Renovation – Ways To Add Value

Renovating is a much loved concept by home owners since it is a way to have a home remodeled according to their tastes and preferences. Improving the structure of a residence for the purpose of making it more comfortable, adding features, fixtures and gadgets that were missing, and transforming it into their dream home is one of the main motives behind renovation. But renovation also can be done to enhance the value of the property. This can be done in two ways, either solely from the value addition perspective, which will include functional additions but not the top brands, or, by getting what you may have always wanted, that is, to improve living standards. For both, keeping a tight rein on the budget is important and this may mean not getting the most opulent top brands, which look beautiful but do not add value. Owners are seen spending tens of thousands on expensive toilet fixtures, high quality tiles for floors and expensive kitchen equipment, none of which enhance the value of the property.

Renovating a home is a good idea provided there is potential in enhancing its value. Also, a cost effective renovating exercise is important since cost overruns are usual if a budget has not been fixed at the outset.

What type of renovations add value

Adding value can be from a short or long term perspective. Home owners planning to sell will look at short term gains and even those living in the home, can invest in some of the following renovations for long term benefit since it will enhance the value of their property:

  1. Impressive exterior- the external appearance of a home has to appeal with matching extensions, color coordination and while renovating it is best to make minimal structural changes that do not match with the existing façade. Nonetheless, the outer appearance must always be such that appeals to the widest spectrum of home buyers.
  2. Internal restructuring instead of extending- Extending an existing structure costs much more when a room or two have to be added. It is more cost effective to internally restructure the building to create space by breaking a wall or two, creating or razing partitions and so on.
  3. Cosmetic changes- A well painted home, new floors, polished doors, and new kitchen fittings are simple, inexpensive cosmetic changes that add value since they impress prospective buyers.
  4. Landscaping- Landed properties often have open spaces around the structure. An unkempt garden, tall bushes and wild growth detracts from the property’s value in the eyes. Investing in refurbishing of the garden and some landscaping will bring rich dividends since it will transform the external appearance of the property.
  5. Eye-catching entrance- The first impression matters. As you step inside a home, the entrance must leave a mark. This may need some expense in restructuring and lots of creative ideas like adding plants and creepers, which come at minimal expense.
  6. >Modern, clean bathrooms- Clean bathrooms, neatly designed and arranged with a modern appearance are real value adders to property, and can be renovated just as well on a budget, though the sky is the limit for the most swanky washrooms.

The list of renovations to add value is endless, but these are some of the most useful ones that will vastly enhance the property value.

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