What are the best methods of home improvement which can guarantee good returns? The answer is simple and straightforward home improvements offer the highest returns on investment. The key is to know where to invest. Your focus should be on things that are important for the buyer and not to over-improve. For example, having a concrete driveway may not be the best type of home improvement. Also, don’t expect to add value to your house just because you spent thousands of dollars in getting a leaky roof or electrical connections repaired. The customer will anyway expect these things to be in order when he/she comes to buy your property.
Here are few home improvements which can add value to the price of your property.
- Loft conversion: If your house is located in a good location, loft conversion can prove to be very lucrative. However the same thing can bounce back if not done well. In any case, make sure to take building regulation and planning permission and if you are a leaseholder then your landlord’s permission. Also, it will be in best interest to have a professional advice on how much will such a renovation add to your property value. Loft conversion gives the best returns where land and property prices are a premium.
- Kitchen: For many, kitchen is where the heart of the house is. So it’s a good idea to invest some money in revamping the kitchen. Re-flooring, staining of old cabinets, replacing old cabinet hardware etc can remodel your old kitchen into an inviting new dream. But make sure that you spend money on the kitchen in proportion to the original value of the house. Spending way too much might not be a very good idea unless you plan to live in the house for a long time to enjoy your changes.
- Painting and decorating: Freshly painted and decorated house gives a feeling of newness. Try to paint the house in neutral colors which will appeal to everyone. Make sure not to go overboard by painting the house in extra jazzy colors or design ideas which may not be appreciated by all. Again, it’s important to know your budget and work accordingly.
- Extra bathroom: Having an extra bathroom always pays off. You don’t need to overspend on the bathroom. A mid-range full bath remodeling job can be easily done with a budget of few thousand dollars and it will ensure about 78% returns. Marble vanity top, molded sink, bathtub with a shower are few things you might want to consider.
- Decks: Having a deck installed in your house may be a very good move. This will add square footage to your property and the outdoor of the house will also look good. Again, deck additions can cost a few thousand dollars but it generally pays 85% of the cost.
On the whole, making few improvements in the house can go a long way in increasing its overall value. All you need to do is invest wisely to reap good results.