You should never upgrade or renovate your home just to increase its sale value. If you are changing something just before putting it on the market, make sure that it is an essential repair. A roof replacement, for example, or changing out a broken door. These can stop your home from being sold.
When it comes to things like renovating your kitchen or adding a home extension, if you do it too soon before you sell, you can make a loss. It is far better to change your home to better suit you and your family and then enjoy the value increase years later.
Putting a million-dollar kitchen in a home that cost you a quarter of that will not make your home worth more than a million, but it will cost you. Choosing the best renovations and the right budget can help you get the most out of your home while you live in it, and of course, later on, when you finally sell it.
What Renovations Bring in the Most Value?
The renovations that offer the most value back are kitchen renovations, bathroom renovations, and home extensions.
Kitchen renovations can be a very good choice to improve your relationship with your home and add to the total value. Overall, you can expect your kitchen renovation to add between 5% to 15% to your property’s value.
Bathroom renovations can be tricky, though you should be able to recoup a lot of the cost of your bathroom renovations (usually between 50% to 60% of the cost), allowing you to enjoy your new, modern bathroom and get back a decent portion of the cost in value-added.
By far, the renovation that will give you the biggest value back is a home extension. This can be on your main floor, to give yourself a bigger kitchen, but the best way to increase your home’s value is by adding another bedroom. An attic or loft conversion from a top company like Touchstone Lofts who excel in loft conversion South London can easily add 20% to 30% of your home’s value and are the ideal way to convert urban properties or historic properties. In London, for example, many of the homes have limited yard space to expand outwards, so homeowners in this infamous city look to loft conversions as a solution to increase the home’s square footage and increase its value.
What Small Updates Should You Also Consider?
Of course, big renovations are not the only way to add function and value to your home. Never underestimate how much more people will pay for their dream home, which means you should also look to:
- Improve your insulation and energy efficiency
- Improve storage solutions
- Improve and add character features
- Improve your landscape and garden
These will not add value to your final sell price the same way the top three will, but they can make your property a hot-ticket property. But if you’re curious as to how much your property is worth, you can contact these property valuers in Melbourne. In particular, character features are highly sought after and can make your home attractive for you and very attractive to potential buyers.