Return on investment is a phrase that you will often hear when it comes to property. Those buying their own home will likely be inundated with advice on how to find it, which is understandable because, complexity aside, the idea of receiving a greater amount of money from an asset than that which you put in is a great achievement.
A pervasive myth, however, is that only expensive investments yield a worthy return. Thankfully, especially for first-time buyers, this is not entirely true. In fact, there are many renovations and home design projects that can increase your home’s value while keeping to a tight budget. We’ve put together some of the best renovations that you can undertake, those with low costs, often below £1,000, and that are likely to have a high return.
From The Ground Up
Floorboards are a fantastic investment and they go beyond simply impressing the aesthetic of a home to actually impact the sense of space a room has. If there is a room that feels too small or any that would benefit from feeling larger, then redesigning your floorboards is a great place to start.
Not only does the colour of a board influence space (lighter being more beneficial) but also the direction they run. Placing your floorboards down so that they run parallel to the lengthiest wall in the room will increase the room’s overall sense of capacity, which, in turn, makes the home feel larger.
Grow Your Floorplan
Adding an extra room to your home is an understandably costly and time-consuming process. However, with the recent popularity of log cabins and similar outbuildings, adding extra square footage to your home’s living space is more affordable than ever.
By installing a private garden outbuilding, you equip your property with a potential office space, guest house, hobby room, or even a source of income. These buildings range in price but many of them now cost less than an iPhone and bringing much greater benefits too.
Adopting smart home features is incredibly rewarding. Boilers and lightbulbs can be controlled remotely, homes are kept more secure, and designs become more discreet as chargers and ports become wireless and concealed.
What prevents many of these features from being adopted, however, is the initial transition. Not only is there an initial cost (smart bulbs can still be quite expensive) but the time and required research can put residents off too. If you are willing to put in the effort, the reward is great and smart home design is quickly becoming a key feature for prospective homebuyers.
If you are looking to sell your property, perhaps quickly, and would like to best reach your potential asking price, it is worthwhile freshening your home up as much as possible. This can be done with little to no financial cost and even cleaning your home to the point of it being immaculate can increase the likelihood of a sale. If, however, you are happy to spend a little money, consider making a new coat of paint your priority as it remains one of the most reliable ways to impress potential buyers when viewing your property, helping your home to appear fresh and new.