Home renovations that pay off when you’re ready to sell

When renovating a property, you might be looking for a quick flip to make a profit as soon as the work is complete. Or you might be adapting a property to better suit your needs – with your eye on making money later down the line.
In both cases understanding the renovations that pay off when that ‘for sale’ sign goes up is key.
Understand the scale of renovations
Planning the scale of renovations will help you understand how much to invest in doing up your property and how much you are likely to make. A superficial overhaul, redecorating, fixing and tidying up broken doors or mouldy sealant for example could help bump up your sale price a little – generally by around 3%. However, if you are buying with a view to making a more serious profit through renovation, your plans will need to be more ambitious.
Invest in must-haves
There are certain must-haves that buyers will expect in a property – and which will drag down prices if they are missing. Modern boilers and heating systems and double glazing will help to improve the energy efficiency of your property and so will be key renovation projects. Adding smart tech, such as smart thermostats, will also be appreciated by buyers and so are a great upgrade.
Kitchen and bathroom makeovers
The kitchen and bathroom are two of the most important rooms in a property and can quickly drag down your selling price and turn off buyers if they are in a sorry state. A bathroom suite may just require a descale and a freshen-up, perhaps adding a new shower screen or fresh grouting to bring it back to its best. In the kitchen, you may get away with upgrading doors on units or installing a new worktop.
If you are installing a new kitchen and/or bathroom, ensure the design you choose will appeal to your target buyers and won’t quickly date. If it’s something a buyer is likely to rip out, you won’t get your money back.
Consider bigger value projects such as extensions or conversions
If you have the budget, and your property has the potential, you may want to consider bigger-scale projects that will add even more value to your home such as a loft conversion, garage conversion, conservatory or other extension. These cost significantly more but by creating new living space the returns are greater, potentially adding more than 10% to a property’s value. Even if you don’t have the full budget to do this, investing in drawing up designs and obtaining planning permission could still boost your selling price.
Don’t ignore the outside space
Outside space can be another big selling point for buyers. Again consider your market when renovating here. If your property is aimed at a family market they will appreciate a child-friendly garden. A single professional may want an easier-to-maintain outdoor space where they can entertain friends but don’t have to spend hours gardening. If you have redundant outdoor space at the front that might be better used for off-street parking since it will add a premium where parking spaces are limited.