The amount of money spent on home renovations grew by 15% last year, and the trend for home improvements shows no signs of easing off. With soaring property prices across the world, many more homeowners are choosing to remodel their existing property rather than move house. While your ultimate goal may be to build your own dream property, making changes to your home can make it work better for you in the meantime. These can range from small touches that personalize a new property or larger improvements that increase its value for when you come to sell.
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Improving Your Existing Property
Like many other homeowners put off by rising property prices you may have chosen to make home renovations rather than move house. Your home is likely to be the largest single investment you make in your life, so as well as making aesthetic improvements, it’s important to keep on top of maintenance and make upgrades to fixtures, fittings and decor when necessary. Planning is essential when making changes and this should include drawing up an appropriate budget. This can help you to reach your financial goals, especially if you are hoping to increase the value of your home.
Adding Financial Value For Resale
Making major changes to a property is a big commitment and, if for example you have taken on a fixer upper to flip for profit, you will want to be sure that the work you undertake will help to add value. Homeowners often focus on major renovations of bathrooms and kitchens but in fact, a smaller kitchen remodel can yield higher returns. Adding new doors and hardware to cabinets together with upgrading appliances also costs considerably less than completely replacing the whole kitchen.
Personalizing A New Home
As well as thinking about renovations that will add value, if you have recently moved house you will want to ensure the property reflects your personal style. Simply painting a couple of feature walls in your favorite colors can bring a property to life and make it feel more like your own. Small changes like swapping out light fittings or changing bathroom faucets are another effective way to update the design and help you put your own stamp on the place.
Whether you want to profit from a makeover or make a property more personal, a range of renovations from major remodels to simple tweaks can help to improve your home’s value both financially and for you personally.
