It is easy to calculate the return on investment (ROI) on your investment. Here is how to calculate ROI:
After Repair = Value of Renovations + The Current Value of Your Property
For instance, if the current value of your property is £200,000 and you do £100,000 of repair work, then the after-repair value is £300,000.
It is easy to calculate ROI. However, once you decide to rent or sell your property, you have to remember the cost versus mindset when renovating your property.
What do we mean by this? We mean how someone perceives a renovation project does not just depend on the total cost of renovating the property. It also depends on several factors, such as the value of similar properties in the neighborhood, the current condition of the property, and the house price fluctuations in the area. Renovating your house does not mean you will generate a profit.
How Much Work Should You Do Before You Sell Your House?
Small house renovations can make it easy to sell your house. It is, however, more important to stage your home before you sell it. Staging your house can maximize your profit.
Renovating your bathrooms and kitchens can attract potential buyers. Why? Potential buyers will check these spaces before making their final decision. You must, however, make sure your house renovations can withstand market changes. You can choose to use cash house buyers if you are looking for a quick sale.
What Upgrades Add Value to Your House?
Some upgrades can add the most value to your house. It is, therefore, better to focus on these upgrades. They can add value to your house and make it easy to sell it.
It takes 6 weeks to renovate a kitchen. The average cost of renovating a kitchen is from £13,476 to £38,203. And you can recoup 77.6% of the kitchen renovation cost.
It takes 4 weeks to renovate a bathroom. The average cost of renovating a bathroom is £21,377. And you can recoup 64% of the bathroom renovation cost.
Installing New Flooring
The time it takes to install new flooring depends on the size of your project. The average cost of installing new flooring is from £6 to £10 per square foot. The average cost of installing hardwood floors is from £1,510 to £4,650. And you can recoup 70% to 80% of the cost of installing new flooring.
The time it takes to paint the interior and exterior of your house depends on the size of your house. The average cost of hiring a professional painter to paint a room’s interior is £950. The return on investment (ROI) of repainting is 107%. The average cost of painting the interior of your house is £2909. And the average cost of painting the exterior of your house is from £1,770 to £4,344. The ROI of painting your exterior is around 55%.
Upgrading Your Garage Door
It takes 4 to 7 hours to install a new garage door. The average cost of installing a garage door is from £754 to £1,588. You should recover 106.3% of the installation cost.
Stone Veneer Siding Replacement
It takes 2 weeks to replace stone veneer siding. The average cost of replacing stone veneer siding is from £6 to £9 per square foot. However, the average cost of applying veneer siding to the entire exterior of your home is from £87,500 to £125,000. And you can recoup 89.8% of the cost.
Fiber Cement Siding Replacements
It takes 2 weeks to replace fiber cement siding. The average cost of replacing fiber cement siding is £8.50 – £14.50 per square foot. The average cost of replacing the fiber cement siding on your home is from £6,555 to £21,894. And you can recoup 85.5% of the cost.
DIY Projects To Boost Your Home’s Value
Do-it-yourself (DIY) projects can reduce your labor costs and boost the value of your home. You do not need to hire a professional for small-scale or mid-scale renovation projects. You can do the following projects yourself.
Repaint the Interior of Your Home
Painting the interior of your home can improve the appearance of your home and make your home look larger. It is, however, better to use neutral colors, like greige and gray, since they can make your house attractive to potential buyers.
Make Your House Cozy and Inviting
You can use lighting to make your house cozy and inviting. You can, therefore, use ambient lighting, task-specific lighting, like reading and under-cabinet lights, and even accent light fixtures for your walls and tables. Making your home cozy and inviting can improve your home’s curb appeal.
Update Your Cabinets
Your old cabinets can make your home look old and ugly. Painting your cabinets can completely transform your home. You can, therefore, update your old cabinets. It is easy to update cabinets on your own.
Add Cellular Blinds
Some curtains block light from entering your house. They can, therefore, make your rooms look smaller. It is better to get rid of these curtains and add cellular blinds.
Enhance Your Home’s Exterior
Enhancing your home’s exterior can improve your home’s curb appeal. Here is how to enhance your home’s exterior:
Paint Your Front Door
The first thing potential buyers see is your home’s front door. It is, therefore, essential to apply a fresh coat of paint to your front door. Painting your front door can help you sell your house quickly.
Replace Your Exterior Lighting
Do you want to draw attention to some areas on your property? If yes, then you can add exterior light fixtures to these areas. For example, you can put Japanese maple near your porch. Exterior lighting can make a huge difference.
Wash Your Siding
Debris, such as cobwebs and dirt, can accumulate on your siding. You can use a pressure sprayer to wash your siding. You can even repaint the siding. And fix your loose siding.
Fix Your Walkway
You need to fix the loose flagstone and broken bricks on your walkway. In addition, you need to pull or spray the weeds on your sidewalk. You can lose potential buyers because of the cracks and weeds on your walkway. Fix your walkway before you sell your home.
Use Plants and Flowers to Add Pops of Color
Plants and flowers can completely transform the appearance of your home. It is, however, better to carefully pick the best plants and flowers for your home. You can even put potted plants on your deck and porch to improve your home’s curb appeal.
Deep Clean and Repair Your Home
Once you decide to renovate your house, you will need to make the necessary updates and repairs. Do not forget to deep clean your house. Repairing and deep cleaning your home can increase your home’s value. Here are some things you can do:
Pressure washing your walkways, such as your sidewalk and driveway
Remove sticks and leaves from your pool area
Repair and repaint your fence
Prune bushes, remove weeds, and mow your lawn
Clean your gutters
Wash your exterior siding and interior walls