Even the home you live in counts as an investment, and should be run like one. One of the most important things to consider when making large-scale home improvements is which ones will increase the value of your home the most. Another is which can be done least expensively, giving you a higher return on your investment.
- Make the home seem bigger. Removing non-structural walls or islands form crowded kitchens can make a home feel much larger and less cluttered, often at the cost of only a few hundred pounds.
- Landscaping can not only give your home real curb appeal, but make it more enjoyable to live in as well. Spending a few hundred pounds on landscaping can have an ROI of nearly 90%. http://www.thisismoney.co.uk/money/mortgageshome/article-2834756/Which-home-improvements-add-house-prices-investment.html
- A complete lighting overhaul can make any home seem brighter, larger and more inviting. ‘Sun tubes’ (tubular skylights), for example, bring transformative natural light in at a fraction of the cost of traditional skylights.
- Conduct an overall maintenance programme. Replacing or doing preventative maintenance on your boiler, double glazing, rain gutters and plumbing might not increase the sticker price of a home per say, but will be less expensive than repairing those systems when they fail.
- Consider ‘green’ improvements, like solar electric panels or more efficient heating systems. These have an excellent ROI, and reduce your running costs as well.
- Rebuilding your front door and entranceway, especially if adding an ‘airlock’ or portico can greatly increase the curb appeal of your home without breaking the bank.
- Get new flooring. Whether you choose wood, carpet or something more unusual is up to your own tastes, but the ROI on new floors is generally around 50%. http://www.thisismoney.co.uk/money/mortgageshome/article-2834756/Which-home-improvements-add-house-prices-investment.html
- A new bath may add thousands to the price of a home, but it can cost just as much to put in. If ROI is your chief concern, consider only replacing the glass, cabinet fronts, grout and faucets.
- Painting for buyer appeal is the next step. Choose neutral colours that potential buyers won’t have to change. A daring paint choice might be fun, but buyers see it as a cost, not a feature.
- Lastly, consider getting rid of any ‘quirky’ features you might really love about the home. The next owner might fall in love with them as well, but statistically they will be driving buyers away.
Of course, each home needs something different, and not all of these tips will apply to any one property. Just have an eye towards the potential return when you make investments, and the value of your home should increase.