We all want to live in a stylish and comfortable home and most property owners spend their time and money improving their living space. Aside from the obvious benefits that come with home improvements, some projects raise the value more than others, and with that in mind, here is our top 5 list of home renovations that boost the value.
- Extension – This has to be the number one in terms of adding value to the property; whether a single storey or a double, adding living space will see the property value rise significantly. You have a number of options when adding living space; you can build a bricks and mortar extension or design a stand-alone structure in the yard, which would be used as a home office or an extra bedroom. Container homes are amazing, check out Google Images for stunning examples of containers used as extensions. This would likely involve State permission, which the builder can help you with and once the plans are approved, you can start work. If you have the time, the know-how and the tools, you could save a fortune by building the extension yourself. Labor costs are extremely high, as you are probably aware.
- Swimming Pool – If you have the space, why not enjoy a luxury lifestyle and have a pool built? Search online for properties with a private pool and see how prices compare. You have a choice of either concrete or fibreglass, which is a cheaper alternative and finding a pool contractor is easy using Google. Indoors or outdoors, the choice is yours and expect there to be a lot of maintenance, which is part and parcel of having your own private pool. If you are considering finance, take out some of the equity and use this to fund the project, as interest rates are lowest when you redesign your home loan. Search online for home renovation loans and compare packages to find the one that suits your lifestyle and this is one investment that pays big dividends, especially long term.
- Kitchen Renovation – Remodelling your kitchen will add a lot to the value of your home; bespoke cabinets and pink marble kitchen countertops from an established supplier in Memphis TN. It makes sense to use the best quality materials and known brand appliances and with bespoke cabinets, your dream kitchen will add a few thousand dollars to the asking price, should you decide to sell up and relocate. Take some before and after images and post them on your Facebook page and who knows? Someone might commission you to renovate their kitchen! Don’t make the mistake of compromising quality for price when planning your kitchen revamp, you want your new kitchen to stand the test of time and taking out a home improvement loan is better than accepting inferior quality materials.
- Loft Conversion – If you have the space, why not make the best use of it by having the loft turned into a bedroom or home office? A growing family needs extra living space and a loft conversion is the cheapest way to acquire extra floor area. If you have the tools and a little DIY experience, this would make for a challenging project and think of the money you’ll save when you put your skills to good use. Once you have enlarged the attic entrance, you can build the floor by laying sheets of plywood, fixing to the joists; a couple of skylights give you natural light and essential ventilation and put some insulation behind the wall cladding. The best way to gain easy access is to create a fold-away staircase that can easily be raised or lowered and getting your furniture in might be a challenge. Here are a few tips on how to make your home more inviting, which we should all consider.
- En Suite Bathroom – Adding a private bathroom for the master bedroom will increase the property value and this is a project for your local construction company. Of course, a lot depends on how much space you have; ask a local contractor to quote for the project and you can ask about design options. A walk-in shower is a great addition to any bathroom, while the bath can be removed and replaced with a digital shower, which will save you energy and water. Click here for US government information about obtaining an equity loan to pay for the renovation.
If you have some disposable income and wish to invest in your home with the renovation projects listed above, there will come a day when you realize the benefits of the original investment. Real estate is finite and with a growing population, your real estate investment will see good long-term returns and will hopefully set you up for a secure retirement.