Homeowners everywhere have danced around the idea of renovating their houses at least once. For many of them the process only ‘promises’ a lot of hassle and a sure impact on finances; others dive right in with the enthusiasm of creating something new.
It makes no difference where you stand on the matter, be aware that home renovations are bound to be necessary at some point and, if you’re counting only on market evolution to increase real estate value, you might be in for one disappointing ride.
Before you roll your sleeves up, make sure to get your reasons straight. What is the main objective here?
· ensuring a higher bank valuation (thus adding to your equity), or
· raising the selling price as much as possible
If selling is your goal, start with research – even apparently insignificant details (for you) could cause a sure sale to fall through, so get up to date with all the features that potential buyers find appealing. Yes, you might need to spend a bit of money to refurbish everything but keep in mind that the higher the selling price goes, the higher your returns go.
If you’re renovating for valuation purposes only, things are simpler – making the house look good without crashing your budget is both achievable and sufficient.
Renovations That Actually Pay Of
Cosmetic Vs. Structural
Cosmetic remodeling only involves small-scale modifications such as repainting, replacing carpets with trendy floors, putting up new/additional lighting fixtures and so on. The costs are fairly easy to handle and, when done right, these renovations are the first to make a favorable impression.
Structural renovations constitute important alterations (i.e. knocking down walls, reconfiguring rooms, adding a storey to the existing ones etc.). They are usually pretty expensive, time-consuming and may be conditioned by official construction approval(s). Obviously, the rewards are equal to the investment – if everything lines up, you’ll be able to add immensely to your equity.
It’s ultimately up to you to find the right balance between the two and make the best of each. The trick is to spend as little as possible while still aiming for the maximum ‘wow’ and maintain a healthy distrust of any quick fixes. If you need a hand deciding where to start and what to consider, we’re here to help – read on.
· Street Appeal
Think sturdy front doors and garage doors first – that’s not only a cosmetic issue, but a safety one as well and, as such, it carries weight in a potential buying decision. Also, pay attention to your front and back garden: make sure your lawn is mowed and your garden beds are alive – flowers or shrubbery will do the job nicely. Repair or repaint property fences and replace the house number if needed. For a greater aesthetic improvement, you could opt for stone veneer if the expense fits your budget and taste.
· TLC Infused Interiors
Real estate agents confirm it: kitchens are among the things homebuyers look at first. It consequently pays to give this space a careful facelift. Put everything from cabinets to electrical/plumbing layout, to ventilation systems and tiling on your checklist and go through it methodically. You don’t need to ‘gut’ your kitchen or go futuristic in order to revamp it, in fact see that the final result is not out of tone with all the other renovations. Be realistic and don’t lose sight of the big picture.
If you can spare the budget and space to build an attic bedroom, you’re in the ‘best case’ scenario: this particular type of bedroom is seen as a desirable feature by most homebuyers. It does, however, rely on good lightening and smart space utilization to fully serve its purpose – just like any other bedroom. Remember that contemporary color schemes and patterns can amplify the modern vibe of any living space.
Add to and/or upgrade your bathroom(s) – buyers and tenants alike are won over by clean, well ventilated spaces with nifty fixtures and fittings. The average number of bathrooms per home is now at 2.6, so take this into consideration when you start renovating. Set out a distinct budget for bathroom(s) remodeling and always work within its limits. With so many components to puzzle in, you could easily end up over-capitalizing.
Buying a house is motivated by many personal reasons, but there’s one thing we all want: feeling ‘at home’ somewhere, having a place to build memories in. That being said, the smart homeowner knows to pitch in the practical side and act to ensure the propriety’s concrete value over time.