Is 2020 finally the year you make your home your dream home? If you feel like you would be a lot more comfortable and settled at home after a nice overhaul, then go for it! You could find that you’re a lot happier after doing so. There are numerous home renovations you could get involved in to not only make your home luxurious but will increase the overall value!
Renovations are an attractive prospect as homeowners don’t need to battle the challenging housing market. They can simply stay put and improve their own surroundings. In fact, 15% of homeowners have stated their intention to renovate instead of moving to a new house. So, which home renovations will bring you the highest returns? Let’s find out…
Many of us think of kitchens and bathrooms when we think of renovations. A whole new kitchen can bring in so many self-promises: with a new kitchen, we’ll actually use the cooker more, right?
On the other hand, a new bathroom promises a tranquil oasis away from the hustle and bustle of day-to-day life. There’s something universally appealing about a room designated as a relaxation space within our homes, and an old, mouldy bathroom just won’t cut it.
Research by Zopa found that these rooms are some of the most popular renovations among homeowners:
- Kitchen renovations were popular among 25% of homeowners
- Decorating renovations were popular among 22% of homeowners
- Bathroom renovations were popular among 12% of homeowners
- Garden renovations were popular among 10% of homeowners
But are our favourites the most profitable?
The ones we need
SafeStore found that the return of investment for many renovations suggest that our preferences and wallets aren’t linked.
Kitchen renovations added on average 8.2% to the overall house value, whereas renovating a bathroom faired even worse with only 4.2% added to the home’s value. In fact, the most profitable home renovation project, adding 10.8% to a home’s value, only scored 2% in popularity among homeowners in Zopa’s study.
Although loft conversions add 10.8% to the home’s value and a staggering 70% return on investment, they surprisingly don’t feature high on the list of dream renovations. But who doesn’t want another room in their house?
Return of investment
If you want to boost your home’s value, you don’t have to go to extreme lengths like tearing a room out and rebuilding it. According to Pettyson, simply revamping the carpets of your home can bring in a profitable 50% ROI for homeowners. You could either replace them entirely, or simply get your old carpets professionally cleaned to see that little monetary lift. Other easy renovation tasks that can help elevate the value of your home include adding wooden flooring and reopening fireplaces.
Whether you’re planning on a small scale or large-scale renovation, be thrifty with your project! Where you can, do tasks yourself. Hiring a rubbish clearance service will also be particularly useful in removing the debris, then you’re ready to live in a new stunning makeover!