It doesn’t matter what type of homeowner you are, we all want to make the most of our money. That’s why it’s a good job that Ploughcroft’s latest infographic tells you how to get the biggest return on investment when it comes to home renovations.
Stick around if you want to find out which particular renovation will suit your lifestyle, as this blog post is all about categorising smart home renovations by the personality of a property owner. Or, if you can’t wait to get to the good stuff, scroll down to the end of this blog to view our infographic, which includes the average project duration and cost of the most popular home renovations, along with the percentage of value they’ll add to your home’s sale price.
Whether you’re a first-time homeowner who wants to invest in the longevity of your property or a busy family in need of some extra living space, we explain which home renovation type is best suited to you.
If you’ve recently purchased your first home, it’s a good idea to choose a renovation type that offers long-term benefits, so that you can reap the rewards of your chosen renovation time and time again. In this case, installing solar panels is your best bet.
Why? Because solar panels not only allow you to conserve energy when you’re not using it (as long as you have an efficient solar PV battery system installed), but they can also become an opportunity for financial reward.
Here in the UK, homeowners who boast solar panelled roofs can take advantage of a government scheme called the Feed-in Tariff. Being a part of this long-term initiative will entitle you to FiT payments, where excess energy generated by you is converted into cash. Pretty sweet deal, right?
As shown in the below infographic, solar panel installation takes just around three days to complete. This quick and easy addition to your home can boost your ethical high ground and your wallet — both a plus for first-time homeowners.
Be aware that the actual added value to the sale price of your home is unknown. If you do plan to upgrade to a larger house in the future, there’s no way to tell whether this add-on will influence the buyer’s decision. This doesn’t just mean that it might not add value to your home, it could also even potentially decrease the perceived value of your property. Although solar panels are a plus for the environment, they aren’t always as desirable to look at. Having solar panels on your roof is all about personal preference, which might, unfortunately, mean that they will turn off some prospective buyers.
Those in Need of a Quick Sale
Are you desperate to sell up but struggling to find any takers? Create some juicy bait by investing in a conservatory roof replacement.
If you already have a conservatory in your home, you possess a hidden gem that can act as a vital part of your property’s package. All you need do is spruce up this extra slice of living space to seal the deal.
Conservatories are a popular home renovation for most homeowners around the country, as they provide the perfect place to relax during in the summer months. If your house is on the market over any other season though, this addition might not prove as impressive as you might have imagined. In the bleak British weather, the common conservatory doesn’t thrive — in fact, it usually becomes neglected because it’s difficult to keep the heat in — unless you switch to a tiled conservatory roof.
This alternative type of conservatory roof gives the buyer the best of both worlds. A tiled roof is able to retain warmth in the winter and keep cool in hotter temperatures. Being able to market your conservatory as an extra living space all year round is a bonus that most buyers won’t be able to ignore.
If You’re Building a Professional Portfolio
If you’re fortunate enough to be in the midst of building a professional property portfolio, you have the coveted gift of time. If you’re not in a rush to renovate for a reason other than collective value for the future, you can afford to wait for planning permission and invest in one of the greatest smart renovations — a home extension.
Nothing will give you a greater return on investment than a legitimate living space that can classify your once two-bedroom home as a newly renovated three-bedroom house. The surge in sale price is more than enough reason to fork out the hefty cost of £25,000+ to undertake this long-term project.
If you have cash burning a hole in your pocket, a home extension is a safe card to play, as it has been proven to boost the sale price of your home to more than cover the cost of labour and materials. In fact, buying a modest house in a sought-after area is a smart strategy that many property developers take. This way, you can slowly build up the value of the property by adding renovations over time. You have every chance to make a huge profit on a property in a desired area, as there will always be a stream of interested buyers.
Homeowners Who Host Guests Regularly
Are you in the property management market? Perhaps you own several properties that you regularly rent out as an Airbnb or Homestay apartment. Your customers are likely to be looking out for the short-term “wow” factor. While a number of factors will influence a customer’s choice — namely, the location — they will also be swayed by the opportunity to experience home renovations that they would never invest in for their own property. Smart renovations, in this case, need to scream luxury.
It’s no surprise that many of the Airbnb’s featured on Culture Trip’s top list of Coolest Airbnb Rentals in Madrid come with an outdoor balcony as standard. If not, apartments often boast impressive panoramic windows with a wide-set view of the city.
So if your looking to impress short-term stayers, which smart renovation is suited to you? You’ve guessed it — a balcony system. As noted in the infographic below, investing in a balcony can add up to 25 per cent of your home’s value to your sale price. Wow! We imagine that with marked-up tourist pricing — if you’re charging holidaymakers to enjoy your home on a regular basis — you’ll see your profit margin increase even more (even before you decide to sell up).
Families Who Favour Saving Space
In reality, the average homeowner wants nothing more than to maximise their living space. If you’re desperately in need of an alternative room to relax in without being surrounded by the clutter of kids’ toys, a loft conversion is essential. This smart renovation will set you back a fair amount financially, but it might just save your sanity.
Despite its estimated cost of £25,000 or more, a loft conversion has an average added value percentage rate of 21%. This type of smart home renovation is beneficial not only for your short-term lifestyle requirements but for your long-term journey on the property ladder too.
Pinterest has a comprehensive collection of loft conversion inspiration images to help you get started with your property upgrade plan. From light-filled bedrooms to cosy offices in the eaves, a loft conversion is a great way to transform a space that is often ignored in the average home.
All the Essential Details [Infographic]
After reading our thoughts on smart renovation suitability, you’ll want to check out these helpful stats presented by Ploughcroft in this easy-to-digest infographic.
Find out about the five smart home renovations that can add significant value to your home. Want to know how much a renovation typically costs, how long it will take before you see results and what kind of ROI you can expect to make? Look no further.