When you're purchasing and maintaining a home, you're not just thinking about your own comfort and taste, but you also need to keep looking towards the future - buying a home can be turned from a good investment into an excellent one, if you can increase its value, so that you will be able to sell it for a better price in the future. Settled can help you with info on buying and selling property.
Whether you are thinking about selling within the next decade, to make room for an expanding family, or further down the line, in order to fund retirement, adding value to your home can only turn out well for you so let's talk about the home renovations you can do and small investments you can make in your home for a much bigger return in the future.
1. Remodel Your Kitchen
The kitchen is the heart of a house, so you need to make sure that it's up to snuff. Your kitchen is often the first sign that the house hasn't been remodelled in a while, if it's dated. It's a good idea to update and upgrade it, in order to give your home a fresh, new feel. If you do it right, you'll invest a little, but you'll see a big return. Simply The Nest has a lot of kitchen renovation tips (and not only that!).
- Put in better lighting
A lot of kitchens have really unfortunate lighting, so it's time to change that. Make sure that every corner of this room is well-lit, because it serves so many purposes. Something as simple as installing some undercabinet spotlights, switching the ceiling lights for more powerful ones, or adding a wall fixture in a corner ensures that any family moving into your home will be able to use the kitchen to its full potential. These changes put your kitchen in a better light - ha! - and with minimal investment, it makes it seem more expensive.
- Put up a good-looking backsplash
Redoing a room like the kitchen can get very expensive, very fast, but there are items that completely change the look of the room, but don't cost much at all. The backsplash is a very noticeable part of a typical kitchen, but you don't need to break the bank in order to make it look good and expensive. You can put it up yourself, so you save money on installation, and the actual tile isn't expensive, either. Tile comes in a variety of colours, sizes, and styles, so you should have an easy time picking one out and putting it up yourself in order to save money, but make it look more expensive than it is.
- Introduce extra storage
Ideal Home recommends creating additional storage space, because that's always something buyers look for. Especially in a room like the kitchen, you will always need more cupboards, drawers, and little hidden nooks for your crockery, spices, and general bits and pieces.
2. Make Accommodations For Later In Life
You never know who's going to want to purchase your home in the future - perhaps someone with a disability, someone who has their parents or in-laws living with them, or simply a couple who plans on remaining in their home during their twilight years instead of moving into assisted living. Either way, that means that there is money to be made off of remodelling your home to accommodate those with special needs, such as safety measures like shower stools, grab bars, or wheelchair mobility. You can enjoy a 68.4 recoup rate, and you will expand your pool of buyers.
3. Maximise Your Additional Spaces
If you have an extension, a basement, a conservatory, or any other unfinished additional spaces that you are not really using to their full potential, then this is the time to take advantage of them. If you do some work to make these areas into livable spaces, you increase your square footage and the value of your home. Conservatories, especially, can be made very comfortable or attractive spaces. The investment is not massive, because the construction is already made; you just need to finish and polish the space in order to make it usable and turn it into a feature worth paying for. Homebuilding & Renovating has a good guide on updating a conservatory.
4. A Cheap Paint Job Is Worth A Lot Of Money
By far, the most inexpensive way to make your house look, fresher, newer, and cleaner, is to add a fresh coat of paint. Especially if the colours are dull or just a little "tired", it's easy to give the look a refresh. Especially if you have markings on the walls from kids playing, drawing, or otherwise damaging the paint, chips on the walls or banister, etc. Wear and tear is normal, but it doesn't have that crisp look, does it? Fresh paint can give you that.
Opt for neutral shades of grey, white, or almond to keep it appealing to the widest range of potential buyers possible. Picking the right colour can make thousands of pounds' worth of difference. Reports show that something as simple as painting your bathroom blue can increase the value of your home to the tune of £4,000, according to Zillow.
5. Incorporate Technology Into Your Home
Yes, smart devices are expensive, but they are also the future. Place yourself ahead of the curve and incorporate smart technology into your home to give it an impressive "house of the future" kind of feel. Sure, it's an investment upfront, but it will more than make up for the cost when you sell the home.
Having this kind of technology in the house vastly increases its value and makes it look newer, more modern, and more polished than it really is. Every potential buyer will be pleased by its presence in the house, and your property will be one of the few on the market that has this technology now, before it becomes the norm. Having this coveted feature allows you to increase the asking price.
6. Set Up Lights On Your Deck
The yard and outside of your home can actually drive up the value and the selling price significantly, so why not consider some changes and upgrades there, as well? You can install landscape lighting for a low cost, and you can do the work yourself, so there is no need to pay professionals. This will enhance the way your deck and your yard looks, and it will also make it safer, especially for families with children or pets. They will appreciate the aesthetic enhancement, as well as the safety feature, and will be willing to pay more for it.
7. Replace Old Carpeting With Laminate Or Hardwood Flooring
Nothing gives your home a more outdated and dirty look than carpeting. It's a complete faff to keep it clean, it's expensive to replace every few years, it retains smells, etc. Comparatively, laminate flooring and hardwood flooring comes at the same price, but it is much easier to upkeep and it looks better for longer, so it needs to be replaced less often than carpeting. It will be a massive selling point for any potential buyer, because it will make your house look newer, cleaner, and more modern, and they only need a mop to keep it shiny.
8. Make Sure The Attention To Detail Is There
Finally, what takes your house from "good" to "great" is the details. Little things, such as making sure the windows are clean, gives the house a better look and it allows the light to nicely filter through into your home. Pay attention to hidden or hard to reach places and make sure to dust them. Perhaps it's worth switching out door knobs. Remove any and all dog hair or toys scattered around, and light a candle or two to stage your home properly. That will create a cosy, comfortable, home-y vibe that buyers will love. Good Housekeeping explains the importance of presentation.