It’s in the best interest of homeowners and investors to ensure that their property is in the best shape possible before putting it on the seller’s market. While this is often as simple as keeping the home clean and in good repair, you’ll make the property more valuable by catering to the needs of potential buyers.
Those needs tend to change frequently, so you’ll need to thoroughly research current trends in the housing market to maximise profits. Are their additions currently in high demand? Do buyers want more space or more utility? Answering these questions will help you to make desirable alterations to the property and maximise its worth.
While the value of particular renovations can change, there are several that most buyers will be on the lookout for when property hunting. Below we’ve listed several worthwhile projects that can easily make back what you spend on them.
Choosing the Best Renovations That Add the Most Value To Your Home
There are several renovation projects or home repairs available that can increase the worth of your home on the seller’s market. They tend to differ in size, complexity, and cost, but all of them can increase the property’s desirability to potential buyers. Choosing which project to pursue is a matter of knowing what appeals to the demographics in your area.
Below, we’ve listed some of the most common (and valuable) renovation projects people want in their homes:
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- Cellar Conversion – A trait that families often look for when buying a home is adequate living space. Converting your cellar into a habitable room can increase the property’s worth by up to 60%.
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- Split Homes into Flats – If you have a bigger property, instead of putting the whole thing on the market, you can convert the house into separate flats and rent them out for a steady profit.
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- Kitchen Extension – The kitchen is one of the most important rooms in the house and one where homeowners will spend a lot of their time. Expanded floor space is appealing to potential owners who often entertain guests.
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- Loft Conversion – Like cellar conversion, remaking your loft into a bedroom or other living space is an excellent way to increase the property’s value.
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- Add a Conservatory – A conservatory is an additional living space added to the house primarily constructed from glass. Large windows allow natural light to enter the room, and any occupant can enjoy nature from the comfort of their own home.
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- New Bathroom Installation – The number and size of a property’s bathrooms are essential to large familiar units. Increasing the number of bathrooms also increases your home’s worth.
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- Open-Plan Living Area – This is another renovation that appeals to buyers who love to entertain. An open-plan living space allows for greater freedom of movement during parties or get-togethers.
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- Deal with Structural Issues – Instead of adding something, another great way to add value is fixing what’s already there. Buyers appreciate it when the home’s structure can last a long time without needing immediate repairs or potential claims on their property in the future.
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- Double-Glazing – Double-glazed windows provide more efficient soundproofing from outside noise. The added peace is sure to attract buyers who like their privacy.
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- Redesign Your Garden – While installing amenities and adding space are reliable ways to add value to your home, increasing the property’s visual appeal can also cause a significant increase. You could trim the hedges, add a fountain, place new furniture on your patio, or even build a garden shed.
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- Exterior Home Makeovers – Along the same lines as a redesigned garden, cleaning the house’s exterior and adding a fresh coat of paint adds to the property’s visual appeal just as well.
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- Add a New Drive – Parking off the street is a luxury that most homes don’t have, so a spacious drive to store the family vehicle off the road is appealing.
Home Improvements That Won’t Add Any Value
While many home improvements increase the worth of your property, there are several that have a negligible effect on its market value. Generally, these renovations are amenities that need more maintenance than typical additions to see frequent use. Things like swimming pools, wine cellars, and solar panels typically require much more thorough upkeep for relatively limited use.
Wine cellars are particularly wasteful to add because they take up space that you could have converted into a much more valuable living area. Unless the home you’re putting on the market is a luxury property, most buyers are uninterested in the added expense.
Things That Devalue Your Property
However, amenities that add no value to the property are preferable to additions or faults that take value away. The goal of every homeowner that puts their property on the market is to maximise the sale, ideally getting back what they paid for the home and then some. However, if the property is not maintained, you’ll find yourself with very few interested buyers.
To put your best foot forward when selling your home, make sure to:
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- Have any set-in messes on the walls or in the carpets professionally cleaned
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- Repair windows and AC/heating units to make the home more energy-efficient
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- Remove any niche or personalised customisation for broader buyer appeal
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- Have your home surveyed by real estate agents so they can approve bigger projects
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- Fix any outstanding structural issues like water damage, cracks in the walls, or a faulty foundation that may lead to property claims
Inexpensive Ways To Add Value To Your Home
If you’re on a budget and can’t afford the expense of bigger renovations, there’s no need to worry. Time is your greatest asset, and as long as you put in the work on the improvements you can afford, you’re sure to see a profit from the sale. Cleaning the interior, repainting the exterior, and reworking the garden for added curb appeal are all improvements that can quickly pay for themselves with enough effort.
Conclusion
As stated above, maximising your property’s value is about responding to the needs of the typical buyer. Make improvements with broad appeal and avoid or remove any personalised additions with more niche purposes. When in doubt, focus on renovations projects that add utility to the house, expand the floor space, install extra bathrooms, and make sure there’s plenty of storage.
