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Living on-site (with family) during home renovations can be challenging, so if you’re going to the trouble of renovating, you want to make sure that your renovations are going to increase the value of your home, and make all the chaos worth your while. These four simplehome improvement tips will help you decide if your renovation plans are likely to increase the value of your property.
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Get Repairs Done
While you may be tempted to get stuck into larger projects like a basement conversion or bathroom refit, don’t neglect the important structural and repairs that make a big difference to a prospective buyer’s impression of the property. This might sound obvious, but you’d be amazed how often homeowners rush to install a new kitchen before repairing that leak in the roof of a master bedroom. When the estate agent shows potential buyers through the property, that leak is likely to leave a stronger (negative) impression than the positive impression that new kitchen will make.
Update Your Central Heating System
Upgrading your home’s central heating is a great way to boost the value of the property. Older homes are charming in many ways, but the lack of central heating can be off-putting to many buyers. Many newer homes have out-of-date or inefficient central heating systems, which don’t work terribly well and may cost a lot to run. If your home goes to market with a brand-new heating system, this can be a strong draw for a buyer. Also, if you go to the trouble of updating the central heating but you don’t sell your home right away, you will save money while you reside in the house because of the more energy-efficient system. After a while, it could pay for itself, making it an even more sound investment.
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Consider a Loft Conversion
Converting your loft is not cheap as home renovation projects go, but if you do it correctly, it should increase the value of your property more than enough to cover the expense. The reason for this is that a loft adds that all-important extra bedroom, which has a massive impact on value, all things being equal. Bear in mind that while a loft conversion adds accommodation space, it will slightly reduce the available living space, as a staircase will be required. This is usually a worthwhile sacrifice to make, which is why the loft conversion is so popular with property developers.
Planning permission is not usually necessary for a loft conversion (you’re repurposing existing volume, rather than adding floor space) but bear in mind that planning permission may be required, so it's worth checking before you start.
Add Natural Light
Adding natural light to your home is one of the best ways to make the space more appealing. Whether that means knocking through walls of your terrace house to create more space and allow light into the back parts of the home, or ensuring that your loft conversion is done with natural light in mind, applying the principle of adding natural light can be useful when it comes to home renovations. Natural light does pose a challenge when it comes to loft conversions, so a little creativity with aluminium windows or dormers could be required.
With a limited home improvement budget, you ideally want to maximise return on your investment in terms of resale, so always assess whether your planned renovations will increase your home’s value before you start.