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People renovate their property for some reasons. Some of them do the renovation to enhance their present home based upon their own personal needs. This is the main reason for justifying pricy projects like finishing the basement, extending the kitchen or adding a second-story. This is a renovation which requires plenty of money, work and inconvenience; however, allows you to enjoy your home more fully in the future.
Another reason used by people for justifying a renovation is adding value to their property. This can be an issue. According to studies, it is easier to justifying spending money when you think you get a rebate. But thinking your $10,000 bathroom renovation will add $25,000 value to your house is a rebate’s psychological version. Many people will make use of this mentality to justify funding a remodel and take on a debt now to increase the value of the house tomorrow. When renovating, the following tips must be taken into account.
Selecting Improvements that Have Long Life Expectancy
These renovations include new roofing, a new AC unit or a new furnace. They can provide savings today and tomorrow. For example, replacing all of your home’s windows could cost you at least $10,000; however, such renovation can offer between 50 percent and 75 percent return on investment. Because improperly working or outdated doors and windows are main contributors to the energy loss of a house, replacing or repairing such features will offer immediate savings and add value to the house.
Investing in Contemporary Updates
The bathroom and kitchen are major areas which hold their value when the finishes are neutral and modern. But, a full remodeling is not always a requirement. For example, update wooden kitchen cabinets by changing the hardware and resurfacing the doors. Also, you can update your kitchen’s look by replacing the plumbing and lighting fixtures as well as changing the countertop. But a full renovation may be needed when your bathroom or kitchen layout does not work or if it is not possible to resurface your cabinets. You will have to choose one of the established property refurbishment contractors to do the job.
Not Underestimating the Pricier Renovation Jobs
For a new coat of paint, the return on investment is up to 165 percent. Other smaller renovations which do not break the bank include updating the lighting fixtures of the house, replacing the front door and adding landscaping.
Cheaper remodel jobs are not limited to a few fixtures. Installing hardwood and removing carpet can increase the appeal of your house to possible buyers and the return on investment on floor upgrades may range from 50 percent to 75 percent. Thus, when you spend $5,000 to redo your floors you may be able to recoup between $2,500 and $3,800 of your renovation costs.
Thinking About Energy Efficiency
A lot of renovation professionals say that energy efficient renovations tend to have a high payback. There are some remodeling magazine websites from which you can have a good snapshot of the cost and ROI of a number of home renovation projects in the United Kingdom.
Author Bio: Stewart Naish is Project Director at TC&D Construction. As a highly experienced and skilled property refurbishment professional, he shares his wealth of knowledge and insights into the world of interior design and fit out for both residential and commercial property renovations on Twitter @TCDConstruction. An avid fan of Arsenal FC and all things creative, he is happy to offer advice and feedback to anyone looking to share his passion for interior design and architectural beautification.
