6 tips for a lucrative renovation

Honor Kennedy Honor Kennedy
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Renovating can often be an expensive and bothersome undertaking, but conversely, and if embarked upon cleverly, it can drastically increase the value and enjoyment of your home. When we think about renovating or developing our property, we want to refresh, renew, revive and repair our dwelling, not only to increase the assessment price, but also to ensure our space is functional and rewarding. By revamping our homes we can create spaces that echo the way we would like to live, work, and exist in our domestic environment. Perhaps you would like a home that embraces the outdoors, lets in light, and brings a little nature into your abode? Or conversely, maybe you want a low-maintenance house that is practical, clean and efficient? Either way, a renovation can be an excellent way to improve the worth of your greatest asset, and ensure its integrity for decades to come. 

For some handy tips on how to ensure your renovation is a profitable and lucrative one, check out the following hints below, and start your next project with confidence.

Consider your potential market

When undertaking a renovation or development, one of the most important things to consider is your potential market if you choose to sell. Now often when we develop our properties or homes, we aren’t necessarily planning on moving, but as life can change quickly it is important to consider the possibility that you may want to sell your home in the future. Think timeless and choose colours that are neutral or white. White will create a sense of spaciousness and newness within your abode, while darker or brighter colours can date and age quickly.

Call in professionals

Depending on the size of the development or renovation you are undertaking, it can be a good idea to avoid a DIY, and instead call in the professionals. Often smaller jobs can be easily done yourself, but with a larger renovation, you may need an architect, designer, builder, project manager, or perhaps all of the above. Having professionals do the work for you can often cost much more than a DIY, but much of the stress is removed. If you need council permission, plans, or approval for your work, an architect can often handle this for you and engage sub-contractors when necessary. Finally, if you are project managing a renovation yourself, ensure you only appoint registered builders and contractors, and avoid those who do not have credentials. Moreover, read contracts carefully to safeguard against extra costs and add-ons if there is trouble with the project.

Expand upwards

l-shaped loft conversion wimbledon: modern Bedroom by nuspace
nuspace

l-shaped loft conversion wimbledon

nuspace

One of the best ways to utilise your home to its fullest is to build or renovate upwards. Loft conversions, and attic spaces are a great way to give your dwelling extra room, without the need to move or sell your house. This fabulous loft conversion by Nuspace has provided the owners with an extra bedroom, and created a space that is open, airy and light.

If you would like some extra information about loft bedrooms and renovations, take a look at our other ideabook: Loft bedrooms

Invest in the kitchen

When thinking about updating your home the kitchen is often a space that is ideal for a makeover, revamp or facelift. If you choose to sell your home, a modern kitchen is a highlight for potential buyers, and can add a great deal more value to the assessable value of your home than your put into the renovation.

Invest in the bathroom

Along with the kitchen, the bathroom is another area that, if updated, can be extremely profitable should you choose to sell. Upgrade that 60s monstrosity to a new, clean and modern space, and you will immediately see the value of your dwelling rise.

Budget accordingly/don’t over capitalise

A Holiday Home in Turkey: modern Pool by Sarah Ward Associates
Sarah Ward Associates

A Holiday Home in Turkey

Sarah Ward Associates

Finally, remember to budget accordingly—there is no point adding that extravagant outdoor kitchen, swimming pool, or coach house, if you won’t be able to redeem the costs back if, and when you sell the property. Take your time when planning a development of renovation and ensure you account for every little cost that might arise when you start work. By calculating everything properly, and having a contingency fund, your renovation will go smoothly and you won’t be hit with any nasty financial surprises.

Do you have any other handy hints for our readers? If you do, we would love to hear them in the comment below.
Whitton Drive:  Terrace house by GK Architects Ltd

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