Selling a house isn’t the most relaxing of endeavours. Indeed, engaging with the property market is one of the more stressful things you can do, even if you are moving on to bigger and better things in the process. When selling a home, it is only natural that you’ll want to get the best possible price for it – and you can positively impact said price with some judicious renovations before you go to market. What, though, should you renovate?
Budgeting for Renovations
When it comes to renovating your home, it is an unfortunate fact of the matter that you must first spend money in order to ‘make’ money – that is, in order to see a return on investment, you must first invest. The extent to which you can impact the value of your property, then, is somewhat dependent on what you can afford to spend.
With this in mind, you should be paying careful attention to the prospective costs of each potential renovation, and the extent to which you can fund them yourself. With secured loans you can increase your budget considerably, using your property as leverage; in so doing, you can maximise potential returns either n the short or long term. But which renovations should you be considering?
An Updated Kitchen
While not objectively the most profitable home renovation you can undertake, renovating your kitchen can absolutely be the most impactful. The kitchen is a hugely important part of the home, and somewhere we all spend a great deal of time whether or not we are homebodies.
New kitchen appliances will add practical utility and monetary value, while a new cabinet set-up will add storage and aesthetic value. A completely refitted kitchen brings wow factor to a property, both raising its potential sale price and increasing the likelihood of a swift sale.
Energy Efficiency
A sure-fire way to increase the value of your home is to invest in its energy efficiency. Energy efficiency is a major battleground for the built environment as we enter a new age of climate catastrophe and costly fossil fuels; regulations regarding insulation and energy sources are getting more stringent, and high utilities bills otherwise incentivise buyers to look for homes that cost less to heat.
Loft Conversion
Ultimately, the most foolproof method for adding value to your property is to add square footage – which in turn can only mean one of two things: extension or conversion. Extending your home can be a drawn-out and expensive process, so the best bang-for-buck comes in the form of a loft conversion (which, incidentally, can often be undertaken without planning permission).
