Adding value to your property by renovating it can be one of the most joyous and effective ways to spend your money. Whether you are a property investor, landlord, or homeowner, there are several different ways to lock in value by boosting the appeal of your home without spending a fortune.
While certain projects could test your budget and take a lot of time, some are relatively simple and, if selected wisely, will give you a great return on your investment.
Nevertheless, deciding how best to add value to your property to ensure the biggest ROI is the complicated part and one which requires a professional touch.
At renooovate, our vastly experienced team will guide you through every step of the process to make sure your newly renovated property reaches its full potential. We have an incredibly friendly and skilled team of designers, contractors, technicians, surveyors, and architects who are revered in the industry and have worked on a wide variety of projects.
If you are looking to add value to your property with renovation, these are the most popular options to achieve the best return on investment.
Full House Renovation
If you are serious about getting the very best out of your property and multiplying its value, it’s well worth considering a full home renovation. While these projects differ from home to home depending on the condition, a full property renovation usually consists of comprehensive redecorating, installing a new bathroom and kitchen, creating more space with an extension or loft conversion, updating the heating system, upgrading windows and the front door, and lastly, refreshing the outside space.
As part of full renovations, ensure successful redecorating projects time after time by focusing on five key elements:
- Planning everything ahead
- Not compromising on quality
- Making good use of space
- Making the most of natural light
- Creating a unique style
At renooovate, we specialise in full home renovations in Manchester and have a large amount of experience taking care of the entire process for our clients. These are the types of projects we started renooovate for as they most often provide the highest ROI. Homeowners could expect anywhere between 50-200% ROI with a full home renovation.
To see a collection of our successful full property renovations in the North West as well as a breakdown of the entire project, including the work carried out and ROI, click here: Projects.
Dealing With Structural And Inherited Problems
Inheriting structural issues with your new property can throw a real spanner in the works and is something that should be made a priority. If you are looking to add significant value to your home, then these structural issues need to be eradicated first. Carrying out redecoration or the installation of a new kitchen is counterintuitive when there are significant structural cracks or a damp problem.
While structural problem costs may be amongst the most expensive for a renovation project, they are imperative if you want to increase the property’s value.
Unfortunately, structural issues are common, especially in older homes. However, the experienced team of surveyors and architects at renooovate are able to assess the situation and calculate all necessary costs to ensure the highest ROI.
These are some of the most common structural issues we encounter:
- Cracks in walls
- Sagging or leaking roofs
- Warped ceilings
- Crumbling wood or concrete
- Uneven floors
- Leaning chimney
Redecorating
This is the easiest and most popular way to improve a home. Simply painting your house and carrying out simple maintenance can be done at a very low cost with great effect. A new coat of paint with modern colours can go a long way to giving your home a new lease of life, so don’t be scared to pick up a paintbrush and get your hands dirty.
It is also a good idea to fix all aesthetic defects. While it may not be the reason your home doesn’t sell, minor problems and weaknesses can create a picture of a dilapidated or poorly maintained home. Things to consider here include lightbulbs, light mould, and dirty walls.
Statistics show that conducting basic redecoration on a property increases the value by 8%, with an average 62% return on investment.
With that considerable ROI, you’ll make to make sure you take redecorating seriously and hire the best people for the job.
While this can be a tiresome and tedious job, at renooovate, we are vastly experienced in interior and exterior decorating in Manchester and will work with your budget to completely transform the interior design, turning the property into a golden opportunity.
To learn more about how exactly kitchen renovations can add value to your property and why the return on investment is so significant, see our article: Our 5 Clever Renovation Tips.
Replace front doors
Make sure the exterior of the house welcomes potential buyers. A modern front door can be significant for viewers who are seeing it for the first time. If you can’t afford a new door, make sure it looks new by giving it a power wash or lick of paint, a new door handle, house number, or name tag.
Remember, first impressions are very important, and the viewers will use the door as a signal of the care that has been put into the property. A decrepit looking front door will immediately give a bad impression and could drop the valuation significantly.
The front door design also needs to be in keeping with the style of the home and renovation; while you may replace it with a beautiful new door, if it doesn’t match, this could send negative and confusing signals to the viewer.
To learn more about what to think about when replacing or upgrading your front door, see our article HERE. Tips On Your Front Door?
New Kitchen
Kitchens are often the focus for many renters and buyers, and it is the first thing they look at changing if they can’t imagine living in the home. Unsurprisingly, over 60% of homeowners have renovated their kitchens before selling. You may not be able to buy a whole new kitchen, but there are many small ways to improve what you already have.
If you have a small budget, painting the units or replacing the cabinet handles or doors is a cheap way to refresh the kitchen. Good lighting and uncluttered, clean areas will make a big difference in the house’s overall ambience.
To learn more about how exactly kitchen renovations can add value to your property and why the return on investment is so significant, see our article: How To Renovate Your Kitchen To Add Value To Your Property?
Renovate The Bathroom
Whether the property is for sale or you plan to rent it, the toilet is one of the most important renovation decisions. If it is considered and well-planned, a stylish bathroom can win you many times the renovation cost.
Hiring a professional team of renovation experts can help you choose the right style, decoration, and equipment within your budget that will enhance the look of the whole space.
In the bathroom, re-applying the grout, eliminating all limescale and plumbing is a great starting option. Bathrooms need to look clean and tidy, so paint the walls in a neutral shade and place a new shower curtain or simple glass.
29% of homes sold in 2020 have a new bathroom, and with an average 53% return on investment and a £7,000 profit, it’s easy to see why this has been the key to faster sales and more income.
To learn more about how exactly bathroom renovations can add value to your property and why the return on investment is so significant, see our article How Do Bathroom Renovations Add Value To Your Property?
Renovate Master Bedroom
After renovating the kitchen and bathroom, arguably the third most significant room in a property is the master bedroom. Buyers will look at this space in the same way they do the living spaces, and a beautifully renovated bedroom could have a similarly significant effect on the ROI.
At renooovate, we regularly renovate the master bedroom as part of our renovation projects, commonly installing an en-suite bathroom to transform it into a fully inclusive and relaxing master bedroom.
To learn more about how exactly master bedroom renovations can add value to your property and why the return on investment is so significant, see our article here: How To Renovate Your Master Bedroom.
Outside Space
An attractive, charming, and well-designed garden can add great value to a building. It is important to feed the plants, define paths and cut down any overgrown trees or shrubs.
The garden should feel like an additional place for recreation or relaxation, rather than a place for grass. Decorative space gives buyers the feeling of having a large living space, and 3% of homes sold in 2020 were found to have a summer garden, giving owners more space to relax and enjoy the warm British summer weather.
What is most often overlooked is the opportunity to add an outbuilding that can act as another room in the garden. At renooovate, we regularly accomplish these spectacular buildings for clients that have the budget and space to enable it.
This adds a wow factor to a property and can significantly increase the ROI, more so than just a simple garden renovation.
To learn more about how exactly outbuilding and garden renovations in Manchester can add value to your property and why the return on investment is so significant, see our article here: How To Renovate Your Outside Space?
Double glazed windows
Noisy roads can affect the value of a property. Double glazing will keep the home warm while keeping the noise out, even if it is close to a main road.
To learn more about how exactly garden renovations can add value to your property and why the return on investment is so significant, see our article here: What to Consider When Replacing Your Windows?
Opening the space
Opening the living space is becoming more and more common, especially in the dining room and kitchen. Combining the two rooms into one large one creates an enjoyable place for the whole family to enjoy. Keep in mind that this doesn’t apply to everyone, as many consumers still love the traditional front-room that can be used for special events or used for privacy by adults.
To learn more about how exactly creating open space can add value to your property, see our article here: How To Renovate By Opening the Space?
Energy efficiency is a must
Smart home technology is becoming increasingly important for consumers – just advertising the availability of fibre optic cables in your area is not enough to motivate consumers. Statement systems like multi-room music platforms can also make a difference.
Smart technologies like Hive, which provide high-temperature mobile systems, are a factor to consider. If it shakes your EPC (Power Performance Certificate) band, it can add thousands to the price tag. Only 2% of homes sold in 2020 are equipped with smart technology, so by being ahead of the game, you will be offering a unique selling point and offering the future for any potential buyers.
To learn more about how exactly creating open space can add value to your property, see our article here: How Important is Energy Efficiency When Renovating?
Driveway
The ability to park near your front door comes at a great premium so, if you have space to add off-road parking, you are sure to increase the properties valuation.
To learn more about how exactly creating or upgrading a driveway can add value to your property and why the ROI is so significant, see our article here: How To Improve Your Driveway?
Add Space
Major projects often include loft conversions, adding storage space, converting a garage, or installing a new kitchen or bathroom. In fact, 22% of homes sold in 2020 had a new extension, making them more attractive to buyers and increasing the value of the building by 13% or £16,000 on average.
Statistics show that half of property sellers think that adding a bedroom – usually a loft conversion – adds a great deal, while a third of the estate agents think a new kitchen is the best.
To learn more about how exactly creating or upgrading a driveway can add value to your property and why the ROI is so significant, see our article here: How To Add Space to Your Property?
Summary
Whatever you choose to do, it is a good idea to talk to a professional, local renovation and letting company like us, renooovate. We will be able to guide and inform you about the kind of factors that make a big difference when renovating, letting, and selling homes in your area.
