7 ROI (return on investment) Home Improvements
When it comes to making home improvements, kitchens, bathrooms, loft conversions, conservatories, landscaping…the list could be endless.
We’ve looked at the top 7 home improvements that will bring you the best Return On Investment (ROI).
Bathrooms and Kitchens
Surprisingly, bathroom and kitchen refurbs actually come in lowest on the list with a return on investment of 48-49% respectively. This is still great, especially as they add so much more than just value to a home.
The reason for this is that these two rooms are very important to us. When it comes to doing a viewing, having a great bathroom or kitchen could be the reason that your home is the one that sticks in your prospective buyers mind.
If you are considering upgrading your kitchen or bathroom solely with the intention of improving it for selling, it would be wise to keep things relatively simple without adding too many personal touches.
This way it will allow your protential purchaser to visualise themselves living in the property and give them a reason to fall in love with your home. If you make a good job of improving these rooms, it removes a job from the buyers to-do list once they move in.
Changing your carpets before putting your home on the market can give a good return on investment. Laying new carpets can bring in around a possible 50% ROI.
Old, tired carpets can really bring the feel of a home down, so changing them does make sense. If your carpets are relatively new and don’t need replacing, consider hiring a professional carpet cleaner to give them a new lease of life.
This would definitely bring a positive return on your investment when the time comes to put your home on the market.
Loft conversions can have a huge impact on the overall value of your property.
All over the country, once neglected attics are enjoying a new lease of life as bedrooms, studies or playrooms for children. The family gets the short-term benefit and in the long run, the property should be worth more – often quite a lot more.
A Nationwide study found that a loft conversion which added an extra bedroom and en-suite bathroom would add an average of 21 per cent to the value of a property.
Although, before you give your dusty loft a new lease of life do bear in mind that although a loft conversion can make excellent sense and can greatly increase the value of a property, it does involve a sizeable investment of both your time and your money and so should not be undertaken lightly.
Don’t be put off by the thought of lengthy planning battles, these are rarely the case. Some loft conversions do not even need planning permission. Yours may fall within the Permitted Development Rights category. Of course, It is always advised to seek advice before carrying out any work of this nature.
A loft conversion done well can show around a 50% return on investment. Whilst you may face a relatively hefty bill for the work, you will see a decent return for your troubles.
Removing the hassle of having to replace a roof is often a good idea. Not only will you be giving them one less job to do once they have moved, you’ll also take away a bargaining tool when it comes to making an offer on your home where buyers will often try for a reduction in asking price so that they can cover the cost of completing the work. If you take a proactive approach in getting the work completed before going to market you can actually add value to your home instead. A very smart move!
If you do make the decision to replace your roof, you can expect to see a ROI of almost 63%.
Adding an extension will often mean more space whether making an existing room bigger or adding a new room altogether.
With either option it is always important to ensure that you have obtained the correct planning permission. The rules surrounding extensions has recently been changed, making it easier to build an extension than it was previously. That being said, you obviously must still stay within the guidelines in order to avoid any issues for the future.
A decent extension can potentially bring you a ROI of around 71%, but remember with this option that the initial outlay will be relatively high.
Carrying out jobs both big or small to the outside of your home can boost your property’s value considerably, and they’re generally pretty easy to do.
First impressions count! Simple jobs such as ensuring that your windows are clean, adding a fresh lick of paint or even just clearing the leaves or adding some new plant pots may seem like minor things, but to a potential buyer they are the first, and most important, impression that they will have of your home.
Get these jobs right and you could see a ROI of almost 75%; even higher if you are able to carry out some of these jobs yourself.
The winner, a conservatory, can bring an astonishing ROI of around 108%!
With a creative mind, the possibilities with a well built conservatory are endless. But are they worth it? When the time comes to sell, will you gain more money by adding a conservatory? It is estimated that value added to your home could range from around 5 to 15 per cent depending on your initial investment.
A conservatory can help your property stand out from others on the market , especially in an area where many houses are very similar. If you are considering making improvements to your home, a conservatory is definitely one to consider.
Whilst it’s important to consider making these improvements to your home before selling it’s more important to remember that these figures are not set in stone. You should always bear in mind that there will always be a natural ceiling price for your road and your area.
Speak to one of our property experts who will be happy to have a discussion with you if you are considering some home improvements before putting your home on the market.
Call: 01744 885753