invest only what you can afford to get the upgrades you want. If you plan to sell, you should take a different approach to your home renovation projects and focus on getting the maximum return on your initial investment. According to the 2019 Remodeling Impact Report by the National Association of Realtors, U.S. homeowners spend more than $400 billion each year on home renovations and repairs.
Believe it or not, even the ongoing Covid-19 pandemic plays a significant part in the home renovations industry these days. As stated in the 2020 Renovation Nation Report, U.K. homeowners have spent an average of £4,035 each on home renovations since the lockdowns began in March.
With most of the nation stuck indoors because of lockdown restrictions, homeowners across the U.K. are heavily investing in home renovations. They have already spent more than £50 billion to make their households cozier and more functional because of the new normal.
If you find yourself right on the verge of beginning a new renovation project within your household, here’s a quick guide to the five most popular areas to upgrade that are worth the effort and can actually boost your home’s value.
1. Bathroom Renovation
Whatever the reason behind your home renovation undertake, the bathroom always makes a great starting point and is an excellent idea. There are numerous fantastic benefits when undertaking a complete bathroom renovation.
Some of them are considered small or personal to you and your family. In contrast, others are more significant and can contribute to your home’s overall cost if you plan on putting your home on the market in the foreseeable future.
Renovating your bathroom can undoubtedly add some value to your property. While the average new bathroom prices vary between £5,000 and £10,000 depending on the bathroom’s size, this project can enable you to accrue a magnificent 3-5% increase in the value of your property on top of what you would have ordinarily received for selling your residence.
If you’re not intending on selling your home, increasing the overall look of your bathroom will make a massive difference to you and your family mentally, as you’ll receive a brand new bathroom where you’ll enjoy your morning routines and have long relaxing baths or showers after a stressful day at work.
All you need to tackle this refurbishing project is a skillful architect to draw up the new bathroom scheme and highly-skilled contractors to carry out the work.
2. Kitchen Remodel
Creating a fully-functional and modern-looking kitchen can add more than just financial value to your property. It will certainly boost your overall enjoyment when doing everyday kitchen activities like cooking, sharing meals with your friends and family, hosting long wine sessions, and entertaining your house guests.
Potential home buyers also see the intrinsic value of this type of home upgrade. When you decide to sell your home, you’ll probably recoup a little more than 80% of the cost of your general kitchen remodel.
If you opt to renovate your cooking area, have in mind that you should, as a rule, replace worn-out appliances with new energy-efficient models, reface the kitchen cabinets with new shaker-style wood panels, install a new countertop or even a kitchen island, replace the old sink and faucet with new ones, repaint the walls, and at least think about replacing the old flooring with new, preferably marble tiles.
3. Total Garden Makeover
Overgrown and messy gardens can’t really add value to your house, and even if you’re not planning to sell, they are not the most appealing thing to have around if you can’t seem to enjoy them in full scent. Renovating your garden, or having a total garden makeover means that you will take the necessary measures to make your garden look attractive and well-designed once again.
Trimming the overgrown trees and greenery can not only boost your home’s value, but it will make your garden more appealing to everyone who comes to visit. According to House Beautiful, full garden makeovers in London can add a whopping 77% value to your property.
4. Garage Conversion
If your garage is a dumping ground for unwanted house clutter, it’s best to rethink the space and give it a better purpose. With garages, you have two options available, you can either clear it out and start using it as a garage where you’ll store your vehicles, or you can convert it and add some space and value to your home.
If you are ready to convert it, you can gain an extra room tailored to your family’s needs and increase your home’s value by over 10%. You can convert it into a spare bedroom, entertainment room for your kids, additional bathroom, etc.
As with any other conversion project, first, you’ll have to think through the impact the converted garage will have on your life as well as on the life of future buyers. Does your property has additional parking spaces? Is your garden big enough for a custom shed if you ever need more storage space? Also, check if you need further planning permission to convert your garage.
5. Replace The Old Windows With New Ones
The last renovation project that we’ll suggest includes replacing the old windows throughout your property with new energy-efficient ones. Modern-day windows that are masterfully installed and appropriately sealed can keep your home warmer during the winter and cooler in the summer months. Pay attention to select windows that will blend well with your existing home interior and exterior to achieve the perfect look.
These are just five of the tons of different home renovating projects that are worth the effort and can undoubtedly add some value to your home. As long as you take the time to plan them accordingly and don’t go over budget, you can always make some nice upgrades to your home. As we are spending more time at home than ever, don’t hesitate to take the initiative and improve your home even more.