Renovation – Good Idea or Overcapitalising?
Everyone wants to have an upgraded property with a high-end kitchen, a spacious drawing-room, and luxurious bathrooms. But you have to ask yourself… Does the cost of renovating these spaces justify the returns?
You can spend whatever the budget allows if you’re renovating because you want to improve the house you live in – with a view to staying in its long-term.
But if your goal is to sell your house eventually, and boost its value through your renovations, you need to take a bit more care.
Think about what other houses sell for in your neighbourhood. Usually, an area has an upper price limit. If you renovate so extensively that you’d need to sell for more than that to recover your costs, you may have a problem.
Think about what future buyers might want and use that as a guide to where you spend the most money.
Anything too personal may not improve the house’s broader appeal. A good kitchen and bathroom tend to add value.
Anything that helps a house become more energy-efficient, or warm and dry, is also increasingly sought-after.
The biggest mistake in deciding to renovate is to over-renovate the property. You may have a picture in your head of what the house is going to look like after renovations, one which shows it in the best light and makes it stand out from the other houses in the neighborhood. But just because you envision it as great doesn’t mean it will translate to exactly as you want it in the real world or give better rentals.
To know more information and tips about renovating, contact us now and we’ll be more than happy to assist you.
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