There is no magic answer that will allow you to quickly increase your home’s value, but there are some great ways and affordably home renovation to get in a position for you to either market it more effectively when selling, or use the projected increase in value to refinance based on an increase to your equity.
Many projects do add value to your home and improve your family’s quality of life. By working on these projects now, you can enjoy the benefits and updates. If you make green upgrades, then you can also start recouping your investment in these green energy technologies once you complete the projects.
Renovation is with no doubt a property value addition service. It is very profitable whenever you are going to sell your home in the near future. Since the services are offered by the professionals, Singapore Renovation Company is the ideal stop to source for qualified experts.
Top 7 ways to increase your home value:
1. Kitchen Remodelling
Kitchens will give you one of the biggest increase of value, start by replacing old appliances with new, and make sure all appliances match if possible. You can reface or replace outdated cabinets, as well as revive old flooring with newer tile or vinyl options. And even very simple updates, like a backsplash or new appliances, can be a valuable place to put your money.
Modular kitchens are an affordable way to renovate, often costing you as little as $10,000, but providing a return several times that outlay. These home renovations can be one of the most effective ways to dramatically increase the value of your home.
A revamp of your kitchen should not exceed, as a general rule, 5% of the value of your home if you wish to see a profit in the increased value.
2. Bathroom Remodelling
If your home only has one bathroom, you can recoup a large chunk of your investment by adding another one. Experts estimate that you can recoup 80%-130% of whatever you spend adding a bathroom.
When it comes to finding room in your house for an extra bathroom, take a look at any extra rooms or underutilized spaces. Consider other spaces, such as closets or areas under the stairs, too. If you want a half-bath you need at least 18 square feet. If you want a full bath, including a stand-up shower, you need at least 30 square feet. If you want a bathtub, make sure you have at least 35 square feet to work with for a bathroom addition.
Like any project, the cost of adding a bathroom depends largely on the types of additions and accessories you want to use, and the cost of each of these items. You can save money by frequently checking IKEA; they often drastically reduce prices on sinks and toilets that have been floor models. You can also find great prices on kitchen-sink, basin, tubs, toilets, and fixtures if you shop at BathLabz.
3. Wood Flooring
Renovate your home with new or refinished wood flooring is also high on the list of upgrades that attract buyers and it’s a project that’s definitely worth the investment.
If you’re replacing carpeting or vinyl with wood, you have to make a choice between actual hardwood and manufactured wood, also known as laminate.
Hardwood flooring is appealing because it is easier to clean than laminate and has a longer lifespan. Scratches and damage to laminate flooring are permanent, but hardwood floors can be repeatedly sanded and refinished.
Manufactured wood has the added benefit of being easier to install, too. Most laminates are designed to snap together, which means that handy homeowners can save even more by handling the installation themselves.
4. Reinvent Space
More spaces in the house and preferably more natural light can significantly help the appeal of the property. However, building a brand new room can be a very expensive project, and there are often hidden costs that can cause it to be even more expensive.
If you’ve purchased a home that’s closed off and choppy at a time when most people prefer a more open design, then removing a wall here or there will increase the value within a year, For example, a couple bought an older home with a wall between the kitchen and the living room. They removed the wall (leaving about two feet on each end), sanded the hardwood floors, and added an island in the kitchen—which created the open look people prefer.
Or, simply add square footage through a second bathroom or family room. A bigger home renovation usually leads to higher values, and that’s something buyers tend to notice. Adding another decent-sized bedroom alone can broaden your buyer list if you sell since many people will always consider more bedrooms than their family requires, but rarely consider looking at properties with less.
5. Bring the light in
One of the most underrated, affordable and effective ways to increase the value of your home is to maximise the amount of natural light that floods the house and the way in which it does this.
Natural light fixtures, such as new windows, skylights and tubular skylights can be a great way to not only help your home value and attract a higher price for your home but can be used to accentuate certain architectural aspects of your home renovation, even in simple properties. Buyers place a lot of stock in the aspect of a home and the subsequent natural light this produces. If your house faces south, for instance, the addition of strategic skylights or more windows can transform a home and its subsequent value on the market.
A cheaper alternative or addition to managing the amount of light in your home is to reassess your artificial lighting options within the home. Smart use of ambient, utility and accent lighting within every room can dramatically help your ability to market your home, potentially attracting a higher number of interested buyers.
6. Extra Storage Space
Storage space should be high on your priority list if you are looking at how to add value to your home — it is a real selling point.
Make use of every bit of spare space you can find, and either build shelves or fit doors to create cupboards. Look for:
- Concealed nooks in corridors
- Dead space either side of chimney breasts or at the end of corridors
- Space in the eaves
- Understairs space
- Space in the cellar or attic that can be upgraded
- Space beneath the bathtub or alongside cisterns
- Space above sinks
- Unused wall space for a wall-mounted cupboards
Creating a measured plan of the layout of your home renovation can sometimes reveal odd spaces concealed behind plasterboard that you did not know existed.
7. Energy-Efficient & Home Office
More and more people are getting more conscious about the environment and the expensive utility costs. So, an energy-efficient house will appeal to more buyers and will improve its value.
With the booming gig economy, the in-demand home office a significantly add some value to your house. Convert an unused room into a home office. In general, you wouldn’t need to make too many changes on the room’s layout, but you’ll need to invest in things like:
- Invest in smart home appliances and smart lighting. Appliances like smart thermostat can significantly cut down utility costs. In general, having an integrated smart home system will improve the house’s value.
- Even if you don’t want to invest in smart lighting, replacing your old bulbs with LEDs is a relatively affordable, yet significant investment.
- Invest in energy-star rated windows.
- Proper insulation can save a lot of money in energy, and will also be an added value for homebuyers
- Wall outlets that are convenient to reach for computers, printers, and other devices. You might also want extra wiring here and there.
- Internet and phone cables, besides the Wi-Fi. Some office appliances will require a wired connection.
- Office furniture, from desks to office chairs to coffee tables.
Probably your biggest investment here will go to furnishings, which when well-maintained, will have good value increase.
