Whether a homeowner intends to sell their home in the coming year or they are just looking for ways to improve their home, some renovations are better than others when it comes to adding value to a property. While some of these renovations require a bigger budget then others, all of these renovation projects have been proven to be worthwhile investments in the long run.
A Fresh Coat of Paint
Starting simple, one of the best renovation projects that a homeowner can undertake is a fresh coat of paint. Whether this means a fresh coat for the exterior or just a new look for a bathroom or kitchen, painting is one of the easiest and cheapest projects a person can complete that has the potential to add value to the entire property. If painting is not your strong suit, professional painters can be hired for an average of £160 a day in most parts of the UK. Homeowners looking to save a bit of money on this renovation can wait for specials on paint and hire contractors out of season to ensure they get the most bang for their buck.
Next up on the list of most worthwhile renovations is the kitchen. While the average return on investment for a kitchen remodel is lower than some of the other projects on this list, coming in at around 50%, kitchens are often the deciding factor for people looking for a new home. This is especially true for older buyers who, instead of looking to buy property as simply an investment, are looking for a home that has all the creature comforts they could want, and that includes a spacious but cosy kitchen that is both functional and beautiful.
When looking into renovating a kitchen, there are a few things that need to be taken into account that have the potential to break a budget. The first is the cost of all new appliances, which doesn’t only include fridges and stoves. Boilers are often stashed away in an unused cupboard in the kitchen, so the cost of a possible replacement needs to be taken into account when planning a renovation. The good news is that companies like BoilerCentral, who are known as the ‘Uber for Boilers’, can take the hassle out of choosing, buying and installing a boiler which should free up a homeowners time for more interesting aspects of the renovation project. Check out their guide outlining a new boiler cost in 2020 to find out more.
While a bit more expensive than a painting project, outdoor decks are one of the most worthwhile renovations when it comes to adding value to a property. This is because decks can increase the living area of a home for a relatively low cost per square metre. According to market experts, decks have the potential to return almost 80% of the cost of the project during resale, making this project more worthwhile than the average bathroom remodel (a project known to have a decent return on investment).
When planning to install a deck, one of the most important decisions a homeowner will make is the location of the new deck. Building a deck in an area that gets heavy shade should be avoided to ensure your wooden deck doesn’t need to be replaced due to damage from excess moisture in the boards. However, building a deck in an area that receives full sun can result in the area getting too hot and never being used. If no middle ground can be found, building a roof over this area will solve most issues and ensure that homeowners can use the area all year round.
While not as good an investment as a deck, bathroom remodels are a popular choice for homeowners looking to add value to their home while also improving one of the most used rooms in the house. A small, basic bathroom remodel ranges in cost from £2,750 to over £6,500 with luxury bathrooms tipping the scales around the £7,000 mark; however, the return on investment on the average remodel comes in around the 70% mark.
Bathroom remodels can be simple, with repainting the room being a cheap way to improve it without spending a fortune, or they can be elaborate and involve a complete overhaul. For homeowners looking to remodel on a budget, there are a few options. One of the easiest ways to save money on a bathroom renovation relates to tiles and tiling. While tiles are often a standard feature in bathrooms, they are also one of the most expensive materials to buy and install. To bring down this cost, homeowners should consider re-grouting instead of replacing their existing tiles. If the tiles in the bathroom do need to be changed, and the renovation project is not urgent, homeowners can take some of the sting out of the project by waiting for an end-of-season sale at their favourite hardware outlet.
The next renovation on this list is a small one that has the potential to recoup up to 95% of its cost on resale. Garage door replacements fall under kerbside-appeal improvements and, not only do they have a great return on investment, they are one of the cheapest home renovations. The average cost to replace a garage door is anywhere between £850 and £2,700. The cost of this project depends on several factors, including the type of door, what materials are used for the door, whether it is manual or automatic, and what other building work has to be done during the installation.
Another reason why new garage doors are a great investment is that an upgrade can help lower a homeowner’s insurance premiums. The difference is most notable when a homeowner upgrades from a wooden garage door to a steel door.
Home renovations and remodelling projects offer homeowners a way to improve their quality of life while also adding value to one of their biggest investments. While many of these projects require a big budget, the good news is that most homeowners can recoup their costs quite easily once they are ready to sell.