Are you heading into 2020 with the idea and the motivation to turn your idea of a dream home into a reality? Of course, comfort is the most important thing when thinking about renovating your home, meaning if you can’t stand a particular part of your home, give it an overhaul – it will make you much happier! There are various renovations which will not only make your home look more stunning to live in, but also give a boost to the value of your property.
Renovations are also a great option so homeowners don’t have to contend with the difficult housing market. They can simply stay put and improve their own surroundings. In fact, 15% of homeowners have stated their intention to renovate instead of moving to a new house. So, which home renovations will bring you the highest returns? Let’s find out…
Renovations that we love
Kitchens and bathrooms are often the first rooms we think about when we mention home renovations. A whole new kitchen can bring in so many self-promises: with a new kitchen, we’ll actually use more of certain appliances, especially the cooker, right?
However, new bathrooms always provide a tranquil oasis, which helps to take the everyday stresses away. There’s something universally appealing about a room designated as a relaxation space within our homes, and an old, mouldybathroom just won’t cut it.
According to a survey by Zopa, these two rooms are some of the most popular renovations among homeowners:
• Kitchen renovations were popular among 25% of homeowners
• Decorating renovations were popular among 22% of homeowners
• Bathroom renovations were popular among 12% of homeowners
• Garden renovations were popular among 10% of homeowners
But do our favourite renovations equate to the most profitable projects?
Renovations we need
Research by SafeStore shows the return on investment for home improvement projects and how popular they are.
Kitchen renovations added an average 8.2% to the value of a home and for bathrooms even worse with only 4.2% of added value. In fact, the most profitable home renovation project, adding 10.8% to a home’s value, only scored 2% in popularity among homeowners in Zopa’s study.
Despite adding 10.8% to the home’s value and a whopping 70% return on investment, loft conversions don’t feature high on the list of dream renovations. With extra space, who wouldn’t want another room in their house?
Small-scale renovations with a big return on investment
You don’t have to tear out a whole room and rebuild it from scratch to boost your home’s value and get a good return on your investment. According to Pettyson, simply revamping the carpets of your home can bring in a profitable 50% ROI for homeowners. You could either replace them entirely, or simply get your old carpets professionally cleaned to see that little monetary lift.
Other easy renovation tasks that can help boost the value of your property include adding wooden flooring and also reopening fireplaces.
Want to increase your ROI? You can do so even when renovating. Whether it’s a large-scale renovation or a small-scale update. Doing as many tasks yourself is certainly a good place to start. So too is shopping for vintage finds instead of brand-new fittings and fixtures for your rooms. Find out more about skip hire to help deal with all the debris, and you’re all set to breathe a new lease of life into your home!