Are you heading into 2020 with the motivation to make your dream home a reality? Of course, any home renovation project should be done with the comfort of the homeowner in mind — if you can’t stand your living room, then give it an overhaul for your own happiness! There are a number of renovations which will not only make your home more luxurious to live in, but also give a little boost to your home’s overall value.
Renovations are also the more alluring option as homeowners don’t have to contend with the difficult 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…
The renovations we love
When we think of renovations, kitchens and bathrooms are often the first to spring to mind. 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 flipside, 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.
According to a survey by Zopa, these two 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 do our favourite renovations equate to the most profitable projects?
The renovations we need
Research by SafeStore surrounding the return on investment for various home improvement projects has found that our hearts and our wallets may not be so heavily linked.
Renovating the kitchen added an average 8.2% to the overall value of a home, where 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.
Despite adding 10.8% to the home’s value and a whopping 70% return on investment, loft conversions don’t feature high on the list of dream renovations. But who doesn’t want another room in their house?
Small-scale renovations with a big return on investment
You don’t have to tear out a whole room and rebuild it from scratch to boost your home’s value and get a good return on your investment. 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.
You can increase your ROI simply by being thrifty with your project too, whether it’s a large-scale renovation or a small-scale update. Doing as many tasks yourself is certainly a good place to start. So too is shopping for vintage finds instead of brand-new fittings and fixtures for your rooms. Get yourself a skip hire to deal with all the debris, and you’re all set to breathe a new lease of life into your home!